Finance 102 – Make your money Boo

One big surprise that we have awaiting us as we enter adulthood is about all that stuff or parents, teachers and counselors were spewing.  If you don’t perform well and take school seriously you will be greatly handicapped in your incomability (a term that I coined) throughout your life. 

 

As I consult people I encourage them to get their children involved in the financial learning process with them.  Children should understand the value of saving.  An example is if you give your child a weekly allowance of $10, one great idea is to tell them that they can’t spend it until the next week.  So if they spend $3 and have $7 left, you will only give them $7.  This will teach them the concept of spending restraint.  If they start to build up a savings and have $30 saved, then you may have to match that with $30.  If the amount of money is great enough you can take them to the bank and start a savings account in their name.  You can also encourage them to place their own money in the offering basket at church or give a portion of their savings to feed the homeless during the holiday.  I ask my children how much they want to give and leave it totally up to them. You can have them buy things for themselves that you were going to buy for them anyway, such as gifts to the family during Christmas or birthdays.         

 

 I advise teens on how being financially comfortable starts as a child.  How seriously they take school is a strong indicator of lifetime earnings. Acting and rap careers are great, but if you watch closely at those who excel in those industries, the one’s at the top are of a higher intellect.  College or not, Jay Z and Will Smith will never be called stupid.

 

Maybe college doesn’t make kids smart, maybe smart kids choose to go to college.  Some people are not designed for college, but to find two or three goals and pursuing them all while cutting out TV or Video games is always a good idea.  I’ve never met, but I’ve heard of parents that don’t encourage education.  I believe that some people have been beaten down by life and suffered academically that they feel as if success is not possible or possibly don’t want their children to be greater than them and in turn think less of their parents in years to come.  People get so intimidated and envious of “uppity” people that they’d rather not give that opportunity to their children.  That has to be the saddest situation imaginable outside of abuse.     

 

There are many illegal or morally questionable ways to make the money you need to substantiate the lifestyle that you require.  But remember not to sell your soul to the devil for the same stuff that you can get honestly with a few extra years of hard/smart work.  The more honestly you make money, the longer it will last and the more you will enjoy it.  But I’m not judging, make your money Boo.