I never cared about money
Was there a point in your life when money was not a worry? Not because you had an abundance of it but simply because you did not need it and therefore didn’t care for it?
I remember when I was the age of 13 years.
I was at that point in life when you’re not an adult but you’re not a child and you haven’t really settled in to being a teenage either.
My focus was not on money. My focus had three main targets, girls, parties with mates and school.
It wasn’t until I hit about 17 years old that I started to think differently about money.
It was around the time that I started to get responsibility in my workplace. The added responsibility gave me ownership over something, it gave me a purpose
This is why I think that it is a good idea to start to give kids some form of responsibility from the age of 5.
No I am not talking about mowing the lawn or repainting the house… I’m more referring to the little easy tasks that they can achieve easily and it doesn’t have to be more than one job at such a young age.
For anyone who is looking for the best way to teach children about responsibility,money and choices I recommend that you read my ‘Teaching Kids Money’ post. There you will see how I teach my 3 children about money and responsibility.
Unfortunately I wasn’t schooled in money to the extent that I think children should be. Growing up there was always a strong expectation to get good grades in Maths, English and Science. Now I’m not saying that these subjects aren’t important, however looking back on my childhood and teenage years I really wish that there was someone there to teach me about money and the importance of investment and retirement.
These days the internet lights up the path for people that hunger for knowledge.
Even with the internet in our homes, as parents we should be guiding and teaching our children about money and the responsibilities that come with it. We shouldn’t be solely relying on only teachers to do the teaching. The learning doesn’t stop once the children walk out of the school grounds.
The earlier we give our children responsibility the quicker they will learn about respect for property, respect for others and respect for themselves.
Have you started to teach your children about personal finance yet? If not, is there a reason why? What age do you think is a good age to start teaching?
I started to teach my three children at the age of 5. They now understand why we save money and the reasons that drive our family to decide what to spend our hard earned dollars on.
My children are by no mean expects in finance but they have an understanding that the water, lights, food and home are all paid from the money we earn from jobs.
We also share our goals with our children and together our family celebrates our achievements. In fact we are about to go away on a short holiday to reward our hard work of saving a $13000 emergency fund.
Giving responsibility to someone gives not only gives them ownership but also shows that you trust them to make the right decisions.
Today I want you to empower your child with a task…. give them responsibility. Praise the child no matter how well they completed the task.
If you don’t have a child then empower a colleague with a task or give them a responsibility. Guide them with your expectations and what results you would like to see.
Give someone a chance.
Win at money with me,