The Luck of the Irish (or of any other ethnicity) just isn’t going to pave the way when it comes to kids and money!
We hear so often about a lucky break that changed a life but in reality the lucky break was most likely a long time coming and the real challenge happened when it was time to manage the money that came with the break. I was just reading about a woman who was a horrible student all the way through college and is now a billionaire. She got there after failing at 22 other jobs and finally realizing she wanted to be her own boss. At that moment she began to invest in herself and in her future. Today she has helped 22 kids in her family through college and offers advice to entrepreneurs around the world
There is a freedom with ownership for kids too! When we give kids a save, spend share bank and tell them the choices are all theirs it is a different conversation from the one where we tell them to save for college and to be sure to give 10% at church. In a sense we are allowing that inner entrepreneur to emerge. Financial education for kids does not have to mean a text book and learning to write a check. In fact, I think the lasting lessons come from the simple and organic moments of success and failure.
Managing money for kids is more about repetition and conversation than it is about the amount of money. School fundraisers are a great moment for educating children about money. The kids want to help the cause and the creative juices are running strong as often there is an element of competition between classes. Last week I learned that a first grader decided to convince her class to sell popcorn to the second grade in order to make money to give to the schools sister school in El Salvador. So the first grader created a note that she sent home to all the second graders asking if they wanted a $1.00 bag of popcorn. She got pre orders from everybody and then her class popped the corn at home and brought it in to fill orders! They were happy to give $60.00 to the cause. I imagine that other kids in the class are now coming up great ways to make money to give to the next cause as well as the Save Spend and Share at home!