How To Teach Kids The Value Of A Dollar

How to teach kids the value of a dollar. Now all of you parents out there need to grab a pen and paper because most of you have always asked. I don't know how to teach my kids about money because I don't know about money. It's the number one reason why adults haven't bought the book. So this is your guide. You and the kid will read it together chapter by chapter. Now say you have a kid that's eight. You're going to read the book and whatever I said in the book before like from zero to eight just do a catch-up. It's not that you lost out, you're just a little behind on what you could be doing age by age. How you teach kids the value of a dollar? You do these three things. Number one, you never pay them an allowance. You differentiate chores, right? So I'm going to come back to that. Number two, how do you embed learning? So kids learn because of experiences, fun, and games. So how do you put that into your experience on a daily weekly basis with your children? And number three, promoting a work ethic. As I can tell you most kids are entitled participation and you're so busy doing you, you aren't paying attention to them and it is their biggest learning curve and you're missing it. So there's no judgment about it. I'm just giving you some tools. So let's start with the big one. I'm giving you two softwares you need to go get immediately. One is called Gravy Stack. So in Gravy Stack, it is a bank for kids that has a debit card attached to it. There are three pipes. As kids earn money, say they earn a hundred dollars a week, you're going to work with them and talk with them and there's a parent corner to help coach you. Plus you're going to get a lot of information out of here. Of the hundred, how much should they be spending and allowed to spend on what? How much of the base, it's called savings, I think of that as investing, is how much are they going to be putting away? I say 50, 60 percent until in their teenage years and sharing, which is charity, start getting them to have some charitable thinking and behaviors. So inside of that, Gravy Stack has a hundred mission and gigs to help you and your kids learn how do you differentiate allowances from tasks and chores. So chores are really because you live here and you got to contribute to the household, whatever that group is. So for me, cleaning your room is just part of living in the house. That needs to stay organized and clean. It can get messy every once in a while, but it's got to stay in some order. So you're going to come up with your list of what are chores because you live here. Then you have gigs, missions, tasks, I call them. What are they going to do to earn money? What's the differentiation between that? So what can they do to earn extra money? If you actually bring people into your house to maybe clean, break the yard, do some yard work, do some gardening, clean out closets, organize your garage, whatever you're hiring people for, can your kids do those tasks instead? Even washing cars, detailing cars. There's tons of things to think of that are very different and then you pay them associated to the task that they're earning. And in very similar inside Gravy Stack, you're going to agree on what's the price of these gigs. So for example, my daughter makes dinner. Like if she makes dinner during a night, then she gets a certain amount of money. If she does additional dishes, then what's necessary because it's like a lot. We had a big cooking day. She gets that. If she organizes the pantry, if she organizes a closet. So what does that all worth? I just made a deal with her to actually do the detailing and washing of my vehicle. Hasn't been doing that a lot. So it doesn't get the money. So this is very responsible consequence driven. So make sure you get Gravy Stack. And then once they start making money, I want to give you a second app called iFlip, which is where they can invest their money in the stock market. Through a software, no financial planners, no fees, no commissions. That way they can make it and invest it, which is the pattern of millionaires. And you parents should all be doing this too. And living corporate life is critical. So grab two tickets to my Millionaire Intensive. I do it every three weeks from 10 o'clock to 6 o'clock Pacific. I want you and your kids there. Now if they can't come, become a VIP. Very small fee to get the replays. And you get replays of several of the events so you can learn together. Also grab my learning journal and start making a journal of how are you going to teach financial literacy in the household. So chores are critical and they're differentiating differently than tasks that you can actually make money and you never pay an allowance. Number two, learning. How do kids learn? So again, through Gravy Stack, they're going to learn tons, again, over 100 mission and gigs about home, economic, personal finance, and responsibility of making money. They're also going to start designing your own monthly income statement. The other thing is just put board games. Get out the good old board games, Monopoly. You bought Cash Flow when Kiyosaki was selling that. The Riot Times, the game Sharon Lecter does. I have the Millionaire Maker game. So any kid eight and older and put the game around the table. Even if you only play it once a week, once a month, you want that financial literacy conversation in your household. And the game is fascinating because you think the first move, right? So the way the Millionaire Maker is played is whoever becomes millionaire first. You'll be shocked your kids are going to beat you because you're going to say, oh, I have to go get out of debt or you are too cheap to pay for a team. So you'd never really have a business mentor or coach. Well, those actually will trip you up later in life. I've had mentors and coaches since I was 17. I pay for them every year. And what the kids are going to do is go make money. Guess what the answer is. For most people, 99% of the people need to do what first? Go make money. More like adult, more sophisticated adults, they need to get, you know, minimize their taxes and start learning to invest. But most people need to learn to make money. Anyway, there's lots of gamification that you can do, but learning is critical. How do you teach them the value of a dollar? It starts with you. Starts with your language pattern. Stop saying things like I can't afford it. Money doesn't grow on trees. Stop saying those ridiculous comments. And if you need to be reminded of the good old movie, The Secret that I was in, money comes easily and frequently. So how does that going to come to you and your family? You can afford anything you want. You've just got to learn to make the money. So if you're serious about doing this, I'm your serious coach. I'm here five days a week to teach you and guide you. So subscribe to my channel, click the notification button, share this with a lot of folks, go grab those two softwares, come to my Millionaire Intensive and lean in. You've got to lean in and learn the knowledge of money. A lot of you don't have a mindset or really behavior issues with money. You have like a and knowledge informs your behavior. So you're just doing the wrong things because you've been taught wrong. So let's unlearn a bunch of bad things and learn the right things and start working with your family through that journal on what your journey is going to be. Now, work ethic, that comes from you. So my kids know they watch me run multiple companies at a time. They have traveled to six of the seven continents, watching me work around the planet, around this work and helping other people learn to make money and become millionaires. So they have seen what a I grew up in a farm. I know what a work ethic is. So how do you do it? It comes with responsibility and consequences. So if you make a deal for them to pay or do a gig and they don't do it, do not pay them. I don't care if they like have to have the money because they needed to buy the thing on the weekend, the bike, the game, the computer, whatever they wanted, they don't get it. So parents, you get really sloppy. I find it all the time with parents. They're just too, it takes time, right? It does. I got it. I get it. I'm a parent. I'm a single parent of two kids. You know, 99% of their lives, they grew up with me and a lot of home support. So a lot of you, you just get casual when it comes to consequences. And I like you, like most parents, you hate it, but you got to do it because if you don't embed it, they're going to become entitled. Participation works. No, it doesn't. You've got, there's winners and losers. Sorry. It is. And you know, that's how it is in life. You don't watch a football game and they just all participated. So they got a trophy. Somebody wins and somebody loses and that's life. So don't grow them up in this casual attitude. Like it's going to be any different. If you have any questions, go to asklaurel.com. Ask a question, make a request. We're here every day, five days a week. I want you here listening and watching this video. Share with a lot of your friends. We'll talk tomorrow.