Teach Your Kids About Money – Part 04

In this series of posts, I am sharing how Jenn and I are training Melea to manage money well.

Step ONE:  YOU have the primary responsibility for teaching your children about money!

It is MY responsibility to train my daughter.  Not the schools (although they could at least teach a few classes about it!) and definitely NOT the marketers! 

Step TWO:  Walk The Talk

It is MY responsibility to live out what I teach my daughter.  No one has more influence on my daughter's education than Jenn and I! 

Step THREE:  Provide opportunities for your children to learn about money

Melea has to learn the lessons – both good and bad – about money.  The sooner she starts learning the bad ones, the sooner she will adopt the good ones!!!

Step FOUR:  Teach the Key Principles!

Anyone who has taken the Financial Freedom Class that I teach knows the Four Key Principles by heart.  They are taught at the beginning of every single class – all five of the sessions.  You can actually watch me teach these four key principles at NewSpring Church (High-speed internet only – does not work well with Amish internet!)

KP #1:  There is POWER when you work TOGETHER on finances.  Melea's husband (hurts me to even write this – I am going to go cry now!!!!) will know how to manage finances, and they will work together to win!  The preacher pronounces you "as one" and that applies to finances as well.

KP #2:  Avoid the DEBT TRAP.  Debt is a wealth-killer!  I remember the day that Melea borrowed a dollar from Grandma to buy something at Wal-Mart.  I said, "Oh my, Melea, you are in DEBT!  You are in DEBT to Grandma!!!"  She got so wigged out that she almost cried!  You may think I am mean.  I would say it is CRUEL to let her think debt is her friend or good!!!!

KP #3:  Have a PLAN for your life.  This creates the REASON for you to plan your finances!  Melea has a plan for her life already.  She wants to be a veterinarian, move to San Diego, work for the San Diego Zoo, and live in the round hotel.  Now, this might change (I will have a lot of frequent-flyer miles if this holds up!), but she has a plan!

KP #4:  Have FUN managing money TOGETHER!  It is not all about investing every single dollar.  It is not all about living in a refrigerator box.  The whole reason that we all want to win with money is so we can accomplish our God-given hopes and dreams!  I teach this to Melea every single day.  By the way, forsaking a high-paying corporate job to go to work for a church and moving nine hours away from family is a pretty good way to show her that God-given hopes and dreams can be accomplished!  Look at what this crusade is helping folks do!!!  FUN!

Question Of The Day:  Have you had a conversation about money with your kids this week?

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  1. Julie Brown on September 27, 2007 at 3:44 am

    You have frequently stated that there are no classes on personal finance between grade school and graduate school. Have you ever thought of teaching your class on a high school level or even a collegiate level? Offer it on AU or Clemson’s campus or offer it during a study hall or after school at one of the local high schools? There really seems to be a need for it.

  2. Karen on September 27, 2007 at 7:37 am

    My kids are 20, 22 & 24. But that doesn’t mean I stop teaching them or setting an example. They know to say NO to debt. I’ve preached against credit cards for as long as they can remember. I’ve taught them to tithe first and to always save for their wants. They aren’t perfect in their decisions, but they have the teaching instilled deep down. And I see the difference it has made in them compared to most of their friends. They know the mistakes I(we) have made, but they also see me striving to be debt free. So keep on teaching and remember they are never too old.

  3. Moneymonk on September 27, 2007 at 1:07 pm

    You are in DEBT to Grandma!!!” You scared the poor girl. LOL

    I guess it’s never too young to teach her!~

  4. Nadine Aroyo on September 28, 2007 at 2:29 am

    We are very interested in hearing more about your efforts to bring financial literacy to children, and help them be aware and secure their futures.

    We are OINK! the Business Newspaper for Kids, primarily aimed at 7 to 12 year olds. OINK! is pink, like the Financial Times, full of money matters for kids and is distributed FREE each month upon request to schools, libraries, children’s hospitals and sports clubs across the United Kingdom.

    Over the past four years we have built a steady reputation of bringing information about money and commerce to kids in a fun, creative and highly stylised way. The newspaper’s content is cutting edge, ground breaking and often thought provoking, and has won recognition from the National Literacy Trust and the Schools Library Association as an important literacy and learning tool.

    Amongst our many supporters, we are pleased to include the Bank of England, the London Stock Exchange, the Financial Times, ICICI Bank, Capital Disney, FUN radio, SEGA, Hamleys, SONY, Bandai.

    We have recently introduced the Piggybank® Fantasy Stock Exchange™ which provides kids with a fantastic opportunity to learn all about stocks and shares and play the stock market absolutely free.

    Below please find a link to our websites.


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