“Smart Money Smart Kids” by Dave Ramsey and Rachel Cruze is a masterclass in raising smart money kids. My boys are 17 and 12, so this book is what I need to help my family learn good money habits at this crucial age.
Raising money-smart kids isn’t about perfection from parents or children. It is about setting boundaries, giving some latitude, showing grace, and having adult conversations.
Dave Ramsey and his daughter believe in having zero debt in their households. I tend to be more of a capitalist, but I understand their point of view.
Most people simply cannot handle debt successfully. Money is neutral, but it takes on the eye of its beholder, whether good or bad.
Therefore, we must ensure we allocate our money where it needs to go before we receive it. This way, we don’t become emotional or sentimental; every dollar has its place from the start.
1) Both parents need to get on the same page about sound financial habits and budgeting rules. Kids are great at playing divide-and-conquer.
2) Young kids should use the envelope system consisting of giving, saving, and spending envelopes. This will help them understand how to budget and allocate resources early in life.
3) There is a fine line between enabling and legalism. Enabling means you give too much and create kids who don’t appreciate it. Legalism means you follow every rule to the letter and don’t give any grace toward your kids. It will always be a balancing act.
4) We are at war with a culture that loves spending. Advertisers work day and night to capture our kids’ hearts and wallets.
5) Hard work is the best resource kids and adults have to change their financial situation. Hard work is the foundation of everything, and adding knowledge will enrich our kids’ lives.
We all want to raise healthy, well-adjusted, successful children. First, we must take care of ourselves before we help anyone else.
We must set an example for our kids. If we preach hard work and saving, then we need to follow those exact expectations.
Kids want structure and discipline; they just may not know it. We can pay them to conduct some chores, but others are part of being a member of the household.
As long as we act as good stewards of God’s resources, we should be able to raise great kids who respect others and give selflessly. Good Luck!
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