Help Your Kid Define Their "Rich Life"

Hint: It's Not Just About Cash

Author

Kamil Banc
October 23, 2024 • Estimated Reading Time: 3 minutes

Hey money-savvy parents! Ever wonder if your kid thinks being rich just means having a vault full of gold coins to swim in? (Thanks, Scrooge McDuck.) Let's flip that script.

Why This Matters

By age 7, kids have already formed money habits that can last a lifetime. But here's the kicker:91% of young adults reported that their parents influenced their financial habits, highlighting the critical role of parents in shaping financial behaviors.

My "Rich Life" Wake-Up Call

I used to think a fat paycheck was the ultimate goal. Then I watched my neighbor's kid turn down a lucrative internship to volunteer at an animal shelter. It hit me: that kid knew what his "rich life" looked like better than I did.

The "Rich Life" Roadmap: More Than Just Dollar Signs

A truly rich life isn't just about the benjamins. It's about freedom, choices, and living on your own terms. Here's how to help your kid map out their version:

  1. Dream Big, Kid: Ask them to describe their perfect day in 10 years. Is it filled with travel? Creating art? Helping others? That's the first clue to their "rich life."

  2. Skill Up for Freedom: Teach them that certain skills (like writing or coding) can give them the freedom to work from anywhere. It's not just about the paycheck, it's about lifestyle design.

  3. The Earning Edge: While saving is crucial, there's a limit to how much you can squirrel away. But earning potential? Sky's the limit. Encourage them to brainstorm ways to earn, not just save.

  4. Words Worth: Show them the power of communication. Whether it's persuading you to extend their bedtime or pitching a school project, words can open doors.

  5. Learning Ladders: Introduce them to structured learning. Whether it's a coding camp or a writing workshop, show them how step-by-step programs can fast-track their skills.

Your Money Mission This Week

Sit down with your kid and play the "Perfect Day" game. Have them describe their ideal day 10 years from now in vivid detail. Then, chat about what skills or resources they'd need to make that day a reality.

Ready to raise a generation that sees money as a tool, not a goal? Let's do this, parents! Share your kid's "rich life" visions with us – we might feature the most creative ones in our next newsletter!

Until next time, keep building those money smarts!

Kamil Banc
MINI M🟡NEY MENTOR

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