Helping kids appreciate money
According to a study conducted by the Journal of Consumer Research, “People who set themselves ambitious goals tend to be more satisfied than those with lower expectations.” People set goals with two factors in mind: expectancy and value. ‘Expectancy’ refers to how likely you believe you are to succeed, and ‘value’ refers to how good it will be for you if you do reach the goal.
Goal Accomplished = Joy
Take a look at the 30 second video below. At the end, I bet you'll be smiling and laughing along with him.
Success doesn’t always come easy to the rich and famous. Here are a few examples of some famous people who have overcome difficult situations and odds to offer real rags-to-riches stories.
Have you set-aside ample time to regularly sit down and have “money meetings” with your children to discuss their money habits? If not, why not start now? And in addition to a successful school year, your children will also learn life long positive money habits.
Read MoreIf you can explain and illustrate the power of compound interest to your kids, you are endowing them with the real vision of why saving money is cool; that when they put money away and leave it to its own mischief, it grows!
Read Morewritten by: Coach Funk, CFP® at www.SavingsCoach.comHanging out with my 10 and 12 year old nephews last weekend, I heard excitement in their voices when they looked up from their iPod apps and told me about cooking dinner for the family last week. They told me the great lesson they learned here is that they get to keep the PROFIT.
Read MoreWant your kids to make healthier food choices when they are out? Have them pay cash.This is a somewhat surprising finding in a study by the USDA. In the study, college students that paid with cash made healthier food choices than those paying with an unrestricted debit card. And not only did they make healthier choices...
Read More“But why do I have to wait two weeks?” said my 12 year old son. “O, come on, please! I really want it and I won’t want anything else for a long time!” This was almost a weekly ritual in my house as my son would look through the Sunday ads for good “deals.” We had tried many things, including a mandatory two week waiting period, but nothing seemed to really help.
Read MorePrinciple #3 in FamilyMint Fundamentals is Motivate. Motivate and encourage to build new skills. Build skills to create confidence. Soon you’ll have confident, money smart kids!
Read MoreFind Your Passion. It’s said so often it sounds a bit cliché. But no matter how you slice it, it’s still true. Through passion you get motivation, and motivation leads to positive action and, well, that’s a great combination for success.
Read MoreThe biggest money lesson I am passing along to my kids is how I act on a daily basis.This thought used to strike a bit of terror in me, especially when I saw how some of my kids’ money habits were turning out.
Read MoreCreating money-smart kids doesn’t happen overnight. It’s a skill and a behavior that has to be nurtured over time. The skill lies in learning the value of saving, giving, and spending conscientiously and understanding the difference between wants and needs. The behavior comes from the habits formed in doing these things over time and learning from mistakes.
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