Sign InMy Account

What to Teach your Kids about Money

Posted By: Randy GageNovember 11, 2012

Over the weekend, I was doing an interview with a magazine about creating wealth.  They asked some really great questions.  One in particular stands out and I wanted to share it and my response with you today.  They asked:

What are the top three things parents need to teach their kids about money? And why?  So here’s my answer:

1) Money is not evil. 

There are so many mind viruses about money being evil floating round the world today that kids need some counterprogramming on this.   Money is is a tool.  One that can be used for good or bad. Donald Trump was an obnoxious bore before he got rich, and he’s an obnoxious bore now.  Bono cared for his fellow man before he got rich, and it’s more apparent now. Money doesn’t change you – it simply reveals who you are.

2) Money and material things don’t buy you happiness.

It’s okay (and probably a good thing) to teach your kids that money doesn’t buy happiness.  But make sure you also teach them that poverty doesn’t buy happiness either!  Money and material things provide self-expression, which can contribute to your happiness.

3) You control your own prosperity. 

This is really the reason I wrote Risky Is the New Safe.  So people would really understand - you must take personal responsibility for your own prosperity.  Your prosperity is not determined by the government, your boss, markets, or the economy.  These things can influence it, but ultimately you control it by the choices you make in response to the situations you face.

It’s never too soon to start teaching your kids about money.  And these three lessons are a great place to start.

-RG

21 comments on “What to Teach your Kids about Money”

  1. We are in control of our financial present RG. This is a toughie for most people, or parents, to seize. Impress this idea on the minds of your kids and you will have a some rich kids.

  2. We are in control of our financial present RG. This is a toughie for most people, or parents, to seize. Impress this idea on the minds of your kids and you will have a some rich kids.

  3. Gage, my son Tyson enjoyed your message today he just turned 7.. 🙂   He also mentioned that the money he uses to buy toys makes him very happy.. 🙂   Ivan

  4. Gage, my son Tyson enjoyed your message today he just turned 7.. 🙂   He also mentioned that the money he uses to buy toys makes him very happy.. 🙂   Ivan

  5. Hello Randy,
    You once mentioned that in your church the teachings are to love everyone but you don't need to like everyone. I have heard you speak about the Trump in a colourful language. Do you love Donald Trump?

  6. Hello Randy,
    You once mentioned that in your church the teachings are to love everyone but you don't need to like everyone. I have heard you speak about the Trump in a colourful language. Do you love Donald Trump?

  7. A Question for you Randy. When, in your book, you refer to the "productive" people and the "unproductive," how are you defining "productive" and Unproductive"?

  8. A Question for you Randy. When, in your book, you refer to the "productive" people and the "unproductive," how are you defining "productive" and Unproductive"?

  9. Hi RG,
     
    Excellent money ROOTS that all parents need to be aware of.
     
    Money is neither good or evil. It is just a tool. It has no meaning until we use it.
    Control of our destiny is perhaps the biggest hurdle that many people face. For those who are in poverty, they need to be aware of the richness (prosperity) around them. For example, great friendship, good health, blessings and support from family members. The list is endless.
     
    Viola Tam

  10. Hi RG,
     
    Excellent money ROOTS that all parents need to be aware of.
     
    Money is neither good or evil. It is just a tool. It has no meaning until we use it.
    Control of our destiny is perhaps the biggest hurdle that many people face. For those who are in poverty, they need to be aware of the richness (prosperity) around them. For example, great friendship, good health, blessings and support from family members. The list is endless.
     
    Viola Tam

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
  • Stay Connected

    Subscribe to Randy’s Blog via Email

  • Recent Posts

  • 21 comments on “What to Teach your Kids about Money”

    1. We are in control of our financial present RG. This is a toughie for most people, or parents, to seize. Impress this idea on the minds of your kids and you will have a some rich kids.

    2. We are in control of our financial present RG. This is a toughie for most people, or parents, to seize. Impress this idea on the minds of your kids and you will have a some rich kids.

    3. Gage, my son Tyson enjoyed your message today he just turned 7.. 🙂   He also mentioned that the money he uses to buy toys makes him very happy.. 🙂   Ivan

    4. Gage, my son Tyson enjoyed your message today he just turned 7.. 🙂   He also mentioned that the money he uses to buy toys makes him very happy.. 🙂   Ivan

    5. Hello Randy,
      You once mentioned that in your church the teachings are to love everyone but you don't need to like everyone. I have heard you speak about the Trump in a colourful language. Do you love Donald Trump?

    6. Hello Randy,
      You once mentioned that in your church the teachings are to love everyone but you don't need to like everyone. I have heard you speak about the Trump in a colourful language. Do you love Donald Trump?

    7. A Question for you Randy. When, in your book, you refer to the "productive" people and the "unproductive," how are you defining "productive" and Unproductive"?

    8. A Question for you Randy. When, in your book, you refer to the "productive" people and the "unproductive," how are you defining "productive" and Unproductive"?

    9. Hi RG,
       
      Excellent money ROOTS that all parents need to be aware of.
       
      Money is neither good or evil. It is just a tool. It has no meaning until we use it.
      Control of our destiny is perhaps the biggest hurdle that many people face. For those who are in poverty, they need to be aware of the richness (prosperity) around them. For example, great friendship, good health, blessings and support from family members. The list is endless.
       
      Viola Tam

    10. Hi RG,
       
      Excellent money ROOTS that all parents need to be aware of.
       
      Money is neither good or evil. It is just a tool. It has no meaning until we use it.
      Control of our destiny is perhaps the biggest hurdle that many people face. For those who are in poverty, they need to be aware of the richness (prosperity) around them. For example, great friendship, good health, blessings and support from family members. The list is endless.
       
      Viola Tam

    Leave a Reply

    Your email address will not be published.

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    © 2020 Prosperity Factory, Inc. All Rights Reserved. Legal Information, Sitemap, Site by PrimeConcepts