Teach children about the value of earning

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Dear Dave,

We have just started teaching our 7 year old about money. He is very eager to learn and seems to quickly grasp the basic ideas.

He’s young though, and of course he makes mistakes from time to time.

Should we step in and fix things when a mistake he made means he can’t do something he wanted to do?

– Ethan

Dear Ethan,

It is always difficult for parents when they see their children suffering from a choice made by the child. But sometimes it’s best to love them so much that you’ll let them make mistakes and make sure they learn from them, while they’re still under your protection.

Reality can be a great teacher when it comes to learning how the world works, and sometimes a sting for a bad decision when you’re young is all it takes to teach a child a lesson that will last a lifetime.

As a parent, you are always looking for teaching moments. First, make sure you give him a chance to make some money. This means work, no checks. We are talking about child-friendly and age-appropriate tasks.

There is a lot of value and self-esteem that go hand in hand with getting paid for a job well done.

Once you pay him for the work he does, you have the option of more informative moments on how to save, spend and give and the importance of each.

If I were you, I wouldn’t rush to fix things. By that, I mean that I wouldn’t just give him money he didn’t earn so he can still get or do what he had in mind. But don’t get mad at him or brush him off.

Gently explain why things didn’t turn out as he hoped. Then, talk about what he could have done differently to help improve the situation next time.

Children are smarter and often have more understanding and understanding than we give them credit.

My guess, Ethan, is that you don’t need to have this kind of conversation more than once or twice!

– Dave

Via: ktar.com

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