How important is it to raise money confident kids? Should we include our children in money conversations? How can we model money consciousness with our kids? Dr. Amanda is here to answer all of these questions and more.
Dr. Amanda explains that we must first have a conversation with ourselves - build consciousness around how we think of money. We should ask ourselves, “What do I think about money? Why do I believe that? Where did that belief come from?” She goes on to explain that if we don’t feel good about the money we make, we have a money block. These are important to identify because it helps us build healthy relationships with money and guide our children to do the same.
She further explains that children from ages 0-7 absorb everything around them. They are soaking everything up like sponges. So, if our children are surrounded by parents worrying or fighting about money, they start to also develop the belief that money causes these issues and they grow up to feel the same way. We should be careful to watch how we interact with money so that our children model healthy relationships with money as well.
Dr. Amanda and I chat about how important it is to have open conversations about money and how we can even make it a fun game - for example: “what are 10 ways to turn this $1 into $10?”
We chat about the false idea that we have all been told that we have to work really hard for our money instead of understanding the freedom and fun that we can allow ourselves to have with money doing something we love as well.
Dr. Amanda shares the three money blocks that people have often with money: 1) Money is bad. 2) Money is scarce. 3) Money causes stress. She shares a resource you can use to learn about which money block you have (link below).
Dr. Amanda reminds us that no matter what age your child is, you can help you child start thinking differently about money starting today. It is so important to have these conversations and the earlier you can start, the better.
IN THIS EPISODE, WE COVER:
- Money consciousness
- How children model the money mindset that we have as well
- Money blocks
- Importance of starting these money conversations
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LINKS AND RESOURCES MENTIONED IN THIS EPISODE:
WHERE TO CONNECT WITH DR. AMANDA:
EPISODE SPONSORS:
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