Category Archives: make your kid a millionaire

Let Your Children Work!

Posted on by

This post is part of the Family and Money topic of Women’s Money Week 2013.

When my Father was growing up, he lived on a farm in the mid-west. His parents and grandparents had been farmer’s most of their lives. They were typically educated only through part of grade school. My Grandfather and Grandmother both only made it through the 6th grade.

Dad and his brother were expected and required to help with work around the farm, from milking the cows to shooing the sheep from the creek during the dust bowl. As with most children, through most of time, they were part of the family’s economic system – helping with the work as well as receiving the benefits.

Education was not their family’s number one priority, but both boys did graduate from high school. Dad went on to go to trade school to learn radio-electronics, which helped him eventually land a job working on the space program.

When I was growing up, although I was assigned chores like trimming the grass with hand clippers or washing the dishes by hand, most of my time was expected and required to be devoted to studies. Mom was one of the few women of her time that had a college degree and in fact later won a Masters degree. She put a high value on education.

She and Dad strongly discouraged me from getting a job, once I was old enough (although they did let me try selling our fruit and selling greeting cards in the summer). They also scrimped and saved to put me through college so I would not have to work (and did not) during the school year. Money earned during the summer was extra, to spend as I pleased instead of necessary to obtaining my education.

My husband’s upbringing was similar, school and education were the ticket to a better life, so working at a burger stand was just out of question!

Although we both received excellent grades and some scholarship money as a result, we missed out on getting some real life job experiences. We both feel we might have been better prepared to land jobs after college if we had a string of work experiences behind us. In fact, we both wished that we had taken a year after high school to work full time.

So, to my grandchildren, who may some day read this post.  Here is …

Why children should work part-time or summer jobs. Continue reading →

Best Holiday Buys to Teach Kids About Money

Posted on by

It’s that wonderful time of year again and as I said in my last couple of posts, I’m trying something new this year that I hope will help you with your gift shopping needs.

Family Money Values blog and site will both publish frequent ‘best buy’ type articles intended to share with you products we like and use that will help your family to use your values to keep your family’s wealth and well being for generations to come.

If you read my blog, you know I hold Grandma Rie’s Money Camp each year for my two grandchildren. As a result of planning for that each year, I have been on a search for ways to teach young children personal finance concepts. Here is what I have found so far and what may help you with your kids and grandkids too. I have used these products, or some version of them and they have worked well with my now 4 and 8 year old grandchildren.

They make nice holiday presents that you can use with them all year long. Continue reading →

Grandma Rie’s 2011 Money Camp Guide and Overview

Quote

Posted on by

When I decided to hold a Grandma’s Money Camp this year, I wanted to have a guide for myself to help me remember the concepts and activities to teach my grandchildren about personal finance. Read about the Money Camp concept here and read about my preparation work here.

Grandma Money CampAt Money Camp

Since my grandchildren were 6 and 3 at the time I held this years money camp, I concentrated on very basic concepts about money. Believe it or not, there is quite a difference in what a 3 ½ year old understands about money vs. what a 6 ¾ year old has experienced. It was sometimes challenging deciding on which activities to pursue – something that was a review for the 6 year old or something too advanced for the 3 year old.

Continue reading →

Grandma’s Money Camp 2011- Teaching My Grandchildren About Money

Posted on by

Do you want your kids or grand-kids to learn to be financially literate and successful? I do! I hope to someday leave our grandchildren significant resources and I don’t want the grand-kids to be ruined by the money or to squander it. After all, we worked hard and long to put it together!

When my own kids were growing up, I never thought to specifically focus on teaching finances to them – and besides, who has the time? I wanted to do more for my grand-kids, so I came up with the idea of holding a Grandma’s Money Camp each year – to focus on financial literacy.

Continue reading →

How to Raise a Millionaire – Continuing Your Young Adult Child’s Financial Preparation

Posted on by

If you are reading my blog, you probably want to become a millionaire or you already are one.

If you want to become one, and if you have children, you probably are trying to instill your values in your children – the values that are driving you to want to be a millionaire.

If you already are a millionaire, and if you have children, you may be wondering how you need to raise your children (or maybe your grandchildren) differently than you were raised – because they are being influenced by wealth in ways you weren’t.

To address these questions, I will be writing a series of posts (interspersed with posts on other topics) with ideas on how to raise children to be millionaires.

To see all of our How to Raise a Millionaire posts, click here.

Training Kids To Be Millionaires Doesn’t Stop When They Reach 18, or 21, or 35, or….
 Some of the most critical training occurs when your child is entering adulthood. They begin to exercise their judgment to make decisions on credit, savings, investments, careers and businesses. Coming into sudden money between the ages of 18 and 25 can totally derail a young adult if they are not financially prepared to deal with it.

However, your child IS an adult. Your child will most likely NOT accept the same parent/child teaching model your family developed as it grew. You will need to find new ways to continue your adult child’s financial preparation.
Continue reading →