You’re a parent. You will make mistakes. You are human, and that is ok! But are you financially damaging your kids? I often wonder if my kids are going to be financially successful or a complete disaster . What kind of irony would that be, the money coach with the financially f’d up kids! I can’t control everything my kids do but I can prepare them for the financial journey ahead.
Are you financially damaging your kids?
Working with my clients I’ve seen many different patterns from childhood that show up for them as adults. From this experience it can be concluded that these 3 common mistakes below could be financially damaging your kids.
- Mistake #1- Not talking about money. If you aren’t talking to your kids about money, who is? The experts say our patterns are set by the time we are 13, if you are waiting and hoping their high school teacher will deal with it, that will be too late. Make sure you talk about bills, income, credit, or your monthly budget. Any conversation about money is better than NO conversation.
- Mistake #2 – “WE CAN’T AFFORD IT.” Don’t say these words! Even if it is true ty to reframe the way you are saying it! Saying you can’t afford it creates the story that you are in lack and scarcity mentality. EXPLAIN yourself. Talk about needs vs wants, goals, and choices. Try saying “We could afford it, but we choose not to and this is why.”
- Mistake #3- Buying them everything they want. Many parents make this mistake and it seems to be getting worse. Now this mistake usually comes from your own childhood. You may have grown up with nothing and don’t want your kids to experience that deprivation. Perhaps you were told “No” all the time and you hated hearing that word so you don’t want to say it to your kids. Whatever the story be aware of what you’re doing! We wall want to give our kids the best life possible (I’m guilty too sometimes). The trick is to ask yourself what are you teaching them? If your kid grows up getting everything they want without working for it or understanding the monetary value what will happen when they are on their own? Do you intend to keep paying for everything for them? Will they put everything on credit because they are used to getting what they want when they want it? I’ve seen it often and it is scary!
No matter what you do your kids might end up with some money issues but at least you’ll know you did they best you could to prepare them! Remember your kids learn from what they see and hear, so be sure you are providing a good example!
5 Games to Help Teach Your Kids About Money
If you don’t feel confident to teach your kids about money or feel the need to be secretive you might want to consider money coaching. Money coaching can help you overcome fears, anxiety and stresses over money. It can help increase your communication and confidence! Learn more about money coaching in my FAQs!