“Nancy, can you suggest three financial tips I can do right away with my children?”
Yes of course.
First, use cash in front of your children. They can’t relate to the concept of earning and spending money if they never see it. It’s good for you too! A study by MIT researchers found that people were willing to pay up to twice as much for a product when paying with a credit card. If you use cash, you’ll spend less because you will feel more of an emotional impact when you hand over the money.
Second, be sure you are teaching and showing your children that love does not mean buying “things” for them. As author Brian Tracy states: “How do children spell love? T-I-M-E.” Don’t make yourself feel guilty about not getting them the latest and greatest thing. Which do you remember more from your childhood, your toys and clothes or experiences with family and friends?
Delayed gratification is an extremely important lesson for children to learn while they are young; it’s much easier than once they’ve become adults. It is important for a child’s emotional development to work towards goals and feel the thrill of achievement as well as the boost in self esteem that accompanies each success. If they continually get handed everything they want, the child never experiences the valuable lesson of doing it on their own. If they have everything, unfortunately they often end up valuing nothing.
There are numerous studies which have looked at this. Dr. David Bredehoft, Professor of Psychology and Family Studies at Concordia University, St. Paul, is the author of a new study on overindulgence. He studied 369 adults from ten countries. “The bottom line is that if parents want their children go grow up to be greedy, self-centered, and never satisfied ---- overindulge them! On the other hand, if they want their children to grow up to be caring adults who are focused on meaningful relationships, and want to work to make the world a better place --- it is plain and simple – don’t overindulge them” says Dr. Bredehoft.Therapist Connie Dawson of Kirkland Washington surveyed 1,200 adults and 71% of the respondents who admitted to being overindulged as children reported not feeling satisfied as adults. Tim Kasser, a professor at Knox College in Illinois, found that the more importance teenagers put on their possessions, the higher the likelihood they would smoke, drink alcohol, smoke marijuana and have sex.
Third, don’t talk negatively about money. This is important and may be challenging. For example, instead of saying you can’t afford something your child wants; ask them how they think they may be able to raise the money to buy the item. This helps them develop ideas and resourcefulness. Get them to write a list of ten or twenty ways they could earn the money.
Positive talk is important so they don’t grow up with an emotionally negative feeling towards money, an attitude that will be hard to overcome later on.
“What financial books have you read recently and which is your favourite?”
The financial books I’ve read recently are listed below. As far as my favourite one, I would have to go back to a book I read in 2001, Rich Dad, Poor Dad. The author, Robert Kiyosaki, really got me thinking about the concept of cash flow and getting out of the “rat race” instead of just wanting to be paid a high salary and buying increasingly more “stuff”. At the time I enjoyed the “security” of working for a major corporation. The Rich Dad book really got me thinking about the advantages of owning my own business and creating multiple streams of income as a way to develop financial freedom. I’m very grateful to have read it when I did. Two other favourites that are invaluable and will make you think differently are “Your Money or Your Life” by Vicki Robin which makes you examines your values around money and “The Millionaire Next Door” by Dr. Thomas Stanley which shows statistics that prove most millionaires don’t live lavish, “hyperconsumption” prone lifestyles, they care more about becoming financially independent and the freedom that comes with that.
- Rich Dad Poor Dad for Teens, Robert Kiyosaki
- Raising Money Smart Kids, Janet Bodnar
- The Richest Man in Babylon, George S. Clason
- Banking On Our Future, John Bryant
- Harmonic Wealth, James Arthur Ray
- The Power of Clarity, Brian Tracy
- Think and Grow Rich, Napoleon Hill
- The Millionaire Next Door, Thomas Stanley
- The Smart Canadians Guide to Saving Money, Pat Foran
- The Science of Getting Rich, Wallace Wattles
- Your Money or Your Life, Vicki Robin and Joe Dominguez
- Reallionaire, Farrah Gray
- Rich by Thirty, Lesley Scorgie
- Raising Financially Fit Kids, Joline Godfrey
- Rich Dad’s Prophecy, Robert Kiyosaki
- Money Mama and the Three Little Pigs, Lori Mackey
- Allowance Magic, David McCurrach
- Jazlun J’s Money Matters, Volume Publishing, Renna Bruce and Robin Oaks
- Money, New Moon Crown Publishers, written by a children’s editorial board
- Saving Money, Philip Heckman, Lerner Publications
- Kids, Parents and Money, Willard Stawski
- Why We want You to Be Rich, Donald Trump & Robert Kiyosaki
- Secrets of the Millionaire Mind, T.Harv Eker
- Increase Your Financial IQ, Robert Kiyosaki
- Rich Dad’s Prophecy, Robert Kiyosaki
- Escape from the Rat Race, Robert Kiyosaki
- My First Finance Book, Johnathan Pifher
- Lemonade for Sale, Stuart Murphy
- Centsibility, Stacey Roderick, Ellen Warwick, Monika Melnychuk
- Good Sense Budget Course, Dick Towner, John Tofilon
- Money Sense for Kids, Hollis Page Hartman
- The New Totally Awesome Money Book for Kids, Arthur and Rose Bochner
- Rich Woman, Kim Kiyosaki
- Kids Finance 101, Yvonne Brooks
- Design Your Child’s Financial Future, Lori Mackey
- Raising Your Childs Financial IQ, Robert Kiyosaki
- The One Minute Millionaire, Robert G. Allen and Mark Victor Hansen
- The Everything Kids Money Book, Diane Mayr
- Before You Quit Your Job, Robert Kiyosaki
- Good to Great, Tim Collins
- Prince Charming Isn’t Coming, Barbara Stanny
- Secrets of Six Figure Women, Barbara Stanny
- Nice Girls Don’t Get Rich , Lois P. Frankel, PhD
- Berenstain Bears Trouble with Money, Jane and Stan Berenstain,
- It’s Not What You’ve Got!, Dr. Wayne W. Dwyer
- Stop Acting Rich and Start Living Like a Real Millionaire, Thomas Stanley
- Think and Grow Rich, Napoleon Hill
- Rich Kid Smart Kid, Robert Kiyosaki
- Linchpin, Seth Godin
- The Tipping Point, Malcolm Gladwell
- Your Were Born Rich, Bob Proctor
- The Art of Giving, Charles Bronfman and Jeffrey Solomon
- 50 Prosperity Classics, Tom Butler-Bowdon
- Prosperity - Charles Fillmore
- The Secret to Teen Power - Paul Harrington
- The Path of Prosperity - James Allen
- The Science of Success - James Arthur Ray
“I run a children’s charity, would you consider donating one of your books?”
Yes, I certainly would. Please email me the name of your charity, its purpose (in one paragraph), the registration number and how many children you work with. Include your mailing address and of course your name. The books are sent out to charitable organizations on a first come first served basis quarterly.
Thank you for your request!
“Are your characters based on yourself or anyone you know?”
Most of my ideas come directly or indirectly from people I’ve met or experiences I’ve had with family and friends. Jack and Emma’s friend’s names all come from people I went to school with or worked with over the years although their characters are typically not the same as the people I knew.
“Do you try out your book ideas on children before you publish them?”
Yes, I run my content ideas and the illustrations in front of children before publishing the books to ensure my readers will enjoy them. It helps that I have two young children and frequently interact with their friends!