How To Teach Your Kids an Abundance Money Mindset
Written by
Cindy Lamothe
Edited by
Zuri Anderson
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Learning healthy money habits starts at home, and this is especially true when it comes to fostering an abundance mindset around finances.
What does this look like? Not holding fear when it comes to money and allowing yourself to take proactive steps to further your financial growth.
Below are some ways you can instill an abundance mindset to help set your kids up for future success.
Deal With Your Own Limiting Beliefs Around Money
“If you hold a lot of fear, negative perceptions, guilt and dread in your own experience with money, your kids will pick up on that,” said Amanda Frances, financial expert and bestselling author of “Rich as F*ck: More Money Than You Know What to Do With.” “Your beliefs will become theirs.”
She suggested taking the time to heal your relationship with money.
“Choose ideas and beliefs that are supportive to you in creating and holding more wealth, and begin to tell new, empowering stories about money — for yourself — and also for your children,” Frances said. “It’s time to rewrite the story of you and money.”
Teach Them To See Money as a Tool; Not a Taboo
Another helpful recommendation, according to Frances, is to help your kids see money for what it really is–a tool to create opportunities, solve problems, and add value.
“Like I wrote in ‘Rich as F*ck:’ Money is not good or bad; it’s a neutral resource we can use for good,” she explained. “We don’t want our kids to grow up afraid of money — we want them to grow up empowered with it.”
Frances said that money is a resource and has a meaningful role in our lives.
“It’s important we do not neglect it or idolize it, while recognizing it as something that can help us live life, well,” she added.
Model a Positive, Supportive Relationship with Money
“The way you speak about money around your kids matters,” said Frances. “If they see you stressing and fretting when it comes to money — they’ll view money as limiting, restricting and a problem in their lives.”
She noted that they may even start to feel guilt and shame when they need you to buy them something, feeling like a burden.
Instead of saying, “We can’t afford that,” she said to try, “that’s not a priority right now.”
“Explain to them what you are choosing to spend money on at this time and why those things are most important for your family,” Frances said. “Model making intentional and empowered decisions around money.”
Show Them How To Make Choices With Intention
Frances emphasized that it’s important to take everyday moments to talk to your kids about money.
For example, explain why you’re choosing one item over another when shopping, or how you decide what experiences are worth it for your family on a summer vacation.
“Help them to see how you think of and use money — with intention, fun and love,” Frances added.
Introduce Financial Concepts Early
Introduce savings, earning, and spending early, Frances highlighted.
“Let them sell their old toys, use their talents to make something creative, or even run a lemonade stand,” she said.
She said to show them how money can be created with action and intention.
“Open a savings account in their name and take them to deposit their birthday money or the cash they’ve generated,” Frances noted.
“Help them decide what to spend the money they’ve made on. Support them in making decisions they feel good about and help them reflect on what they’ve learned when they don’t.”
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