Adults know for certain that money doesn’t grow on trees, but the sooner we can teach littlies the concept of how it comes and goes, the better.
Author of Create Your Own Financial Reality and Joy of Business, Simone Milasas climbed out of a massive $187,000 personal debt – the result of a “champagne lifestyle on a beer budget” – and propelled herself into corporate and financial success.
Running Joy of Business along with a coordinator role at Access Consciousness, Milasas speaks to people in more than 170 countries about making life and business choices that empower. She says there are plenty of ways to teach little minds about money, and it can begin right now by including them in conversations, and coming up with ideas to how they can contribute.
“Kids are their own little beings, so don’t have any expectations,” explains Milasas, a mum-of-one based in both Australia and the US. “You can be an invitation for them to know more about money, to have money, and educate them about money.” If you’ve never been comfortable talking about money, or you’re not good with finances, Milasas says not to let it stop you from giving the next generation a better relationship with dosh. “What if you didn’t reference your past and what if you started from today? If you’re changing your point of view about money from today, then what a gift to pass on to your child,” she says.
Here are four ways Simone Milasas suggests to get the ball rolling when it comes to kids and money chat:
1. INTRODUCE THE CONCEPT
“Some parents don’t educate children about money because they think it is a serious topic, but it’s not just grown-up’s business. “What if you gave your child bite-sized information? If they are curious about how much things cost, answer their questions honestly and make learning fun.For instance, we travel overseas quite a lot and my son has pounds, dollars, lira, rupees and so on that he keeps in a little safe; in this way he learns about different types of currency.”
2. ENCOURAGE BUDDING BUSINESSES
“When my son was around seven he drew lots of different pictures and sold them to my friends for $5 a piece. He placed the pictures on the stairs right in the path of anyone visiting our house. He would tell my friends, ‘the pictures are $5 or two for $10’ (no special offer). He just wanted people to buy his pictures and to make money. “Now that he is older he has no interest in learning about money. We don’t push him because we know that children will go through different phases just the same as adults do.”
Read more of Simone’s tips here on stuff.co.nz.