How does it work?

My Kids' Money is a book that guides the parent through the conversation and processes necessary to equip their children with a solid foundation in basic money management concepts. The book, worksheets and other tools provide the framework, the parents provide the values and time.

Saturday, June 19, 2010

What Just Happened?

This was the question I had to ask myself as Miranda's eyes began to tear up.  I had just reminded her that we needed to finish our conversation, started a week earlier, about how to pay for the baby sitting class.  She claimed the conversation never happened, and she did not want to pay.  A couple lessons here:

  • Inspect what you expect - Always circle back (ideally sooner than the next week) to make sure that what you think was communicated did in fact make it through the skull and in to the gray matter.
  • I am never as clear in my communication as I think I am.  Never.  I keep improving, but there is always room for more.
  • Never underestimate the emotions that are involved with financial decisions.  If an 11 year old can burst in to tears over something, you know we still have emotional responses as adults.  Maybe not tears, but a response none the less.
  • Ah yes, entitlement does rear its ugly head.  I still think the point of allowance is to learn to manage money, but part of that lesson is that money is earned.  Clearly, now is the time to start driving that home.  Its a process.....
This was a week ago.  I left it alone with the following instructions/comments:

  • We are spending a ton of money to ship you off on these summer adventures.  You need to contribute to this.  Period.
  • She did admit to the two reasons she wants to baby sit - loves kids, wants cash.  Reminded her that this class is an investment, just like a real business would require.
  • Most importantly, spend some time reflecting on why you had such a strong emotional response, and think about possible strategies to use to pay for the class.
The follow up conversation happens today while Kellie and Logan are off at a birthday party.  I'll let you know how it goes!

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