Why You Should Let Your Kids Fail with Money
Christine M Luken
Helping six-figure business-owning couples manage money & emotions to achieve lasting Financial Dignity?
Do you have kids? If so, you're going to want to hear this.
You should let your kids fail with money!?Why?
According to my special guest on the Money is Emotional Podcast, James Lenhoff , the answer is simple.
“Success is the product of failure.”
We all learn through failure; success wouldn’t be possible without it.
So why do we hold our kids to a different standard when it comes to managing their own money??(Our emotions MIGHT have something to do with it!)
James answers these questions during our discussion:
?? Why do you think parents?swoop in and rescue their kids, rather than letting them experience failure with money?
?? What are the long-term consequences you've witnessed?when someone had no financial consequences?for their mistakes as a child or teenager?
?? At what age did you begin?allowing your kids to "fail with money"?in a controlled environment? What does this progression look like as a child ages?
?? What are the long-term benefits of letting kids fail with money?when the amounts and consequences are relatively small?
Whether your kid is 4 or 44, there are plenty of gold nuggets for you in this episode of the Money is Emotional podcast!
And, no, it's not too early (or too late!) to teach your kiddos about money.
P.S. Have you listened to Episode 3 of Money is Emotional,?High Income Hot Mess??It's a juicy one!
Advisor marketing veteran. Relationship builder. Connector. Advocate for authenticity.
2 年Saved to listen to this weekend…thanks for sharing!
Fractional CFO - Commercial & Non profit | Ex Cisconian, Siemens & Vodafone Group | Senior Finance Executive
2 年Really interesting! I suppose l grew up listening to parents or relatives talking about the bad consequences of financial decisions made by people we know. We use those examples as business case studies at dinner table… Real life MBA lessons…
?? Business Mentor ???????????????????? ?????????? ????????????????? I help businesses grow and scale to 7 and 8 figure ??Speaker ??Podcast Host ??Reiki Master
2 年This is so true. And applies to sorts of failure. Great advice Christine ??
--Director of Learning and Client Engagement
2 年100% agree - let them fail. The biggest, and some of the most important lessons, come out of failure.
| Time Management Expert | Revenue Catalyst | Driving Success through Strategic Planning & Execution | Author of "The Time-Optimized Life" |
2 年One of our financial advisors allocated time to helping our kids. He worked with them independently starting when they were 10 years old. My boys are in their 20's now, both still dept free and saving for the future. Thanks for the great advice Christine Luken.