What usually happens when you give your child money? If you’re like a majority of parents, your answer is something like:
- They Spend All of It and Don’t Save a Dime
- It’s Gone So Fast
I know it seems like they always have their hand out asking for the latest toys and gadgets. Wiis, iPods, iPads, and Kindles just to name a few.
Yes you want to give your child and everything they’ll ever want. Yet you also don’t want them to be selfish, spoiled brats. So where do you draw the line?
Well I have a system that I use to teach my own kids how to manage their money. Whatever their want or need, if they follow this system, (which I call kid-proof), they’ll ALWAYS have enough money to get the things that they desire.
Where Do You Begin?
First you start out by telling your children that there are 6 jobs of money. OR that money has 6 different functions to perform. So that means there are 6 different categories by which they will allocate their money.
Where Did This Come From?
I learned these money management principles at a seminar called Millionaire Mind Intensive by T. Harv Eker’s Peak Potentials. (Shout out to Harv if you ever read this!:)) Anyways, it was so easy and simple—I immediately fell in love with the concepts and have been teaching it to my kids ever since.
Ok Let’s Begin Shall We?………………….
If I talked about all 6 jobs of money right now you’d probably
a) Click off This Page
b) Attempt to Read with Eyes Glazed Over
c) Actually Read It & Not Retain A Word I Say
So I did you a favor and turned this topic into a 6-part blog series that I’ll be sending you in the next few weeks titled “Money Jars: The Kid-Proof System for Spending and Saving Money”
Stay tuned for Part I of the Series.
To You and Your Kids Wealth,