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Coaching Your Children to Be Cash Smart - Practical Tips For Parents

Charly Leetham
 


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Our children are extremely well placed to pick up on the Internet Marketing techniques and using the Internet to build their own businesses.

As parents, we should be doing all we can to coach our children to use their naturals abilities to build an online business.

However, before they start their business, we should be giving our children a sound financial education. It is a sad fact that our school curriculum does not cover finance and by the time our kids need to “understand money", it can be too late.

Part of the education should include teaching our children to take financial responsibility for their lives, from a very early age. Teach them how money works in the real world and what it means to them.

Then teach the Law of Attraction and The Law of Abundance and how to combine everything.

I started with my children when they were toddlers. When we went to the Shops, if they “whinged, whined and wanted", they got nothing. Good behaviour was often rewarded with a small treat that had a defined value of between $2 and $5, and we let them choose their own reward. If they wanted something more than the defined value, they couldn't have it. As very young children, they quickly came to understand that there is a finite thing you can do with money.

We started paying the children an allowance as they got older and they had to split that money in half. Half was placed in a savings style bank account, the other half they could spend. The children were encouraged to have “spending goals". My daughter decided she would save up for a new toy (about $50) and my son decided to save up for a new computer game. Again, this focussed their mind on the value of the money they were earning. If they wanted to spend money on something else, it would affect their ability to reach their goal sooner.

The other thing was to teach our children “responsibility". We buy their new school uniforms every year and replace the bits that need replacing throughout the year. However, children being children, they loose items. One year I recall loosing 4 sun hats, 4 jumpers and a pair of school shoes. As maintaining their school uniforms is the childrens responsibility, the agreement was that the children had to pay to have it replaced. As the School has a strict uniform code, they have to replace it quickly too. The money to replace the uniform items comes straight out of their spending money.

Finally, teach your children about The Laws of Attraction and the Laws of Abundance.

The Law of Attraction simply says “Think that you will receive and you will". By teaching the children this simple mantra, their minds engage in a different way and they manifest behaviours that will indeed help them reach their desired goal. There is a metaphysical quality about The Law of Attraction, but there is also a very physical aspect to its implementation.

The Law of Abundance is different. With this one, we encourage the children to give a portion of what they earn to charity. Generally 10%. By doing this, we want the children to focus on how they can make the 10% larger, and by relationship the remaining 90% grows as well. There is a metaphysical aspect to this in the principle of “Give To Receive". With the Law of Abundance, we are teaching our children to Give Before Receiving and be responsible members of the community.

Give your children a sound financial income to allow them become Cash Smart Kids.

Charly Leetham is the mother of two fantastic children who are developing their own online businesses. Charly has been coaching her children in all aspects of Business Management and helping them develop sound financial management strategies.

Charly Leetham maintains a hub page about developing Cash Smart Kids

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