Monetary success can mean several different things, to several different people. However, it is especially challenging to teach children the role money plays within our lives. Parents must look within themselves and within their lives to show their children that although monetary success is important, it is not the only thing that is important in life.
Monetary Success for the Family
The way money is distributed today can relate to a few essential aspects: food, clothing, water, and a roof over our head. It is necessary, once these items are provided for, that money is used in the best possible way. If the money that is not used for those items, is used to spoil children after they have done something right, they will always believe this is the way life works: to punish and to reward. Children develop their parents’ ways of life, therefore it is important to show them how to spend money in positive and balanced ways.
Money can have powerful meanings, especially in today’s world, where consumerism plays a large role in certain social statuses. However, if we teach all of our children that having more material objects means you are above someone else, all of our lives will become more about material objects and less about love and happiness.
Of course, it is nice to have a new pair of shoes every once in a while. The balance between treating your children with money and teaching them how to save money will go a long way for you and for them. Their quality of happiness will not only be authentic, but they can use these values throughout their entire lives. Whether that be budgeting their own money after their first babysitting job, or spending a little extra on mom and dad for the holidays, it is all about balance and positivity.
It is necessary for children not to rely on the money their parents have given them. Once they are living on their own, it is a whole new ball game. Spending their own money vs. spending their parent’s money can shape the outcome of their financial success for the years to come.
If worry about monetary success is something you do not want your kids to be consumed by, have a conversation with them. Do not completely disregard the subject and expect them to learn it on their own. After all, they look up to their parents the most for things such as this. Overcoming difficult situations together is the key to success. Rather than having them fill in that worry with something else, tell them everything will be alright as long as everyone keeps a clear and healthy outlook.