Should Money Lessons Be Taught By Parents?
Should Money Lessons Be Taught By Parents?
Financial worries are one of the biggest stressors in the majority of people’s lives. This is not surprising because most people have never been taught how money works and how to manage it. Should money lessons be taught by parents?
I believe it is one of the responsibilities of all parents to teach their kids money lessons. Knowing how money works and how to manage it is a skill that they cannot survive without while living on this earth.
It is very easy to fall prey to big credit card companies, incur huge consumer debt, and carry outstanding balances every month with a high applicable interest without having any kind of financial literacy and knowledge.
So what money lessons are important for all parents to teach their children? Let’s discuss that next.
8 Important Money Lessons To Teach Your Children
Financial literacy is very important for everyone to learn to live a happy and fulfilling life.
Unfortunately, it is not taught in most of our schools and a lot of parents make any discussions about money a taboo subject and never discuss it with their children.
Parents must teach money lessons to their children. Here are eight money lessons for every parent to teach their child so that they can have a happier and more fulfilling life.
Money Is A Tool
Make sure your kids know that money is a tool that helps them sustain their mission, purpose, and life’s vision.
Tell them to start by deciding what type of lifestyle they desire to live and then figure out what type of work or business model they need to make the kind of money required to help them sustain their chosen lifestyle.
Money Has NoCharge
Teach your kids that money has no charge. It is not evil, negative, positive. People give it a charge based on how they feel about money based on their past experiences and relationship with it.
Make sure that they know abundance is their birthright and to not live with a scarcity mindset and be fearful of losing money and never getting it back.
Letting Go Of Limiting Money Beliefs
Help them become aware of all their possible limiting beliefs about money that would prevent them from the abundance and prosperity that they deserve.
Some of the most common ones being rich people are bad and greedy, poor people are more spiritual. In reality, there are lots of rich people who are very generous and spiritual and lots of unspiritual poor people.
Make sure they know that if they believe all rich people are bad then their subconscious mind will protect them by blocking their abundance and making sure they never get rich because it would be considered not good.
Make Money With Good
Teach them to find ways to make money doing something they love, with good pure energy, and earn other people’s blessings along with the money.
This is very important because the money that you bring home and pay your bills with will affect your home and everyone that resides with you or uses it.
Align Work/Business To Purpose
Help them find a way to align the work that they do to their purpose and soul’s calling.
Encourage them to discover what their purpose is and then align their business/work with it and always keep their intention and focus on solving problems adding value to people and transforming their lives.
Any time people come across, purchase, and use your product or services they should feel heard, understood, seen, and accepted, and send you blessings, prayers, good thoughts, and compliments.
Learn To Manage Money
Make sure they know how to manage their money so that the universe can give them more to manage. Teach them to create a spending plan divide their take-home money and give it different purposes.
I suggest the money gets divided as follows living expenses, peace of mind account in case of any unexpected expenses that may come up, financial freedom for investing money for growth for the future, long-term savings for bigger purchases or vacations, and a portion for short-term savings.
They can choose to have any other categories to suit their life stage.
Help them figure out how much they want to allocate towards their growth and betterment, fun money to invest in having experiences with your friends like going out for dinners, traveling, and buying stuff that gives you joy.
They should know that a spending plan will give them freedom and will not restrict them. It will give them the freedom to spend however much money they decide is enough in each of the categories mentioned previously.
Learn To invest Your Money
Teach them to save/keep, invest, and multiply their money. Make sure they know if they have the privilege of knowing skills to earn money then it’s their responsibility to make sure they know how to multiply it so that they can enjoy it and give to others in an endless and unlimited way.
Make sure they know how to invest their money for the long term and not get caught up in these make-get-rich-quick schemes. If they like the excitement of these types of investments then they can allocate a small portion (5-10%) of their investment portfolio to these types of investments.
The majority of their portfolio should be invested in long-term stable investments where they can grow and multiply it consistently and steadily without losing it.
Give Back
Always teach them to have a habit of giving money to others who need it. Ultimately the purpose of every soul is to grow and to help and give to others. Help them form this habit early and start giving back no matter how much they have.
Teach them to be generous because that is what the true nature and quality of their soul is. Money can be given endlessly in an unlimited way however their time cannot because it is limited.
In conclusion, you now know that it is one of the responsibilities of all parents to teach their kids money lessons. Knowing how money works and how to manage it is a skill that they cannot survive without while living on this earth.
It is very easy to fall prey to big credit card companies, incur huge consumer debt, and carry outstanding balances every month with a high applicable interest without having any kind of financial literacy and knowledge.
You also know the 8 money lessons every parent needs to teach their child so that they can live a happy and fulfilling life are money is a tool, money has no charge, the importance of letting go of limiting money beliefs.
Also teach them to make money with good energy, aligning work/business to their purpose, learning to manage and invest money and making giving back a habit.
I hope you found these tips helpful and will teach them to your children so they can live a happier and more fulfilling life.
Please share this article with any other parent that you know that may also find these money lessons helpful to teach to their children.
Next, read what causes money blocks for further helpful tips and insights.