Thursday, December 16, 2010

Kids & Money during the Holidays - guest post Steve Siebold

It’s what every kid looks forward to on Christmas morning: waking up and running to the tree to open up all those nicely wrapped presents.  But tougher times mean a leaner holiday season for many, and explaining this to kids can be a daunting task for parents.  Talking to kids about money is one of the conversations parents dread, and the holidays tend to compound the problem that much more. 

Here are some great ways to teach your kids about money that are good at the holidays, or any time during the year:

Teach your kids about money from objective reality.  It’s a nice thought to say everyone, regardless of financial status, has access to all the good things in life.  It’s also naïve and untrue.

Right or wrong, wealth offers privileges, and the sooner kids know it, the more likely they are to do something about it.

Teach your kids how to make their money work for them.  Teach them that money is a dynamic medium of exchange for goods and services that should circulate and grow.

Teach kids that money is something to look forward to and to look at it from a consciousness of freedom, possibility and abundance, not something to dread or be frightened of.

Having money won’t make you a better person; it just gives you more opportunities.

Above all else, the most important belief parents can instill in their kids is that they are smart enough to earn all they desire.  Regardless of their education level, IQ score, or performance in school, they have everything it takes to become a millionaire.  No sweeter words were ever uttered from a parent to a child than “I believe in you” and “you can do it.”

Teaching by Example

Every parent knows that the best way to teach your kids is by example.  The best news of all is that even parents who have failed to achieve their financial dreams can set an example this holiday season, by continuing to try and teach their kids about failure and success.  Parents have an unparalleled level of power with their children that can override years of fear and scarcity programming. 

Middle-class America is notorious for living beyond our means, especially at the holidays.  Between the advertisers making us believe what great deals we are getting, to our kids nagging us for this, that and everything else, it’s no wonder so many people are up to their eyeballs in debt.  If you want to teach your kids by example this holiday, don’t overspend.   

Teach your children to dream lofty dreams and prepare them for the work it’s going to take to make them a reality.  Assist your kids in identifying their natural talents and interests and help them build the belief that they can create their own futures doing what they love. 

Your little ones are watching your every move, so use the holidays as an opportunity to teach them important lessons about money.  

Steve Siebold is author of the new book How Rich People Think, which compares 100 thoughts and beliefs about money between rich people and the middle class.  Siebold is one of the world’s most noted experts in the field of mental toughness training.  His mental toughness clientele includes world-class athletes, Fortune 500 companies, and entrepreneurs.  For more information and to download five free chapter of the book, visit


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