A parent shares how to teach kids money management and entrepreneurship from an early age, covering budgeting, saving, and giving to charity. The speaker walks through strategies for different ages and asks viewers to share their own approaches in the comments.
Foreign. You don't have to Google far to know that entrepreneurship is on the rise. It's growing rapidly and more and more people are growing up wanting to be entrepreneurs. In fact, 91% of millennials expect to stay in a job no more than three years and 54% of millennials are want to start a business or already have one. As the landscape of work changes and evolves, I want to make sure our kids are prepared to grow their businesses, are comfortable managing money, and that they think like leaders. In case you're thinking about this with your kids too, I wanted to share the three things I do with my three girls who are at very different age levels in case it sparks an idea for you or you have something to share with everyone in the comments. Now if you don't have kids yet and don't plan on it, you might even get some ideas for your own money mindset. Because I think about these things for myself too. My kids are currently ages almost 2, 4 and 16 now. Clearly our 16 year old has some money stories already and can also do more advanced work with money. She actually has a job of her own, she has her own bank account and she's developed her own savings strategies. When she was about 13. We also showed Lily how to build a budget in a spreadsheet. She uses her spreadsheet skills to this day to document how much time she's babysat so she knows how much we owe her and she has no problem asking for what she has earned. She also has no problem gifting her friends money or saving because she has a budget for that. So she stresses less about where the money is because she has total awareness. We also discuss our family budget with her so she knows where we are and why we make the decisions we make as a family. My 4 year old is a bit trickier. Audrey is a consumer. Every time we go through a store she wants it all. Dress up clothes, bedazzlers, sewing machines. This year we're giving each of the girls a budget to give to the charity of their choice. As much as she wants to receive, we also want to start the practice of giving as well. Lastly, Sweet Harper, what can you do with an almost two year old around money? With our littlest ones we're conscientious of the money stories we are creating with them. I was at an event where I heard a story of a woman who had a very unique money story growing up. Her grandparents would give her real money to play with. That completely changed her relationship with money. Growing up not play money but real. She had less attachment to it and more familiarity with it. We've adapted that practice with Harper like we did with Audrey and she literally plays with money these days. It's typically my credit cards because I don't carry a lot of cash and she just runs away with them. So it can pose some problems when I get through the Starbucks drive thru. But we also give her cold hard cash sometimes. But you can see different examples of how we can start to engage with our children around money in different ways as they're growing up and start to craft a different money story for them. For more on this topic, definitely check out Denise Duffield Thomas blog post on this, which I'll link up in the comments below. Let us know in the comments what other ideas do you have so we can help our children have better relationships with money going forward? And what do you do to improve your relationship with money as well? I can't wait to read your tips in the comments as well to get some ideas on things I can implement with my family. And I can't wait to see you in the next video. Don't forget to like and subscribe. And if you're watching on YouTube, head on over to niceops.com to hop on the Nice list. I'll see you next time.
