In this series of posts, I am sharing some different ways that I am teaching my daughter about money.
I have more influence on my daughter's money management skills than any other. What I teach her will have a direct impact on her life and generations to follow!
Live it out loud. My goal is to show Melea that everything I am teaching her is relevant and can be practically applied to her life.
A $18 lesson at age five can prevent an $18,000 lesson at age 20. Which one would you choose?
I have negelected my parental duties if I don't teach Melea the lessons I teach thousands of others every year!
Step FIVE: This is a PROCESS not a one-time conversation.
This is not a one-time conversation. Learning is a process. It happens over time. With multiple conversations. With both good and bad attitudes. In different situations. It is intentional.
What Jenn and I have taught Melea so far has been intentional. We plan on keeping it that way. As we approach the next 11 years of her life with us, Melea will be taught many more financial and life lessons.
To wrap up this series, I thought I would share some of the lessons that are upcoming for her. Some are new and some are continuations of lessons already in progress.
- God is the owner. We are managers. We are teaching Melea that everything we have is from God. Luke 16:10 resounds through my head. There is a good potential for Melea to be left with a great inheritance (something the Bible says we should do – Proverbs 13:22 says that "a good man leaves an inheritance for his children's children". If we don't teach her to be a great manager, her life could be ruined by the inheritance!!!
- Giving and saving are top priorities. This lesson is already in process, but it will continue to be reinforced. There is nothing more satisfying than giving to a worthy cause and saving money for God-given hopes and dreams.
- The fundamental business concept of "profit". It is amazing how many business owners forget this concept! Melea will know this concept forward and backward!
- It is OK to wait to make a purchase. Debt is not worth the immediate gratification. The gratification will go away, but the debt will visit monthly. This WILL make me turn in my grave!
- Learn the most powerful word in the English language – NO! Already in progress on this lesson! It is so important to have self-control.
That's it! I hope that this series has helped you gain a few ideas on training your children about money.
Question Of The Day: What ideas have you put into practice as a result of this series?
Another story of life-change was released on the podcast today! Have you listened to the Podcast from Joe? To subscribe to the podcast using iTunes, click HERE. If you do not have iTunes, you can download an mp3 by clicking HERE.