Author, Business Coach and parent, Simone Milasas, has some tips to help parents teach their children to be prosperous and form healthy attitudes towards wealth – and she cautions that you shouldn’t expect anything of your kids that you wouldn’t expect of yourself.
There’s no doubt that Australian kids are more cashed up than previous generations and most have access to the latest gadgets and gizmos. However, accumulating possessions is very different to creating wealth.
So how do we teach our children to be prosperous and carry that prosperity into adulthood? Business mentor and author, Simone Milasas has practical and fun tools for parents.
“There are lots of ways to teach kids about money,” Milasas says. “But kids are their own little beings so don’t have any expectations. You can only be an invitation for them to have money and educate them about money.”
Canstar caught up with Simone for a quick Q&A on what expectatins to have.
Q: Kids learn a lot by observation. How important is it to model the habits that you want your children to learn?
A: Don’t expect anything of your children that you wouldn’t expect of yourself. Modelling your children’s habits means allowing them to have choice, and letting them make mistakes without judgement. It is important to continually empower your children in order to create greater choices. Don’t hide your earnings from your children, it shows that you are creating and making something!
Q: What are some ways to make learning about money fun?
A: One of my friends is a single mum without a high disposable income. Rather than functioning from a place of ‘we can’t have things,’ she asks her kids what they want, and they come up with creative ways they can afford them. For example, she takes her kids to garage sales to find things which they can then re-sell on eBay, putting that money towards something that they really want. It’s exploring what you can do and make with money and allowing your children to be responsible for their own money. My stepson has a little safe and he takes his money and puts it straight in there!