Wednesday, August 07, 2013

What Are You Reading? Why "A" Student Work For "C" Students - Part One, Chapter One

I've mentioned in a past post that I wanted to refer my future "What Are You Reading?" posts to the book Why "A" Students Work for "C" Students; but I also don't want to take away from the information you would learn from reading the book so I will post about the "Action Steps For Parents" that is found at the end of each chapter. To fully get the most of this book, I highly recommend you purchase and read it.

Chapter one's action step for parent was turn your house into a place of active learning. Robert suggest you create a WEN, a "Wealth Education Night". Set one night a week or one night a month to be a night to actively learn about money. Make it a family ritual and make it fun.

Our children are slowly learning about money, whether we are involved or not. In fact, this morning my youngest snuggled with me for a little while. He was playing with the calculator on my phone. He showed me a large number he had entered on the calculator and said: "I'm going to save up this much money in my life."

Most parents would probably smile and be glad that their child is already thinking about saving money but I've educated myself into thinking differently. I got a sense of dread hearing those word coming from him. It is my belief that saving will not provide anyone with financial freedom, it won't even support retirement; even more so if you take inflation into account. So since saving for you future is not something we preach in my household how is it that this is what my child, at the age of six, sees this as his financial goal? It may be school, television, grandparents or neighbours. My point is there is information out there, if we do not take an active part of our children's financial education they will end up being slave to the system. Thinking their J.O.B. will provide them with security.

When he was a child, Robert's "Rich Dad" would play Monopoly with him to teach him about money. He suggest you do the same with your child, may it be Monopoly or Cashflow for kids, 101 or 202. Obviously, I need to take a more active approach to educating my kids about money.