Enjoy the day of love without excessive buy4 de February de 2021
¿Cómo hablar de dinero a tus hijos?19 de February de 2021
As a father of two girls and being a Certified Financial Planner in the United States, I always waited for the time when I could teach my daughters about the use of money and finances.
But as they say over there, at the house of a blacksmith, a wooden knife, and that is why I would like to comment on some of the most common mistakes that parents can make.
1.- Wanting to start very soon to let them know about money:
As soon as the girls started talking, she already felt that it was the right time to teach them what money was and how to manage it.
But, I was learning that until they have a basic notion of what addition and subtraction is, it is better to wait.
During this period when they were little, I tried to buy some things with them so that they would see that every time you want to buy something you must have money.
In the games I played with them: The ice cream parlor, for example, every time they gave me one of their imaginary ice creams, I told them, “I haven’t paid for a moment.”
2.- A very elaborate piggy bank:
When they were born, I bought some Disney piggy banks in the shape of princesses, which, although they looked very cute, I found that they were impractical for them.
Really at these ages it is much better that they can see how the money grows inside their piggy bank.
Which led me to understand that a transparent container was better where they could quickly see that there was more money and that the savings were working.
3.- Teach them to postpone:
As parents we always want to give our children the best and it is in our DNA to give them everything that you did not have.
Also, it is contrary to the way saving is taught and if you give everything when they ask for it.
They will think that your wallet is a magical chest where the money comes out without any effort like a continuous spring.
So, I began to ratify with them the importance of saving for tomorrow, but not only with money, but rather with everything.
With a chocolate, some candies or with anything, showing them that as long as they don’t consume everything today they can also enjoy tomorrow.
4.- The allowances
This part was one of the hardest for me.
Because if I gave him money every week or fortnight, he felt he was fostering the habit of feeling that they had the right to receive money without working for it.
But being so small, it is really complex to have the opportunity to receive money and to be able to start saving a part for savings and another for personal consumption.
From what I understood that the allowances have more benefits than disadvantages and accompanied with prizes for tasks that they fulfill when doing a simple job at home, they serve in an excellent way.
Of course it’s not about paying them to make their bed, or brush their teeth, but for small activities like helping to clean the terrace or shine dad’s shoes.
5.- The entrepreneurial mentality
I believe that one of the most powerful tools that we can leave our children is to have an entrepreneurial mind.
Making them understand what it means to create a product and above all to sell it.
Being one of his first endeavors to sell cookies to neighbors, which turned out to be a wonderful experience because they saw that with their work they could get money.
Of course, being small, the only problem we had was when a neighbor gave them a $20 bill and we had to give it change and they felt that they were rather taking their money, because they saw that they gave many bills for just one.
She currently has a small business selling soaps and is being like a postgraduate degree for them.
As parents we all want to have independent children.
Therefore, we must make it always present from a young age that money is a tool to achieve the things you want.