Jewel Tankard Shares Money Lessons, Part III
As times change, parenting styles have to evolve in more areas than just discipline — we have to open up the conversation when it comes to talking about personal finances. Translation: We need to talk to our kids about money.
I get it. Between long days at work and juggling bills, the focus can easily become just keeping food on the table. But if we want our community’s financial standing to change we have to be willing to make some major adjustments. Additionally, we have a responsibility to educate our children in finance and business. We must talk to our children about developing good business relationships and the value of a strong work ethic.
Here’s a little money jewel I’ve learned along the way: We must display what we say.
As parents, we know that education is valuable, but learning how to put it in practice is invaluable. That said, modeling good professionalism is as important as making sure your child is educated. It may sound like a big feat, but it can start with simply welcoming your kids to be more than silent observers in the reception area of business settings. For example, start inviting your children to sit in on your meetings with your attorney or at the bank. They will watch how you handle questions and possible conflicts that arise. Afterward, talk to them about the decisions you made and why… then ask for their thoughts. The more they understand , the more capable they will become. Share age-appropriate details about your financial matters. Let them know who you confide in when faced with financial adversity, and why.
Another great tip? Let them sit with you as you do the monthly budget. This will show them how you use and save your income — and teach them lessons on what to do and not to do. Be willing to grow with your child. You can also share in learning with your child by getting books, watching or attending seminars and even enrolling them in business camps— yes, they have those for kids!
Growing up in Detroit and watching my parents build their business was a wonderful learning tool. I took notes during their peaks and valleys, truly amassing the keys to success. So much of who your children become is based on their role models, and it starts with you. You’re more than your child’s cheerleader or disciplinarian, you are the first CEO they’ll ever meet. And the way you manage the day to day business affairs in the corporation you call home is what matters most in your world, and theirs.
Until next time! Visit me at jeweltankard.org.