Sharing a guest post written by Sam Renick of http://www.dreambigday.net/ after interviewing him about helping kids learn about money in a mindful way. Such a delightful conversation with such important information being shared!
Mindful wealth! What a fascinating concept and phrase. Today I had the pleasure of being interviewed by and sharing ideas with Leisa Peterson, author of 5 Simple Steps to Creating Mindful Wealth and founder of theWealth Clinic.
Leisa is a CFP, a money mindfulness expert, a wealth coach and a Huffington Post blogger. The Wealth Clinic is a global community for learning, sharing, and expanding our experiences with money.
I have to share with you, I am very much aligned with Leisa’s thinking. That is to say, It’s a Habit, Sammy Rabbit and I believe establishing the right “mindset” and “habits” are crucial to kids, families and their futures.
Leisa Step 1: Develop a MIND-SET for true wealth.
Sammy Rabbit: Saving is a great habit!
Leisa Step 2: Know what you really want
Sammy Rabbit: Dream Big, Set Goals, Plan
Leisa Step 3: Mimic the Habits of the Mindfully Wealthy
Sammy Rabbit: Always Be Learning
Leisa Step 4: Know the Keys to Income Creation
Sammy Rabbit: Earning Money is Fun to Do
Leisa Step 5: Take Action and Stay Accountable
Sammy Rabbit: You Can Do It, Now Let’s Get to It! / Measure Your Progress / Adjust When Necessary
Here are a few of the topics, tips and resources we discussed during the interview.
Topics and Tips
1. Start early. According to a recent University of Cambridge Study, adult money habits are formed prior to age 7
2. Be a great role model for your kids.
3. Take control of the money conversation with your kids or someone else will
4. Be mindful and pay close attention to the language you use when talking to kids about money
5. Encourage kids to dream big and set goals
6. Encourage kids to find work they are passionate about and figure out how to monetize that work. Be patient.
7. Stress fundamentals when teaching kids about money like saving is a great habit, build assets, spend smart
8. Be sure to discuss concepts like “net worth” with older kids in addition to income and revenue producing activities
9. Education is a process. Repetition is a key part of the process. Vary strategies and teaching techniques as frequently as able – discussions, stories, songs, activities, arts, crafts, games, etc.
10. Take advantage of everyday learning situations – “teachable moments”
11. Save, spend smart, give and earn as consistently as you can in accordance with your values
The Many Amazing Resources Sam Mentioned During the Conversation are listed below:
Sammy Rabbit Songs, Stories, Activities: DreamBigDay.net / Kids 5 to 10
Janet Bodnar: Kiplinger – Raising Money Smart Kids / All Ages
David Buten: H&R Block: Budget Challenge / Budgeting / Teens
Bill Dwight: FamZoo.com / Allowance / All Ages
Gerri Detweiler: Credit.com / Consumer Education / Teens and up
Elisabeth Donati: Creative Wealth International / Wealth / Middle & High School
Chad Foster: ChadFoster.com / Financial Literacy / Teens
Lemonade Day: LemonadeDay.org / Entreprenership / Ages 5 to 12 & Mentors
Dr. Robert Manning / Debtor Wise / Credit / Teens and up
Paul Merriman: PaulMerriman.com / Investing / Teens and Up
Ross Riskin: Riskin Advisory / College Planning / Teens, Parents