In my last post, I discussed the first of the four key money phrases your children need know – and should feel comfortable using – when faced with making financial decisions: “I don’t know.” Here’s a link to that post to read more: 4 Key Money Phrases to Teach Your Kids – #1: I Don’t Know. Now for Phrase #2:
2. I need help.
Today, people are getting more comfortable asking for start-up help from social media sites like Kickstarter and Indiegogo and RocketHub to name a few. Crowdsourcing is a concept most of our older kids get and use to their advantage. (I just contributed $25 to a request for funding from a classmate of my oldest daughter’s so she could produce a short film for school.)
Leverage this trend with a lesson of your own on the importance of asking for help when it comes to money.
Encourage creativity
When your youngest children ask for money, help them come up with an age-appropriate plan to earn the money for the item they need or want. Help nurture the entrepreneur in them by suggesting they create a plan for a sugar-free lemonade stand, gluten-free baked good sale or a snow shoveling business.
With older kids who have a business that needs start-up cash, look at crowdsourcing and create a plan that helps them develop a network of support. Suggest they add a part-time job to the mix when they are old enough.
Bottom line
The point is to help your kids think outside the box when they need money and learn to develop creative funding strategies for the things they need or want in their lives.
Great feedback via LinkedIn from Tracy Bean – a blogger on Vocal Moms: “Again I enjoyed your suggestions. I need to find out as well this whole “crowdsourcing” concept, although I am sure my son would do much better exploring it himself and relaying the information onto me. Great advice, you make it easy for parents to follow and gain the ability to share with their children.”
Another great LinkedIn comment from Lozelle Mathai – Blogger at ThatFinanceChic.com: “I agree. I encourage parents to make up tasks around the house for their children to earn extra money (outside of their allowance) to purchase additional items. I stress that these tasks should not be something they should already be doing.”