Recently, I took my children to visit my mother’s hometown in the heart of the Mississippi Delta. They were captivated by the old house where she grew up, enchanted by tales of her dancing atop the icebox in her family’s grocery store, and even intrigued by the small cemetery that holds our ancestors. However, what truly astonished them was the stark poverty that surrounded us—dilapidated homes, deserted shops, rundown vehicles, and a glaring absence of the conveniences they take for granted in New York City. Like curious kids, they quickly began to compare their lives with what they were witnessing: Where are the schools? What do people do for jobs without businesses? Do they even have Minecraft here?
For my husband and me, this trip became a pivotal moment to reflect on the lessons we’re imparting to our children about money—not just the basics like how to save or create a budget, but the deeper significance of what money represents. How should they view it? What role should it play in their lives? Here’s what we’ve come to understand:
- If choosing between a $15 item and a $25 item doesn’t require much thought, consider yourself fortunate.
- People create wealth; wealth doesn’t define people.
- Money influences behavior, but it’s not the only factor at play.
- No one enjoys being judged by their wealth, whether they have too much or too little.
- Money is relative. What seems like a little to you might be a lot to someone else. So, think twice before casually mentioning how “broke” you are when you have food on your plate and shoes on your feet. Plus, it’s just plain annoying.
- If you order drinks, be ready to cover your share. When you’re starting out, it’s important not to expect everyone to split the bill evenly. Always offer to pay your part—especially if you’re sipping cocktails. If a friend regularly orders just an appetizer, maybe it’s time to suggest a more budget-friendly dining option next time.
- Never assume that the wealthiest friend will treat you. If they offer, that’s great, but don’t count on it. It can’t be fun for them to wonder if you’re just hanging out for the free meals.
- If you can’t afford an outing, don’t go. Give yourself a moment to feel disappointed, then move on. Do you have friends? A job? Two working legs? Fantastic! Stop dwelling on what you can’t have.
- Never apologize for your financial situation—whether you’re up or down.
- Remember, someone will always have more, and someone will always have less. The key question is: Do you have what you need?
- Cash is the most straightforward form of payment. A wise person once told me this, and they were spot on. Sometimes, the easiest way to pay is with cash—even if you’re digging change from the bottom of your sock drawer. It simplifies transactions compared to the emotional costs tied to power dynamics and complicated relationships.
- Very little in life is truly “free.” For instance, if a friend who is a lawyer offers to help you without charging, you might feel grateful. But if it changes the dynamic of your friendship, it’s worth questioning: Are you incurring emotional debt? What are you giving up in return? Was it worth it?
- If one day you can afford anything you desire, celebrate that achievement. But always remember, you’re never too good to take on humble work again. Keep in mind the determination and stress you faced during tough times, and what money can—and can’t—do for you.
Yes, even if that means skipping out on Minecraft.
This article was originally published on June 25, 2023.
In summary, teaching children about money goes far beyond just financial literacy. It’s about instilling values, perspectives, and a healthy relationship with wealth. For further insights on related topics like home insemination, check out this in-depth article on home insemination kits. For men, consider exploring options for enhancing fertility with a fertility booster. And if you’re curious about the medical side of insemination, the Mayo Clinic has excellent resources worth checking out.
Keyphrase: Financial wisdom for children
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