We know that children have an awareness of money at a very early age and yet most "grown-ups" don't discuss money with kids. While there are many reasons, one common idea is a fear that talking about money will create greedy, money-obsessed children. We get it, that's the last thing you want to do!
As part of our summer focus on financial literacy for kids, we want to share a fun perspective. After our last email about the Savings Stars, we heard from several of our best savers. They shared memories of their first savings experiences and the lessons they learned. They reminisced about the gratifying moment when they made their first purchases and how it felt. While the rules may have been different, there were two consistent themes: 1) there was a person in the story that started the conversation 2) they didn't turn out to be money-hungry monsters! They were thoughtful, humble, and positive!
Our team reflected on our own instrumental conversations around money.
- Kendra - I remember a weekly stop at a convenience store with my aunt. Every week we each had one dollar to spend. One cousin bought her favorite soda, the other cousin saved everything. My brothers bought their favorite candy bars and finished them immediately. I always thought that was "reckless". As for me - I picked the candy with the most pieces. At the earliest age, my strategy was to maximize my candy budget and ration out the pieces over the week. Mambas are still one of my favorite candies today!
- Greg- I learned about savings goals from my younger brother, Andy. At the young age of 12, he decided that he wanted an electronic synthesizer. The sticker price was $2,195 -- and that was in 1987. To meet his goal, he got a paper route -- about the only job a 12-year-old could get. With a little financing help from my parents, he was able to purchase the synthesizer and went on to outfit a full music studio.
We would love to hear MORE stories around your first conversations about money - or even lack thereof!!! Who talked to you about money? What did they say? What did you learn? Who avoided talking about money? What did that feel like?
