5 Money Mindsets All Entrepreneurs Should Teach Their Kids
As a money mindset mentor to online female entrepreneurs, Denise Duffield-Thomas is well known for helping women develop positive attitudes towards their personal and business financial flow. So it came as a complete surprise to her when she heard herself tell her own toddler that money is “really dirty”.
“When we first allowed her to play with coins, she would put them in her mouth and I would tell her not to do that because money is really dirty,” Denise recalled. “When I realised what I was saying, I reworded it by telling her not to put money in her mouth because we should take good care of our money.”
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Like most mindsets, the bedrock of a money mindset is shaped at a tender age from watching how the people closest to us handle the many issues around their dollars and cents
While this is a golden opportunity for entrepreneurs to pass on positive money attitudes to their kids, Denise says that many women tend to shy away from it.
“Women often avoid money talk because of an assumption that they need to separate their life and their business. The best thing you can teach kids is not to be scared of making money.”
“And none of this money talk has to be heavy. The idea is to have a light and fun conversation for kids around money so it does not become a taboo subject.”
Here are the top five money mindsets that Denise says every entrepreneur should teach their kids.
#1: Money is a tool that can be used for fun things too
Do not talk about money as purely a means of survival. Talk about it in terms of how it can help you create life experiences, help others by donating to a good cause or thank someone by putting buying them flowers.
#2: A job is not the only means to earning money
Teach them that their own ingenuity can create money for them and that an income does not just come from a job or a single source.
#3: Earning money can be fun and exciting
Show them that a job or business is not something stressful but a means of creating money doing what they really love. Money blocks emerge when kids see their parents working hard, battling stressing and dragging their feet to work. Do not unconsciously teach them that work is something unpleasant.
If you have to travel for work, do not tell them you would much rather be home with them. Instead, talk about how you love them but how excited you are to be doing what you love. This way, they will not see your work as the thing that takes you away from them.
#4: It is ok to have money conversations with people
Teach them at an early age to have the awkward money conversations that really trip up entrepreneurs, and also let them see you having those conversations in your own life. If you have to follow-up on an overdue payment or call up the bank to get a charge reversed, do that in their presence so they will not feel scared having such conversations in the future.
Be mindful however that how they see you handle that conversation will greatly influence them whether you are afraid, reluctant or at ease. These are the sort of situations where you will really be role modeling your money mindset for them.
#5: Making money is not separate from the rest of your life
Do not feel you have to draw a line between time with your kids and your business because your actions will show them how to be a good entrepreneur who is great with money. Entrepreneurs who work only when their kids are sleep are missing out on the opportunity to show them how to bring life and work together.”
The right money mindset cannot be cultivated in isolation so show up and be a role model of someone who does what she loves, is well paid and lives a first-class life that involves the entire family. This is one of the best money and life lessons you can teach them.
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