When your young kids are nagging for something they want, do you ever say, “Money doesn’t grow on trees”? If you do, you are like most parents, who become frustrated about the fact that kids just seem to think that money magically appears and that it is not connected with your hard work.
After you have calmed down, and figured out that that old saying came out of your mouth because your parents used to say it to you, turn this into a teaching moment. Help your children understand that you earn your money. Hopefully, you can begin the lifelong lessons to inspire them that they will need to earn the money that they spend, share and save.
It may seem obvious to you, but helping your children become familiar with the terms and getting prepared to support themselves in the real world is one of the best ways we have of teaching our children financial life lessons. I call these lessons, “Welcome to Planet Earth.”
But can you imagine my lesson when Oprah came a-knockin', booking me and my seven year old son on her show...