Three New Ways to Think About Money

As my kids get older I find it important to teach them how to think about money.

I grew up in a family who didn't say it outright, but gave off the vibe of "money is the root of all evil" and "money doesn't grow on trees."  We always had just enough.  And that was good.  But never more than we needed.

And my husband grew up in a family that feared not having enough money.  There was always a lack.

Well, I want my kids to grow up to have a healthy attitude about money.  So there are some beliefs I like to share with them about money and "stuff".

#1.  Money is Value

I want my kids to understand that money is just a way of measuring value.

If I provide someone with something that they value, they provide me with money so that I can exchange that for something that I value.  

I can exchange my skills as a baker to someone and then I exchange the money I got for a vacation to Iceland.

And money makes that easier.

Back in the old days I would have had to find someone who was sailing to Iceland and bartered enough baked goods with him to get him to take me on his boat.  That was hard because I need to find someone who has what I want and who wants what I have.

Money makes me able to trade with whoever I want.

I try to help my kids understand when they are buying something, they are agreeing to it's value.  

I want them to ask themselves if it is worth it?  

Could they find something that is a better value for a similar price?

Do they want to exchange their money for ice cream from the small batch shop down the street or for a packaged ice cream sandwich from the convenience store?

#2 What You Buy is For You

Whenever I buy something I ask myself, "Would you still want it if nobody was going to see it?"

I ask this for cars, vacations, clothes, decorative bowls, etc.

If I am buying because it makes my heart sing, then I get it.

I think about having a bowl on the dining room table and never having anyone over for dinner, do I still want it?

I think about driving a new car only on deserted back roads, do I still want it?

I think about going on a vacation and not posting the photos on Facebook, do I still want it?

If I can't, in my heart, answer yes, then I don't buy it.

And I try to help my kids think that way to.  

Do they love that sweater or do they want it because all their friends have it? 

It's hard for kids to separate their soul feelings from their ego ones, but you have to start somewhere so we at least have the conversation.

#3 You Can Choose to Positively Impact Humanity

My first job out of college was all about the money.

I didn't care what I did, all I cared about was the paycheck.  So I could buy things so other people could tell me how awesome they were.

And after a decade, I realized that was a rather vapid existence and I modified my beliefs to buy things I valued (#1) and buy things I loved (#2).  

And I also needed to change my job to do something that mattered.

And I realized that whatever you do or create, you have a choice.  

You can choose to be motivated by money and fame.  

Or you can choose to be motivated by delivering value and service

And I beleive that you can make money either way.

You can create something that other people value and they exchange money for it and you feel good.  And you have done good for humanity.

Or you can market the crap out of something until people give it value because of how they are viewed and they exchange money for it and you are just manipulating people.  

And you have hurt humanity.

Think of how you feel when you go to a restaurant and have the meal of your life versus when you go to a really expensive, trendy restaurant and get served three croutons and slice tom tomatoes for $43 by a cranky waiter.  In one of those situations you have a chef and owner who love cooking for people and who want people to have an amazing experience.  And in the other is a guy who wants to make money off of you.  I want to support the guy, I want to be the guy, who is giving people amazing.

Think about Elon Musk making money and Donald Trump making money.  They both do it.  ONe is motivated by service and value and the other by fame and money.

So I am teaching my kids to figure out what they love to do and what they are good at and how they can positively impact humanity.  I am teaching them to add value to this world we live in, in their own special way.  Not just to bring home a paycheck.

I encourage you take a little time today to consider your beliefs on money!  And start sharing them with your kids.