If Having Money is Fraught with Peril, There is Only One Thing You Can Do

Money, although a great tool, is rife with peril. Why is that? For the most part, how you grow up around money will greatly affect how you deal with money as an adult. If you did not learn much about money, and most people don’t, you will probably still be somewhat out of control with your own money by spending too much or even saving too much. What is your first memory of money? What did you do with the money you received as a child?  Who influenced your early behaviors around money?  How are you impacting your own children’s life with their money?

It’s important to form a family culture around money so that money has a purpose and relevance to all members of the family. Children, for the most part merely see the outcomes of money. They don’t understand its’ value. It’s important to help them understand and develop the purpose of their money as well as understand the purpose of the family money, and be able to distinguish between the purposes of each.

Your children need to understand how you, their parents view the family money. They need to know how the family money is different and separate from their own individual money. Have them allocate their money into the 5 S.I.D.E.S, of Money© (save, invest, donate, earn and spend). If they start this early, they will continue to foster this behavior as an adult because they will have gained experience, consequences and outcomes which they build upon throughout their lives.

Children need to be part of conversations around money so they feel that money is part of their life rather than something that is given or withheld from them. If your children are part of healthy discussions around money, they will understand the meaning of money and build that meaning into their own lives.

  • Learn what formed your own habits and behaviors around money.
  • Discover what is influencing your children’s habits around money.
  • Become proactive on sharing the topic of money as conversation and as experience so that money conversations and decisions are part of the family culture.
  • Allocate money into the 5 S.I.D.E.S, of Money©

Make money another regular topic of conversation and money will no longer be fraught with peril. Instead, it will become a great resource both for your family’s purpose and for each individual’s objectives.

Leave a comment. How is the meaning of money talked about in your home?  I’d love to hear from you.

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