Lessons from the 12 year old

"My son taught me the greatest lessons"

My son needed to learn the value of money and how to effectively manage money. I turned this lesson into a game that a 10, 12 & 15 year old can comprehend. May be this is the right time for this concept to be introduced to him and his cousins.

The objective of the game is to grow the capital even if it was as little as a rupee more than the initial capital they received. Three of them were given an equal start in terms of the capital, basic lessons and money management mantras with only one caveat, that they will have to set their targets & stay committed. If they fail to achieve their targets they lose the money in hand and vice versa if they win.

Each of them came back with their respective targets. As I expected, one had aggressive , while the others had low risk and conservative targets (barely enough to win) . Once the targets, do's and don't were agreed for the fair play, I decided to step back and observe them for the next couple of hours.

What my observations taught me?

When the self set targets are incredulously high, behaviours noted are

• Have higher expectations of self
• Think out of the box to meet their targets.
• Willing to do whatever it takes to reach their target. No job is big or small, all they see & care about is their target.
• Understand quickly what value they create and what can be outsourced.
• They are enterprising and bring entrepreneurial mindset.
• They are able to delegate well and get work done.
• They are able to influence and negotiate well.
• They are empathetic while leading others.

Once they reach goal, they go outside of their way to help others meet their targets.

When the self set targets are low or risk averse, behaviours noted.

• Conflicted between passion and outcome.
• Holding on to limiting beliefs ( I'm superior, that's not my work, I don't know how to monetise my passions, etc)
• Target & time pressure makes them take up jobs that may not interest them.
• Lack of motivation in doing the job.
• Don't show up with commitment. This shows up in the quality of their work.
• They blame others for their failure.
• Neither they like to follow or being lead.

"Those who are unclear about passion or interests are more curious learners and open to new experiences. - they are Outliers "

Four takeaways for myself:

1. I need to have high expectations of myself, the reason being my brain starts to expand and form the required neural connections to help me achieve my targets. This is when I am able to think outside the box.
2. It teaches me to be comfortable with success or failure.
3. Greater the risk, bigger the learnings.
4. Kids can be great teachers too :-)

Disclaimer : I am not a researcher or academician. These are purely based on my personal experiences and learnings. Please use your judgement before taking away any of the learnings from here. Feel free to share your comments, suggestions and thoughts.