• Erica Blake

Modeling a Smart Money Mindset for Your Family


Your family is always watching…


It’s true. and they make assumptions about life based on the modeling you do every day of Most of what your family takes in about life and how to live it comes from what you say and the behaviors you have regarding what you say. Tiny humans are like sponges, their lives. Why not model a smart money mindset for your family?


Parents are faced with some big decisions as their children grow. How much they can share about real-life situations and if they do share, how honest they should be about them. It is important to match a child’s development to the level of information they receive. Likewise, it is important to not place undo responsibility or expectations onto children who aren’t supposed to carry a parent’s burden.


This can make it hard to share certain struggles that a family may face in the financial realm. Failing to be honest about financial issues can lead to fairytales where life magically happens for children who grow up ill-equipped to provide for themselves and their own families. Likewise, sharing too much about finances can cause anxieties and lack mindsets that cripple children with guilt and worry that bleeds over into their adulthood.


So what’s a family to do? This...


● State the facts

● Have a great attitude

● Make plans together


State the facts: Stating the facts doesn’t mean sharing the gory details, if there are any. Stating the facts should be an age-appropriate way of expressing the current state of any situation. When things are great, sharing that prosperity is important. When things are tight, sharing any need to be responsible and mature with spending is equally important.


Have a great attitude: Life is cyclic. Even if your income is secure and you have more than enough, wealth is about much more than money. Wealth includes any resource from friendships, to health, to your income. The key is to walk through life with an even attitude whether things are expanding or contracting. It isn’t about having more or less; it’s about how you behave in front of your kids under each circumstance. Being able to have a consistent attitude no matter what helps kids feel safe and teaches them that resources don’t dictate happiness. Your attitude about it does.


Make plans together: Life is lived in community. Teaching your kids that families work together to solve problems helps them evenly distribute their loads. You may not need to tell your kids the whole story about a situation to get them in on a management plan, but you can give them age-appropriate information and use any situation as a teaching tool. Is the family falling short for their annual vacation income? Host a family meeting and make the decision to hold a yard sale, reduce spending in another category, or do an activity together to close the financial gap. Teaching your kids how to solve problems is a life-skill they need when they have their own families. Your attitude about money is going to make all the difference along the way.


This content was created by Piggy Makes Bank and presented by Mountain Flower Investments & Planning.

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