10 years old is a great age to teach kids how to earn extra money — they’re still young enough to listen to you, but old enough to do some actual work. Here’s the story of J’s first side hustle — selling Christmas cookies to family and friends.Continue Reading
Recently J and I read How to Turn $100 Into $1,000,000 by James McKenna and Jeannine Glista. The book is a goldmine of financial information, written in a sassy, fun and engaging way. Read our summary and enter to win a copy below!
For two years now, J has been using cash, paper and pencil to manage his money. I’ve been paying monthly interest and bi-weekly allowance in cash. I’ve been calculating interest payments in Excel and emailing statements.
My goal was to help him understand cash (and math) by using hands-on, practical examples.
It’s been awesome. J started with $40 in his savings envelope in April 2016 and had over $500 by June 2018. (Pretty good for a kid with no job.)
Time to move on
When he turned 10 a few months ago, I knew it was time to learn something else. Cash is great, but how many of us really use cash and only cash every day? His financial education needed to include the responsible use of cards.
If you’ve been around awhile, you know that my focus on National Bank of Mom is 1) teaching my son kick-ass money management skills and 2) fostering good communication between us.
The more I thought about it, though, the more I realized that talk will only get me so far.
If I want to instill these skills in my son, I have to make sure I’m walking the talk. I have to look at my own actions and behavior and ask myself, “Is what I’m doing contradicting what I’m saying?”
Ralph Waldo Emerson said:
“What you do speaks so loud that I cannot hear what you say.”
That couldn’t be more true. So much of what we learn is unspoken. We pick things up from our friends, family and society around us — what’s “normal” and expected. How life works.
To that end, ask yourself the following questions and examine your behavior:
J’s 9th birthday party was last weekend! If you remember, we asked for no presents, phrasing it like this: “Please, please no gifts for the birthday boy.” And if guests wanted to, they could bring something to donate to our local animal shelter. We said: “J would like to make a donation to [Specific Shelter] for his birthday. If you would like to donate with us, please consider something small from their needs list: [link].”
I wasn’t sure how it was going to turn out. J mentioned that some kids said they were still going to bring him a present (in addition to a donation), even though he told them not to. I even heard one mom make a comment to another – that her husband said, “Are they trying to make us feel bad? Are we supposed to do this now?”
A few parents texted before the party with questions, and I reiterated what the invitation said and how we wanted to focus on giving.
J and I had a few talks before the actual party as well – that the party was the present and getting to spend time with his friends. (Just to try to avoid a potential upset kid when he realized there were no presents for him.)
But all in all, it DID seem to work!