Mikael Rieck is the author of more than hundred articles on topics of how to make money both online and offline. He has been online since 1999 and has always had a passion for money making opportunities and teaching others how to make a profit.Should a Child Spend The Whole Dollar?
Listening to Jim Rohn is something that I do on a regular basis in order to get my head strait. Life happens to all of us and sometimes we all need a reminder of when, why and what to keep our focus on.
Luckily I have learned to get my head strait prior to anything negative happening (in most cases) by listening to people like Jim and Tony Robbins.
BTW, if you didn’t see the interview that Tony had with Frank Kern and John Reese, you should go check it out.
But back to the story…
When I was listening to Jim’s audio program “Challenge To Succeed” I stopped at a passage where he talks about children and money. Since this blog is all about being able to retire rich and retire early I think this is a very important topic as it all starts with what we learn as kids.
Jim talks about the importance of not letting a child spend all the money they get. Not even if we’re just talking $1.00. Most people will let kids spend it all since it isn’t much money but as Jim rightfully argues, when do you suggest that they should stop the habit of spending it all? (when they are 50 and broke??).
By teaching kids from an early age to not spend everything they’ve got they will be better prepared for the future. Some kids will probably want to know why they can’t spend it all and that is a very valid question. Maybe you’re thinking about that yourself while reading this?
Instead of trying to explain it to kids it will be a lot easier to show it to them. Put them in the car and drive them to the poor site of town and show them how people live that spend all that they have. Kids will get the message as they don’t want to live like that.
But now I am curious… What is YOUR philosophy on kids spending all that they’ve got? What are you teaching your kids and why?
To Your Success,
Mikael
9 Responses so far
Barbara Ling, Virtual Coach
September 1st, 2009
10:29 am
My kids think the heavens have opened and unicorns are prancing across the landscape when I treat them to the dollar store. Heck, my kids think a trip to the dollar store makes a perfect birthday!
It’s tough sometimes to stay the line….but oh so important as they grow.
.-= Barbara Ling, Virtual Coach´s last blog ..When your WONDERFUL readers ride to the rescue! =-.
Mikael
September 1st, 2009
10:37 am
LOL…Unicorns huh?
I am so impressed with you Barbara. Every time you write about your kids it is pure genius that comes out. I think your kids should praise themselves very lucky that they are being raised by you with the philosophy that you have.
Barbara Ling's Journal - Page 4
September 1st, 2009
11:10 am
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Matt
September 1st, 2009
3:50 pm
Hmm, interesting topic.
On the one hand I’m thinking, yes, teach them to spend half and save half, but the other I want the kids to be kids and do what kids do – blow it all on sweets.
But I’d be willing to get my newborn son into the right frame of mind from the get go I think. I’d try and demonstrate practically by say giving him $1 and telling him to spend 50c on what ever he wants, but put the other in his piggy bank. On the 10th day of his pocket money I’d tell him to take all the money out of his piggy bank, now totalling $4.50, add the 50c to it from today and tell him to buy the best toy he could for that.
Hopefully, this would demonstrate the value of saving and growing and might just stay with him for a long while.
Mikael
September 1st, 2009
4:30 pm
Now I understand that this is a topic that will reflect some philosophies and for the record I would like to say that there is no right or wrong answers to this but only opinions. Okay
@Matt, I am curious to know why you feel that “being a kid” equals “spending it all”? Whether you blow it up front or save it and blow it later, then it is still getting blown
I understand that letting kids spend all they’ve got is a very common procedure but maybe that is exactly why so many people struggle?
Matt
September 1st, 2009
5:07 pm
Well, when I was a kid I would walk into a sweet shop and see what I could get for the money in my pocket. I didn’t stop to think about NOT spending it all, it was more a case of “what high value items do I not buy in order to max out my pockets”
I guess the reason I was talking about saving it and then blowing it was that it showed how being prudent with money meant that ultimately you have a sum to do with whatever you will, buy a toy, invest, save, retire on etc. The blowing it on a toy analogy would, I think, impress upon my son the importance of not spending everything you have and I’d hope that he could see the benefits and have the foresight to see that if he didn’t blow it after a week of saving he’d be quids in.
Mikael
September 1st, 2009
5:12 pm
I don’t think you’ll find that many kids (unless taught) that would consider investing
It is not that I don’t follow what you’re saying because I was raised the same way (learned to save an blow) but looking back I would have loved if I had learned to invest instead of learning to use all that I had.
Ravi@How to make quick money
September 9th, 2009
1:02 am
I agree with Jim that answer the kids question by showing them that site of the poor… this will do two things for the kids… first is that it will be the impeccable answer to the kids question and second is that it will make the kid learn how to value for the money which almost every kid at present day lacks.
This is wonderful post… my philosophy on this is same as that of Jim because, what we learn in childhood we keep that habit for whole of our life.
.-= Ravi@How to make quick money´s last blog ..Free Unlimited One Way Backlinks =-.
Lorren Van Fossen@Kauai homes for sale
September 18th, 2009
12:03 am
It’s really inspiring post & i totally agree with your idea. Being a kid you want all the world in your pocket. Some times you want jaw breakers or some times x-box. Don’t forget about their lovely arguments why i can’t buy a car for myself, why money is so precious. Instead of lecturing them i think you should show them a living example of what harm can be happen, if he/she wastes money.
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