Helping Your Child To Handle Money

By Daniel Schmitz, Associate Partner, Lighthouse International

Many of us live life worrying about money without even having an awareness of the fact that we can change our attitude and relationship to it. This is something that legends do and something that we can teach our children.

[emaillocker]

In this article from Business Insider, Dr. Shefali Tsabary, the psychologist and author of the books ‘The Conscious Parent’ and ‘The Awakened Family’ talks about how we can teach our children to have a better relationship with money. She talks about how to determine what the true value of money is, and how to develop healthy habits around money…

Here are two of the most important points she mentions:

1. Create A Financial Plan And Work Towards It

“So when it comes to teaching her daughter how much money is genuinely worth, Tsabary aims to show her that it’s available to anyone, like love, but that it’s not unlimited. It’s not about defining the difference between ‘You can do anything, don’t let money restrict you,’ and ‘You can’t do that because you don’t have enough money,’ but rather teaching children that even if they can’t afford something right this second, they can create a plan to work toward it.”

2. Develop Boundaries And Healthy Habits Around Money

“Think of it this way: Money is like food. We need it to live and survive in the modern world, but it’s crucial to exercise self-control around it or you’ll end up developing unhealthy habits. ‘It can only be effective in our lives if there are clear boundaries,’ Tsabary says. ’It’s all related to our sense of worth.’”

She says “I do believe that much of our fear around money comes from the state of scarcity that parents create in their children, and actually they make them more thirsty for it – rather than making them feel like ‘I have enough and be grateful for what I do have,'” 

The first step of shifting our relationship with money is changing our perception and attitude towards it. It is normal to feel scarce about money at times. However, it is something we can change. In this article, the actor Will Smith has shared how he got over his bad money habits and fears through changing his mindset.

This is what many legends do and if you would like a starting point for this, check out these 11 quotes to challenge your perception of money.

How To Apply This!

[/emaillocker] [s2If !current_user_can(access_s2member_level1)]

Learn From The Greats As a Member of The Legends Report!   

[/s2If] [whatsapp]