Financial Responsibility – Kids and Adults Benefit
We’ve all known someone who was irresponsible when it came to handling money. As a child, I had friends whose allowance was spent before they received it and for whom money was simply something to spend without thinking. Teenagers can sometimes go through money faster than humanly possible as it burns a hole in their pocket. Young adults may find themselves short at the beginning of the month for their rent money or their car payment and may even be using credit cards to purchase food items. Financial responsibility can be learned at any age, if this was not a part of your upbringing as a child.
These are all examples of what can happen if financial responsibility is not taught at an early age and in a way that makes an indelible print on the mind of the person receiving the knowledge and information from someone they know and respect. We simply cannot expect the children in our lives to become financially prudent adults without the guidance and nurturing based on our experiences and results. This would be tantamount to expecting someone to understand science or geography without the foundation and ongoing education involved in these areas. No one can conduct a science experiment or read a map unless they have been instructed on how to do so. Likewise, we cannot expect a young person to automatically understand how to earn, save, and spend unless they have been guided every step of the way.
Spending money without first thinking, failing to save or invest money regularly, and not respecting and valuing money can lead to unnecessary hardship along life’s journey. This need not be the case if you teach these concepts along the way using real life examples and additional training.
Even if the schools your child attends touch on this subject matter, and most do not, it may not be complete and will not reflect the values and beliefs you hold dear within your family. Financial education must be a personal and ongoing commitment to ensure that the child in your life has the opportunity to live a life that is rewarding and fulfilling as a result of sound financial decisions made each and every day, with every dollar that is earned, saved, invested, and spent.
The difficulty may come when you, as the responsible adult in the relationship, realize that you did not have the proper training as you were growing up and lack some basic knowledge in this area. Is it too late to make up the deficit in your own financial education in order to help the child or children in your life now? No! It is never too late, and in fact it may be even more beneficial to learn about money right along with your child. Being able to look yourself in the mirror and honestly know that you are knowledgeable about finances is a gift you must give to yourself and then share with those around you, including the youngest members of your family.
The joy and satisfaction of becoming a financially responsible adult will carry you through the remainder of your life with a distinct advance, and allow you to pass this knowledge and experience on to generations to come. This is a legacy that will be meaningful to many and will make their lives easier and more fulfilled.
Knowing that you are living within or even below your means gives you the chance to have peace of mind in your day to day life. You will always be prepared for an upcoming “rainy day” and may even be able to take advantage of opportunities that present themselves when it comes to relocating, changing jobs, or adjusting to a change in circumstances in your personal life.
Imagine a world where you are in charge and call the shots, rather than having to pass up something because you lack the funds to follow through. And as you go through your life there will be others in your family who are affected as well by your level of responsibility when it comes to your finances. A child may want to attend a music camp or a spouse may want to return to school for advanced education in a specialty area. Having control of your finances means that every decision is based on the results that are possible and not limited by money. Be sure to take a look at my book on the topic of kids and money and teaching financial responsibility and values to children in paperback and on Kindle.
I’m author and online marketing strategist Connie Ragen Green. I work with entrepreneurs to create multiple streams of online income and would love to connect with you. Download my Online Entrepreneur’s Blueprint and get started right away.