It’s always a good idea for parents to teach their kids about money, no matter how old or young the children are. Dr. Willie Jolley, author of Turn Setback into Greenbacks and host of The Willie Jolley Weekend Show on Sirius XM, says even if parents haven’t been the most financially successful themselves, there are some basic thoughts and beliefs about money they need to share with their kids.
Dr. Jolley’s advice for teaching children about money:
- Commiserating is not allowed: It’s not uncommon for parents who have faced financial challenges to sit around and commiserate. Stop it because it’s setting a bad example for your kids. People who sit around and commiserate are the people who would rather complain about problems than do anything to fix them. Teach your kids that commiserating is only going to hold them back. Developing an action mentality is what you want to show your children.
- Don’t let your pride poison your prosperity. Some people feel that some work is beneath them, and they don’t like to talk about their jobs with their children. Stop trying to put up a facade of success around your kids and get real. Teach your kids that any work that is moral and legal is honorable and something to be proud of.
- Don’t wait for your ship to come in. Teach your children that financial success is a choice that you must make, not a chance that you sit and wait around for. The most financially successful people have built their own ship. Be realistic with your kids and let them know that becoming financially independent is hard work and there will be challenges along the way, but by deciding to build the ship instead of waiting for it, they’re already ahead of the game.
- Think big about money: Teach your kids that financial success is linked to thought, so get creative. Teach them to think like the CEO of Y.O.U, Inc. Find a problem to solve for people and you’ll be in business for years to come. Get them started early on by opening a lemonade stand, babysitting service, pet sitting business or something that teaches them about making money.
- Expect more: Teach your kids that most of the time, you get what you expect, so always expect more and don’t sell yourself short. Teach them to think way beyond what you they think they are capable of earning, even if they don’t know how they’re going to make it happen. Getting them in the right frame of mind and teaching them to expect more is vital to financial success.
- Speak positivity into your finances: Even when things are not going well financially, you must show your kids that you have to always speak positivity into your life because your language has a direct impact on your mindset. For instance, never say, “I am poor.” Instead, say, “I am wealthy; I do occasionally have some cash flow challenges, but they are always temporary.” What you speak is what you attract.
- You haven’t tried everything: Teach your kids that when faced with a challenging financial time, they haven’t tried everything. Grab a pen and paper and list all the ways they can make more money or get out of debt. After you have exhausted your own thinking, teach them to ask other people in their network. Trust me, you haven’t thought of everything and there’s always more you can do.
Jolley knows firsthand what it’s like to come back from financial difficulties. In 1991, he had only $200 in the bank. Today he’s financially sound, the host of one of the most popular Sirius XM talk shows and a best-selling author and speaker. He’s also one of the men credited with helping to save the Ford Motor Company when it was facing financial disaster around The Great Recession.
To learn more, visit Willie Jolley Website