Mindful wealth! What a fascinating concept and phrase.
We believe establishing the right “mindset” and “habits” are crucial to kids, families and their futures.
Did you know adult money habits are formed by age 7 – University of Cambridge
Important concepts that underpin many money skills, such as: waiting whilst saving to afford something they want; understanding the concept of ‘future’; dealing with delayed gratification; avoiding impulsive, irreversible decisions. Basic approaches and skills can be modelled, discussed and demonstrated by parents with young children, such as the basic benefits and tools of sharing, saving, and purchasing that will instil efficient habits and practices.
A key point here is that situations need to be constructed so that the child experiences the process or idea rather than just being told about it.
A great couple of resource’s we found are from Leisa Peterson’s – ‘5 steps to creating mindful wealth’ and ‘Sammy’s Big Dream’ by Sam X Renick. The children’s book is great for goal setting aimed at 5 years and up, a great resource for parents and grandparents. Dreambigday.net has many interesting financial tools aimed at children, worth a look if you want to inspire your children.
Here is a comparison of the 5 steps to creating mindful wealth in Leisa’s book and what Sammy teaches on great money habits and big dreams.
Leisa’s Step 1: Develop a MIND-SET for true wealth.
Sammy Rabbit: Saving is a great habit!
Leisa’s Step 2: Know what you really want
Sammy Rabbit: Dream Big, Set Goals, Plan
Leisa’s Step 3: Mimic the Habits of the Mindfully Wealthy
Sammy Rabbit: Always Be Learning
Leisa’s Step 4: Know the Keys to Income Creation
Sammy Rabbit: Earning Money is Fun to Do
Leisa’s 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
If you would like a copy of ‘Sammy’s Big Dream’ join our mailing list or email us info@95.154.196.167
Useful Topics and Tips
1. Start early. 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
Source: 1. Leisa Peterson – Wealth Clinic. 2. Dr Sue Bingham (Cambridge University) ran a nursery school in Bedford for ten years, following her training as a Montessori early years teacher in California and London and several teaching positions in both Montessori and mainstream settings. During this time she became interested in young children’s emotional and social development and studied for a Masters, then PhD degree at the University of Cambridge, investigating ways of assessing and supporting young children’s emotional and social knowledge and regulation in classrooms. 3. Dreambigday.net
