Tips for Teaching Kids the Right Money Mindset For an Abundant Future
As you continue educating your children, you would also like for them to be smart about money, correct? As parents, we can help pave their way to an abundant and satisfying financial life in the future. According to Julie Ann Cairns, author of “The Abundance Code: Busting The Seven Money Myths for a Rich Life Now,” “there’s a lot more to it than teaching them to budget and spend wisely.”
In fact, in some cases the count-your-pennies approach may even sabotage this possibility by passing on fears that “there’s never enough” or “money can easily slip away” and creating beliefs that limit what kids strive for and attain.
“Deeply-rooted beliefs about money tend to be self-fulfilling prophecies”, says Julie Ann. “So one of the best tools you can give kids is a mindset that’s receptive to opportunities for creating abundance.”
She offers 4 simple tips for achieving this:
- Try not to make the concepts of lack and scarcity dictate money conversations with your kids. When these topics do come up, keep them in perspective by balancing them with stories of hope and progress.
- Talk together about technological innovations and how they can help increase abundance and well-being throughout the world. Magazines like Discover and Scientific American are rich with examples.
- Brainstorm about creative ways to make out-of-reach or wish-list budget items accessible rather than saying, “No, we could never afford it.”
- Encourage kids to be generous by sharing and giving, emphasizing that what goes around comes around and that participating generously in our interconnected ecosystem helps make it — and our own lives — much better.
Julie Ann encourages parents to be mindful of how certain language such as “money doesn’t grow on trees,” “time is money,” and “money is the root of all evil” can instill fears, anxieties and limiting beliefs that your children will internalize. “This will shape their expectations and behavior in ways that could potentially undermine their prospects for financial success.”
Thanks to Julie Ann for sharing this information with us.
About Julie Ann Cairns
Julie Ann Cairns’ life mission is to empower people to live an abundant life free from false beliefs. In this spirit, she wrote The Abundance Code: How to Bust The 7 Money Myths For A Rich Life Now (Hay House, September 2015), and has spearheaded The Abundance Code Documentary (November 2015) to help people everywhere make a shift to the abundance mindset and seek joint solutions to the most pressing challenges facing our planet.
Trained as an economist and statistician, Julie Ann began her career in Japan, where she received a scholarship from the Japanese Ministry of Education (Monbusho) and co-founded and ran an English school. She then worked at the Reserve Bank of Australia, Macquarie Bank (also in Australia) and in 2001 co-founded Trading Pursuits Group, a financial markets education company, where she is managing director. She also serves as a director of the Amma Australia Foundation.
In addition to The Abundance Code, Julie Ann is co-author of the book Taming the Beasts – Secrets to Profit in Volatile Bull and Bear Markets. She lives in Sydney.