Remember Home Economics class? We learned everything we would need to know before moving out of the house. Then in high school I had to take Bookkeeping which taught me how to balance a check book and fill out a ledger. Don't know what that is...picture Excel spreadsheets before computers. Well school isn't teaching this anymore but thank goodness we have Sharon Lechter.
Sharon Lechter is one of the world’s premier experts for financial
literacy and entrepreneurial success. She is author of Think & Grow Rich
for Women,’ coauthor of the classic book ‘Rich Dad Poor Dad,’ and her newest
release, ‘Success
& Something Greater,’ features never released material from Napoleon
Hill.
Sharon’s tip to helps kids be more successful with money:
- Solve
a problem or serve a need: At its core, the easiest way to earn money
is to solve a problem. All successful businesses, no matter how big or
small, solve a problem or serve a need. Help your kids look around the
house, the neighborhood and anywhere else they spend time. Where can they
lend a hand in exchange for money? It can be anything like mowing lawns,
walking dogs, cleaning pools, washing cars and so on. It’s not about the
amount of money they make, but the key is to start to get them thinking
like an entrepreneur from an early age. Additionally, teach them that they
don’t have to be the one delivering the solution. If they create a
babysitting network or dog walking crew, their earning power will increase
dramatically because they won’t be limited to how much time they can spend
themselves. This takes more due diligence and responsibility, but it is a
lesson that will serve them for a lifetime.
- Teach
your kids the importance of mindset: Like most things in life, making
money comes down to how you think about it. If you believe you are worthy
of riches, you have a better chance of acquiring wealth. Similarly, if you
grow up not expecting much out of life or to just be getting by, that’s more
than likely going to be the outcome. Inspire your kids to think big and to
reach beyond their wildest dreams. Remember, thoughts become things. As a
parent or concerned adult, you have the ability to plant seeds of
empowerment and self-reliance. Be mindful of your own beliefs around money
and what you may be passing down to your children.
- Talk
to your kids about money language: Many kids these days grow up
hearing negative messaging about money. Phrases like “we can’t afford it”
and “money doesn’t grow on trees” creates scarcity programming. Teach your
kids that money is not a scarce resource and they have just as much
opportunity to become financially successful as anyone else. Be mindful of
your own language when you have money discussion and encourage your kids
to start asking the question, “How can I afford it?” Or, “How can I earn
money?” Teach your kids to see money as a positive force and an avenue to
create abundance not just in their life, but in the lives of others.
- Teach
them about money early on: Sadly, learning how money really works
isn’t taught in school. Sure, your kids might learn how to write a check
or balance a checkbook, but that’s not going to make any child wealthy or
successful. Teach your children how money works in the real world, how to
grow and invest their money, how to budget their money properly and how to
avoid wasteful spending. Keep conversations age appropriate and
interesting to keep your child’s attention. Many parents avoid the subject
because they themselves don’t feel comfortable or don’t know how to teach
about it. Be open with your children about the money lessons you have
learned and utilize third-party tools such as the ThirveTime Game if you don’t feel
that you have the knowledge you need to help your kids better understand
money.
- Teach
them to learn from failure: There’s no such thing as a successful
person who has never failed. In fact, most successful people fail over and
over again. Teach your kids that failure is a part of life and is a key
ingredient to becoming successful and wealthy. Failure is an event...not a
definition. Let your kids know it’s what they do with their failures that
count. They need to learn from their mistakes, dust themselves off and get
right back on the horse. Share with them your own stories of learning from
failure, or find information about other individuals that your kids look
up to that will support you in showing them that failure is simply one
step closer to success.
- Teach
your kids that they are capable: Life isn’t always easy, and as
parents, we want to protect our kids from disappointment and hurt. But one
of the most important ingredients to a child’s self-esteem is their
feeling of capability. When they make a mistake, face a challenge or solve
a problem, they gain confidence. That’s why it’s important to not do
everything for your kids or make all of their decisions for them. The
sooner they learn if they want something bad enough, they have to set a
goal, create a plan and accomplish their goals, the better. This is one of
the best life lessons you can teach your kids in the pursuit of financial
success. Helping to develop a sense of age appropriate self-reliance and
responsibility now is going to help them down the road.
- Celebrate
the little wins: One of the biggest obstacles many successful people
face is that they don’t know when to stop and acknowledge their
accomplishments. We live in a world where we can be constantly comparing
ourselves to others and to our own idea of success. Teach your kids that
becoming successful requires a lot of hard work, but they also have to
learn when to take a break, relax and clear their minds, as well as
celebrate how far they have come. Success begets more success, but you
have to see it and acknowledge it in order for it to build momentum.
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