Monday, October 17, 2011

Implementing what you have read so far

So take a moment, pause and stretch, and see if you are with us on the basic points….

• That “ownership” is the antidote to entitlement.
• That kids who earn “their own money” can also learn to budget and to save and to give.
• That they will then also perceive ownership of the “stuff” they buy with their earned money.
• That it is ownership that triggers the feelings of pride and of responsibility which allows the growth of self motivation, self discipline, and self esteem.

One way to think about implementing what you have read so far is to put it in terms of what you should stop and what you should start.

What you should STOP doing:
--Treating your kids as your subjects or your surfs,
--Giving them an allowance,
--Buying everything for them,
--Bailing them out every time they make a financial mistake,
--Paying any attention at all when they tell you what their friends get,
--Paying all of their college expenses.

What you should START doing:
--Giving your children real equity in your family via more participation and choice
--Creating a “family economy” that teaches them to earn, budget, save, and give,
--and that allows them to have control of more money than an allowance,
--so that they can buy all of their personal “stuff” and most of their clothes,
--and make more of their own choices at earlier ages,
--and perceive real ownership of their money, toys, and clothes.

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