Cozette M. White Helps Kids with Money Management\
As many youth across the nation prepare to head back to school, we commend our teachers for equipping them with the best education inside the classroom, but how can we as parents continue to educate and empower them inside the home?
As the Founder and CEO of My Financial Home Enterprises, a nationwide consulting business specializing in wealth management, I recently designed and launched a system to teach children about the practical principles of money. I believe that if we don’t help our kids develop healthy money habits; then they become accustomed to being rewarded for participating, not producing.
The Infinity Wealth Circles Chore Chart System teaches children to assume responsibilities around the house and encourages them to work together in harmony with their family. The system also empowers to establish financial stability and eliminates the entitlement mentality.
The top 5 benefits of The Infinity Wealth Circles Chore Chart System:
1. Teaches and develops money management habits among children.
Teaches the fundamental concepts of currency—i.e., how to count money, so they aren’t short-changed/tricked in store transactions, etc.
2. Develops a sense of spending so they won’t be so quick to buy the latest toys or video games. They will be able to access “wants v/s needs.”
3. Gains an understanding of the concepts of budgeting; and the value of goal setting.
Develops a “Pay Yourself First” mindset by not spending all earnings as soon as they get it. Instead, they will learn why it’s important to save and to put money in the savings account.
Children who are not taught these concepts pay the consequences for a lifetime.
My desire is for parents to utilize the Chore Chart System as a bridge to the Infinity Wealth Circles – Kids Edition program. This program teaches life-long benefits of good money habits. We focus a child’s education about money on the concepts of earning, spending, sharing, borrowing, and saving.
It’s important to remember that children learn mainly through indirect teaching by observation and examples. In order to balance this system with their other responsibilities homework, sport activities, etc., parents must establish the consistency approach: implement, reinforce and follow through.
Consistency between parents and kids is extremely important. The more consistent the message, the more stable the child feels. Without consistency, kids have a hard time due to mix messages that parent exude. Your child should know that there are certain chores that aren’t breakable — such as washing the dishes and taking out the trash. It’s good for kids to know that some things are non-negotiable, period. As you teach your child about money, they learn about responsibility, family values and attitudes, decision-making, comparison-shopping, setting goals and priorities, and managing money.