How to Prepare your Children for Success

by Krantcents · 10 comments

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How can parents prepare their children for success! One measure of success is financial! There are personal finance classes, online classes, books, magazines and more. I even wrote about how field trips reinforced financial irresponsibility. It is though nothing has worked before we had all these wonderful resources. It really is not such a mystery, but you still need to do something.

As parents, we are constantly looking for validation for the various things we do with our children. I think all parents want their children to succeed in life. It starts early, when you look for reactions from your infant. You read, talk, make faces, sounds and to just get their attention. All of those actions are important because infants and children need to form a connection and what they see and hear helps in that respect. What does this have to do with personal finance? Everything!

Stimulate

When my children were small, I talked to them all the time. My wife worked part time and I took care of them on Saturdays. It was just my children and me. We would go to my work, read together or play. I realize I am no different than other parents, but I probably did some things differently. Remember, my children are adults now. Besides the usual conversations, I asked a lot of questions. Then, I asked why do you want to do this or that? I also played a lot of games with them.

All this stimulus has a positive effect on their young brains. Why is that important? If you were an Olympic athlete, you would spend considerable time and effort to reach your peak condition. Your doctor monitors your child’s development physically and you should help your children develop too. Development or learning starts very early! The basis for learning is language and reading will make your child more successful. Communication starts with reading, writing and speaking.

Be supportive by your behavior

Parenting is the process of promoting and supporting the physical, emotional, social and intellectual development of a child from infancy to adulthood. Along with all the things you do with your children, you need to model the right behavior. If your children see you reading, they will read too. If you take your child to work so they can see what you do, it may spark an interest or connect work skills to school. Your attitude about school and learning influences your children. So much rests on how you handle issues!

Children learn much more from observing what you do versus what you tell them. If you go shopping every time you have a bad day at work, your children will too. You can teach your children delayed gratification by example. If you do not delay gratification, your children won’t either. Teach them saving for what they want rather than borrow for it. It starts with involvement in their learning process. You have to make it a priority because learning does not stop when you are done with school.

You often see parents involved in their children’s after school activities such as sports, but it should not stop there. Take your child to the library, museums, parks, sporting events, concerts, and work. Exposing them to a variety of activities helps them grow and develop. Take the time to impart your values and include them with what you do on a daily basis. What does this have to do with financial success? It reminds me of the scene in Karate Kid where Mr. Miyagi teaches Daniel to wax the truck.

School skills are work skills

The skills we learn in school help our children achieve success. Activities such as sports, clubs, scouting, organizations and family situations help us learn tools for success. Students learn that you work and good work is recognized as success. It is very similar to the real world. Teach your children about money and work by having them earn money. It can be a paper route, washing cars, cutting the grass or other chores. They can earn money for their first car.

Final thoughts

If you think all the financial literacy classes and lessons you can give your children will save them from disaster, you are wrong! It is basic skills such as learning, math and social skills which are necessary to achieve success. Parents are role models and how they demonstrate their values or responsibility is much more important than what they say. A student with good grades who can balance a variety of things such as sports, social life, and school involvement will achieve success!

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{ 10 comments }

MomCents August 9, 2014 at 11:53 am

I hope to teach my son by application and setting the right example. He is only two now and starting to identify money. He puts it in a piggy bank, walks up offering at church and I’ll let him put money in a cashiers hand so he’s kind of learning “money” can be exchanged for goods.

Value and that is doesn’t grow on trees….can’t wait to get to those!

Krantcents August 9, 2014 at 12:20 pm

Teach him to make choices and delay gratification. Two very important aspects of decision making and problem solving.

MomCents August 12, 2014 at 7:47 am

Believe it or not we are working on that now. Delayed gratification can be as simple as:

- not now…
- wait….

He loves gummies (fruit snacks) and pretty much knows when its time for bedtime snack. I’m teaching him to wait without throwing a tantrum….even if it is 2-5 min…just to learn patience and mommy (and the world) isn’t going to jump whenever you make a demand

Krantcents August 12, 2014 at 5:24 pm

Sounds good! It is much harder to say no than yes. I remember my Mom telling me to save my money every time I wanted something I wanted vs. needed.

Jay @ ThinkingWealthy.com August 10, 2014 at 12:21 pm

It’s a shame schools don’t take personal finance seriously. If they taught personal finance, kids would be much more prepared when they enter the world/go off to college.

Jay

Krantcents August 10, 2014 at 12:40 pm

I teach personal finance in high school, but parents need to be role models for their kids. Parents should model financial responsibility.

dojo August 10, 2014 at 12:54 pm

School clearly has its merits (or at least it should) when it comes to our children’s development, but I wouldn’t give up the lessons we can teach them at home. Yes, even when it comes to personal finance. There are many people with excellent academic results, who are deeply in debt and wouldn’t survive a month without their salary. We intend on teaching our daughter everything we can, from personal example to all kinds of knowledge she can get.

Krantcents August 10, 2014 at 1:15 pm

My adult children pointed out to me that they learned far more from my example than anything I actually taught them. I included my children in my business and my wife would expose them to her profession (RN). I included them in my investing and even helped them invest their savings in the stock market. They often herd, saw and even participated in decisions. We also helped them develop good judgment by giving them choices. Exposure to information and participation helped them be successful.

Marie @ PF Pro August 12, 2014 at 1:46 am

By being a role model to our children is the very best thing to do if we want our children to be successful especially when it comes to financial matters. I remember too that scene from Karate Kid where Mr. Miyagi teaches Daniel to wax the truck and also how he would put his coat from the coat stand.

Krantcents August 12, 2014 at 7:01 am

My children pointed this out to me when they were adults. It was not what we said, but what we did!

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