first_imgNancy J. LaPointe, MBA, CFP, ChFC, CLUMetLifeSenior Financial Planner, Financial Services RepresentativeRegistered RepresentativeInvestment Advisor Representative4520 Intelco Loop SE  Ste. 1E  Lacey, WA  98503Tel 360-236-0312 ext 111  Fax 360-236-0317Cell 360-402-3200 Facebook0Tweet0Pin0 Submitted by Nancy J. LaPointeMoney does not grow on trees.  That is what flashes in my mind when asked “How can I teach my kids about  money ?”I suggest we teach children not just about money but finance.  This will be the subject of my next few articles.The “money doesn’t grow on trees” was a consistent theme in the household I grew up in.  Seems a silly analogy, but think about it.  Leaves just happen, they renew consistently, some fall off once a year but the next spring they’re back.  For the majority of people, trees are not cultivated or maintained, they are enjoyed freely.Money and income does not just happen.  One cultivates it by the sweat of their brow, their skills, their creativity and by intention.  A child needs to have an understanding of that correlation.  This can happen by sharing via stories the “work” of the parent, friends or relatives and by having a child see and participate in that “work”.Strive to let them see the rewards of a job well done, a sense of accomplishment or contributing.  Share with them your recognition of another’s skills and contribution, such as a nurse, mechanic or computer programmer for example.  One’s “work” is the source of the money/income.Have frank discussions, acknowledge there are illogical discrepancies in income vs. contribution or work load.  I encourage you to do this in a non- judgmental manner.  Just like some people love Engineering or Science or Dentistry, there are those that don’t.  There are individuals whose passion, be it teaching, nursing, or maintaining roads, contributes to our community and our world in a manner whose compensation in relation to their contribution is off kilter.The key point I’m trying to make, is that there is personal happiness in working in a field you have a passion and skill for.  That is healthy for the individual and the family.  What is not healthy, is failure to acknowledge and embrace one’s financial parameters.“Money doesn’t grow on trees”.  Growing up, we heard that most when we wanted to know why the “Jones” were able to get a new TV or to go to Hawaii or even just have steak every week.   Mom and Dad would share with us that we did not have the same income and we are saving to go to visit our grandparents, or they have two kids and we have four so there were two more mouths to feed.Bottom line, it was made clear to us that money was not freely available, it was earned through work and effort. My parents came up with a school clothing budget and when we were in grade school we did not get an opportunity to make many choices.  As we grew older we had more input but with that we got to see consequences of decisions.   When I chose to buy two pair of upscale tennis shoes and used 1/3 of my budget,  I then got to wear the same two pair of jeans all year as well as last year’s coat.  That was fine for school but I had forgotten about the need for boots for skiing and taking care of my horse.  By December, I was looking for babysitting jobs to earn money to cover those additional needs.  Lesson learned.Share the family parameters and priorities with your children.  As the parent, learn to say “no”, you don’t need to say you’re broke and you don’t have the money.  Just say “No”.  Be more proactive and intentional by saying “No, it (a new TV, boat, bike) is not a priority right now.  Or, no, we have chosen to go out to dinner or the movies less because the money saved is being set aside for Mom to go back to school, or for a vacation. Kids need to experience delayed gratification, consequences and self- discipline.  Lead by example.If a child sees their parents buying at will for themselves and the family, the child has been “taught” that money is available freely and without consequences.   There is a disconnect between income being the source of money.  To the child, wants become the source of money.  Humans, by nature, are not short on wants.Share with your children your work, the rewards you get from the time you spend away from them, what you are contributing, learning and working toward.  How the income you bring home is to be used has parameters.  They need to understand at some time in their future they will be earning income.  Children seek security, which includes knowing their boundaries.  It won’t necessarily stop them from pushing back, which is part of their growing process.  Teach them first that money is earned, cultivated and is a reflection of effort and time.  It is not magically grown on trees.NancyP.S. Thanks, Mom.  Money doesn’t grow on trees.  Even today it is irritating to hear, yet I’m grateful for the lesson.   It has and is serving me and my siblings well.center_img Metropolitan Life Insurance Company (MLIC), New York, NY 10166. Securities products and investment advisory services offered by MetLife Securities, Inc. (MSI) (member FINRA/SIPC) and a registered investment adviser.  MLIC and MSI are MetLife Companies.  L0212237430[exp0213][WA]last_img

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