Many of the skills and attitudes needed to become rich, if that
is a value that you desire for them to have, begin to develop in
childhood, along with all other lifetime skills. If you want your
child to grow up to become the next Bill Gates, Warren Buffett, or
Tiger Woods, or, if you just want to encourage the development of
habits and skills that will help your child eventually have the
ability to not only earn, but to become more responsible with
money, it is never too early to start, and for you to be a good
example.
Steps
- Examine your own beliefs and feelings about money. Do you
believe that earning an income is a privilege and challenge; a good
thing that can help you achieve your dreams and goals, or do you
see it as a "necessary evil" to getting through life? If your
thoughts tend toward the latter, you'll have a hard time convincing
your child that building wealth is a good thing. It's difficult to
instill positive financial values that will help your child achieve
success if they come into conflict with your own. Carefully think
about your attitudes toward money and where they came from. No
matter how you feel about money, it's good goal for a parent to
assist your child in growing up to be a financially responsible and
secure adult.
- Evaluate and address your own spending habits. If you spend
more than you earn, or if you spend your money frivolously and
neglect to save and invest, don't expect your child to develop
these habits. If you're currently having trouble providing for your
family's basic needs, and money is a constant source of stress in
your household, consider looking carefully at how you are modeling
spending habits and the work ethic. Identify your problem areas,
and work to correct them. Develop a budget and stick to it. Start
saving money and invest for retirement and college funding, even if
it is in very small amounts. These steps will have benefits right
now for the entire family and will set a good example for your
child to follow.
- Appraise your general work ethic. Hard work over time is the
only way to financially succeed for most people. Are you a
conscientious worker? Have you tended to change jobs often,
unsatisfied with your career? If so, discuss with your child how
you are determined to alter the choices you've made regarding work.
A large part of thinking positively about making an income is in
having a job you enjoy. If you are not happy in your work, take
action and make realistic plans to get a different job. This is a
valuable lesson for your child to experience. Watching you make
these tough changes will have a lasting impression on your
child.
- Think about the values you want to instill in your child. Most
everyone has mixed feelings about money and about work. Examine how
you feel about the ways you make and spend your income. Talk to
your child about your goals and methods - don't send mixed
messages. If you want your child to aspire to build wealth, espouse
the virtues of making plans, persistence in following them, and
accepting roadblocks along the way. Be careful what you say about
the wealthy and what they choose to do with their wealth. It's what
you do with yours that counts. Avoid making comments that suggest
having wealth is somehow wrong; rather, emphasize the good that can
be done by earning an income and then using it to advance your
goals, to include helping others. At the same time, discuss how
wealth, in and of itself, doesn't necessarily brings happiness.
Praise the ingenuity and work ethic of financially successful
people while also encouraging your child to be ethical, charitable,
and socially responsible with money. Avo
