That's a great question. Here are 5 Tips to help you do just that!
Tip 1 - Set Personal Goals
Help your child to set some goals, so they will get excited to want to learn to learn about money and how to be the master of their own money rather than just begging you for yours!
What would your child like to do?
- Go on a family fun cruise? Visit a theme park?
What would your child like to have?
- The newest video game? Some new roller blades?
Encourage them to think BIG! Have them write down their goals, or draw pictures of them.
What would your child like to be?
- Would they like to become a vet? Would they like to travel the world on missions? How would they like to make positive change in our world?
Let them imagine what that would feel like.
Tip 2 - Decide on Whether or Not to Give an Allowance
You might have differing opinions. Negotiate. Find what will work best for your family. It's more important what they do with their money than how they get it.
Tip 3 - Help Your Child to Make Their Own Money
Encourage your child to earn their own money by using their natural talents and passions. Perhaps your child can teach other children how to do what your child is already really good at. They could make a video showing how to do that and either sell the video or upload it to a video sharing site and allow advertisers to place ads on their videos.
Or your child could give private lessons, or write a how-to instruction manual.
Tip 4 - Help Your Child to Manage Their Money
Teach your child how to make their money work hard for them so they won't have to work hard for money forever.
Use the 6 Magical Piggy Banks to help them better understand and master their money:
Grow - to save to use for investing
Give - to save to give to charities or other great causes
Rain - to save for that rainy day when their world turns upside down
Learn - to save for their future education
Goal - to save for that special goal
Fun - to use immediately to satisfy that need for immediate gratification and to keep them motivated to continue to earn their own money
Tip 5 - Instill a Healthy Wealth Mentality in Your Child
When your child asks you to buy them something, rather than saying things to them like:
"I don't have any money" or "I really can't afford it"
Say something positive that will make them think and find their own way of getting what they want, like:
"Well, how can you get it?" or "How could you earn the money to get that?"
That will get their brains focusing on their own solutions to getting what they want and stop them for just assuming that you are their personal money machine!
So those are 5 Tips for your child's Money Success:
Get your child to set personal goals. Decide on whether to give an allowance or not. Help your child to make their own money. Show them how to manage that money and instill a healthy wealth mentality.
Here’s to your child’s success and enjoyment!
Cheers…Amanda van der Gulik…Excited Life Enthusiast! ;o)
Best-selling author, Amanda van der Gulik, has been homeschooling her own two children for over 11 years. She loves to share her own experiences to help other families and is the founder of www.TeachingChildrenAboutMoney.com. Visit Amanda’s site today to grab your FREE copy of one of her amazing money tools for kids and teens, like her eBook, “Goal Setting for Families” workbook or her “50 Money Making Ideas for Kids and Teens” eBook to help your child find some fun ways to make their own dreams come true!
