At very long last, I'm thrilled to introduce the publication of Family Bank Blueprint! I've blogged about how the Lennons have taught our young kids personal finance, and Family Bank Blueprint pulls it all together in one convenient place.
If your kids don't get to practice handling money now, when will they learn? Some parents teach their kids to swim by throwing them into the deep end. That's how many kids learn about money when they leave the house; it's sink or swim. All the young adults are trying to do is survive. Some succeed better than others. You can do better for your little ones.
What's in it for you? Wellllll.... parents who didn't teach their kids how to earn, save, and spend are more likely to get requests for money from their grown children. They're more likely to be financially supporting their adult children later in life. Their retirement funds might be stressed by providing grown-child life support. You don't want this for your kids or for yourself. Fortunately, this scenario is highly preventable.
Secondly - what's in it for them? EVERYTHING!!
When they listen to you talk about the household finances, they become familiar with money concepts, and how your family chooses to allocate its resources
When they get to practice making money decisions, it gives them a stronger sense of power and control. Do they want to spend on X, or save up for Y? Their choice, their power.
When they get the opportunity to go broke [at the age of 12] and recover from it, they learn early why they don't want to go broke, and how to rebound if it ever happens again.
When they contribute to the household (chores) and potentially earn an allowance, they learn they are an important part of the family, and their self-esteem is boosted.
When they discover they can start their own kidpreneur business, they learn they can grow their spending power independent of any allowance you may be willing to offer.
When they save a high portion of their earnings, they have a huge future cushion of pocket money when they graduate high school and launch into their next chapter.
Please teach your children how to handle money - it's so important.
Pick up your copy of Family Bank Blueprint today. It's available on Amazon in Paperback and Kindle (including Kindle Unlimited). I look forward to hearing your feedback and reactions - join the conversation!
Stephanie Brooke Lennon is the author of Family Bank Blueprint, GoldQuest, and What Would Water Do? Simple Strategies for Navigating Life's Obstacles. Her titles are available in Paperback and Kindle on Amazon.com. Follow Stephanie Brooke on Facebook, Instagram, TikTok, YouTube, Twitter, Amazon, and at BrookeLennon.com.