Founder
How to unspoil your child?
May 2022
Have you ever felt frustrated that you child seems to want nothing? Or maybe worried that he or she is not hungry for success? Have you ever looked at your child and had a thought – is it normal that kids nowadays are so relaxed or should I do something about this?
Many of us grew up in the environment when we did not have enough. Therefore, many of us want our kids to experience that wonderful life which we did not have a chance to experience. Unfortunately, we usually do that by buying a lot of stuff – and oftentimes – even before our kids realize that they want it.
Can school teach our kids the basics of financial literacy?
May 2022
When I encourage parents to spend some time teaching kids about money, I frequently got asked whether I plan to make trainings to kids directly.
I see the point. We, parents, are so busy with all the responsibilities at home (and at work) that we do not want another chore to be added to the list.
Another desire which parents have is that kids learn the basics of financial literacy at school. It would be perfect if kids come home and start asking about money themselves, wouldn‘t it? However, there are a few reasons why this „plan“ might not work as expected.
Are we raising spoiled kids?
April 2022
How would you describe a spoiled kid?
It might not be very easy to decribe but once we see such a kid, we immediately recognise – that‘s a spoiled one, aren‘t we?
Let me define the spoiled kid in the following way:
- The kid does not understand how much effort is needed to achieve something (it seems that he or she lives in another universe!)
- has no desires and no goals
- does not value things (tends to lose them regularly and does not seem to worry about that)
- is likely to spend all the money immediately
- always asks to buy someting and has limited understanding of how much things cost
How to save for the child‘s future?
March 2022
This is one of the questions that I am asked very frequently. Most parents think that if we want to take care of a child’s financial well-being, we should start by saving for his or her future (education).
Um, no.
My friendly suggestion is this – if you have to choose whether to save for your child’s future or teach your child how to handle money, start by teaching him or her how to manage money. First things first.
Why teaching about money is more important?
There are several reasons.
When should we start the money talk with kids?
March 2022
Your kid’s basic money habits are formed by the age of 7.
If you have a kid who is over 7, you might have had a frightening thought – Oh no, it’s too late to start! And let me guess, another thought was – How can kids’ basic money habits be formed by the age of 7 if they have no experience with real money until they turn 7?
Yes, you are right – children under 7 do not have much experience with real money but money habits are formed at an early age by learning how to delay gratification (e.g. when a kid gets a dessert only if he or she eats the main meal, or gets fun time only after homework is done, etc.) and by observing their parents. There are two basic rules when it comes to the right time to start talking about money.