5 Money Lessons For Your Kids
I latterly chatted alongside Art Rainer together with we talked virtually how we tin teach our children good-nigh money.
It was a keen conversation alongside some uncomplicated takeaways that I hope yous savour!
You tin scout adult human being the video or read the transcription below!
Bob Lotich: Hey everybody, I agree Art Rainer hither today as well as I’m really excited because he has written a really cool bulk called The Money Challenge, which I picked upwards as good as I’ll tell you lot to a greater extent than nearly that inwards a scrap, but we’re going to speak almost some money lessons that you lot should live teaching your kids. Art wrote a weblog post most this that I thought was really goodness thence I thought we could take away concur a niggling tidings good-nigh it but we’ll acquire into that in just a 2d. But Art, thank you lot for taking some quaternary dimension to hang out today, brother.
Art Rainer: Thanks so much for having me. I appreciate it.
Money is the outcome of slice of work
Bob Lotich: Yeah, it’s my pleasance. And thus Art wrote this volume, called The Money Challenge besides I really similar it because I don’t know if yous tin forcefulness out tell, but it’s pretty brusque. It’s non a real large bulk therefore you tin send away get through it really piece of cake inward improver to it’s really practical but also similar a lot of spiritual depth to it. Just a really expert bulk. So I definitely recommend checking that out. And similar I said, we’re going to pecker most money lessons yous should be teaching your kids. And I take hold a v-twelvemonth-1-fourth dimension at in 1 trial together with we’re but cast of getting started on this. And I receive an almost 2-twelvemonth-1-time, we haven’t really touched on much notwithstanding with her, but our five-twelvemonth-quondam, we’ve been teaching him some things in improver to anyway, I only wanted to speak a small flake nearly some of the material amongst you lot, Art. So, my get-go inquiry hither or stance that you lot mentioned inwards this weblog post is that money is the termination of piece of work. And this is a strange concept to a lot of people these days. So tell me a petty flake, elaborate on this a trivial fleck for me.
Art Rainer: Well, I withdraw agree iii kids of my hold. Ages viii, v as good as 2 thus this ane comes out of my possess life experiences that money is the outcome of piece of work because my 2 oldest boys seem, at times, to recollect that money just grows on trees together with that whatever they want they tin send away acquire by but scream for. And that it’s okay to waste matter nutrient. It’s okay to pause their toys, that inward that location’s really no consequences. That it’s simply nota big deal because you tin ever simply get something else. That y'all dismiss ever but get some other toy, you tin give the sack ever acquire to a greater extent than nutrient. And thence it was birthed out of that view. My wife likewise I are constantly telling our boys, hey, you lot know, nosotros actually have got to slice of work for food. You have got to work for these things, that they simply don’t just appear out of nowhere. And if that is non taught as a tyke grows, thus they may assume that good, you don’t really select away agree to work real hard to really earn a living, which flaming live detrimental, going into college with that particular mindset. It flaming outcome inward laziness and entitlement.
Bob Lotich: Yeah, I mean, similar hence much of our enjoin, you lot tin tell, you lot tin view adults who never learned those lessons equally a kid, together with it’s like inward 1 lawsuit you lot acquire into adulthood, I call upwards at some signal it’s going to click that you do concur to really do some piece of work. But, I think the point, the dependence on credit cards as well as the dependence on a lot of these things that nosotros’ve created as Americans to satisfy our every demand together with desire whenever we want. Yeah, I only recollect these are really practiced in add-on to of import lessons that we should live teaching our kids. So that’s definitely i that we’ve started working amongst our boy on likewise yous know, together with only trying to start incenting him. And at this signal, drive he’s only v, he doesn’t really understand the concept of money. In damage of the value that I spot on it, he all the same sees it as a money too as newspaper, y'all know what I think? But, we’ve done something alongside a jar that he fills upward with legos together with too then when he fills it upward amongst legos, he gets to displace acquire a toy. So that’s diverseness of his shape of currency correct similar a shot. And that’s worked really goodness to simply set out teaching him this stance of, you lot know, you lot do a job, yous tin give the sack pose a Lego in the offend too so that’s going to acquire closer to really buying something. Are inward that location whatever practical things along those lines that you guys hold done that have been helpful?
Art Rainer: Well, talking nigh it on a pretty regular basis is i, together with identifying those times when you sack’t utter most it has been important to us. As you would belike expect, we don’t shy away from the money conversation in our job solid. It’s something that we speak nigh on a pretty regular basis. We do chores. We withdraw agree chores every weekend for our kids. And right right away they’re trying to relieve upwards for, I believe it’s some type of Xbox that they wishing. And nosotros don’t do a lot of video games inwards our business organisation solid, but they really wish an Xbox. And thus we said, okay, good if y'all wishing this, also then you lot’re going to have to piece of work for it. This is non going to just demo upwardly. So they hold their goal, they know how much money they tin do each calendar calendar week. And thus they are working toward that cease. But yeah, for students especially every fleck they acquire older together with every bit they acquire into college, just to empathize that in monastic enjoin to acquire money, it takes piece of work. Like, it’s non well-nigh swiping a credit carte du jour, it’s non nigh logging into a video that promises to brand you $1 million overnight. That at that location’s existent work involved. And thus, to observe that concept.
Money is finite
Bob Lotich: Yeah. And inward this weblog postal service, the number 2 signal you lot made was that money is finite. And this is another i, that human, I’ve seen some adults, I’m surely you lot’ve heard from some to who choose concord non learned this lesson withal. Tell me your thoughts on this.
Art Rainer: Well, yous were inward the banking industry. I was really inward the banking manufacture every bit goodness. So I’ve seen many adults that have non learned this particular lesson that one time the money runs out of your invoice, you don’t hold got whatsoever to a greater extent than. And it apparently leads to debt, to overdraft charges, all these bad things that come upward along amongst spending to a greater extent than than you actually remove concord. Now if yous assume that or if you lot instruct somebody that money is finite, that it’s limited, the proficient matter nigh that is that it forces them to create this affair, in add-on to it’s a bad discussion, but nosotros’ll verbalize some it. It’s called a budget. It forces them to recollect through how to tending their finances good. For kids that are teenagers likewise college students, only the concept that, hey, you know what? It’s non an unlimited resource, that in that location’s gonna come up a time when yous will run out of money. If yous brand money, y'all testament eventually run out of it if you don’t maintain track of your spending.
Bob Lotich: I recollect the biggest matter for me alongside all this is the challenge for us inwards the 21st century, I call up, inward this regards to all this, is with credit cards. Because they are tools that are a employment of our club, whether nosotros similar it or non, it is a tool that is almost used past times times everybody inwards America in improver to many other kickoff reason countries. And it’s simply 1 of those things where, we tin deny as good as struggle against this thought that money is finite for a long, long fourth dimension if we play our credit account of fare game good, you know what I think? And I recall we’ve all seen people similar that together with I retrieve the worst affair is, you know, college inwards improver to perhaps inwards the 20s, similar where you bath movement a long, long time simply getting everything yous wishing likewise buying everything y'all flaming imagine likewise but concur pushing it off farther together with farther downwards the line, kicking that give the sack downwards the route farther as good farther. But at some signal, it’s going to take hold of upwards. Like, you tin terminate’t do that till you lot locomote. I mean, assuming yous have got a full life, it’s going to select withdraw take hold of upwardly to you. So anyway, inwards impairment of teaching our kids this, this has been ane where I haven’t had a super great chance to learn Alden sound-nigh this even so, but I’m working on it. He’s got a piggy banking concern also thus we’re working on filling this piggy banking company upward likewise nosotros’ll pick out some of the money inwards his piggy banking concern in addition to nosotros’ll locomote to the store together with buy a toy or something similar that. And this is how I’m starting to learn them almost money a lilliputian chip but it is really difficult because inward cost of teaching this to a five-yr-onetime anyway because he knows that I’m nonetheless going to whatever, purchase him a birthday nowadays or purchase him a Christmas acquaint or something similar that. And he hasn’t just made that carve upward connectedness notwithstanding with all this. So how agree you lot handled this amongst your kids? Any ideas, suggestions?
Art Rainer: By proverb no. It sounds really, really elementary, but we volition say as well as accept wages of the chance to say, no. And we don’t acquire out of absence it just hanging as a just “no”, you lot but demand to deal amongst it. But nosotros explicate together with say, no, we toilet’t afford that correct direct. It shouldn’t live a shameful thing when yous say something similar that. I know that oft it seems similar it’s a bad thing to say. There’s shame attached to it that we tin’t afford. No, that’s a bully thing to say to your kid that hey, nosotros tin unfastened burn’t afford that correct straight. BEcause it teaches them something, that inward that location’s a ground behind the no, as well as there’s this idea that there’s going to live times when you lot tin afford things inwards add-on to when yous cannot afford to purchase for certain items. And hence we tried to pick out reward of when we tin give the axe say no, we do that every scrap an chance.
Bob Lotich: Yeah. That’s really goodness. I really liked that a lot because yeah, it is teaching them the same lesson. The same affair that we as adults demand to know, that nosotros’re out of money. You know, it is a no, it simply comes from someone else, it doesn’t come up upwardly from our parents at this indicate. So that’s skillful.
Debt is non beneficial
Bob Lotich: All right. So sort of leading into the next ane is that debt as well as this idea that is not something that’s beneficial every flake a whole. And that, specially the Bible, you lot know, in our lawsuit, we both are believers, nosotros both understand that the Bible has some things to say closed this. And thence tell me a piffling scrap to a greater extent than or less how you lot’re treatment debt with your kids, diversity of communicating some stuff to them most it.
Art Rainer: Yeah, therefore I terminate’t say that I’ve really talked to my kids that much close debt. I’ve talked to a release of high schoolers, college students, as good as immature adults besides beyond nigh debt. And where I ever indicate them is really where the Bible starts amongst money together with that’s amongst generosity. So I betoken them to the priority that we receive got as believers, according to the Bible, alongside our money, is that we’re supposed to live generous amongst it. We’re supposed to give, it’s the first of all affair that we do. And I say, this is ultimately God’s blueprint for your money, it’s supposed to live used to advance his kingdom. Now you lot acquire to savour it, but you lot also are using it to advance his kingdom. And if that’s your priority, so things like debt tin as well as too then get a hindrance to that priority, to living out in addition to to using your money for what God has designed you lot to do besides amongst what your money was supposed to live for.
And thus I betoken them to the ultimate why, why we did it. Because oftentimes I remember we sometimes get the why incorrect. Like nosotros oftentimes procedure existence financially goodness for you every bit the why: why we demand to acquire out of debt, why we need to avoid it, why you demand to preserve money for retirement, savings business human relationship, emergency funds. But when really those are simply way to a much greater finish. And that’s where nosotros give the axe live amongst our hands wide opened maxim, God, whatever you lot want me to do with it, I tin do with it whenever you lot wishing. Wherever yous want me to movement, I tin go because we’ve been proficient stewards of those resources. And so I verbalize nigh debt every bit a hindrance to beingness able to live out God’s pattern for money as well as for themselves because we’re designed to live generous. We enjoy existence generous. With college students, inwards particular, it’s explaining to them that the college debt that yous’re taking on, those papers that you lot’re signing, that you lot mightiness not fully sympathise what you’re signing, in that location are going to withdraw concord important ramifications downward the road. I know it’s weird to call upwards around that, that signature on that paper, that money that you lot’re taking is going to prevent you from purchasing a dwelling theatre when yous wishing to. It’s been known to delay marriages, been known to delay having children. It’s going to live a mega divulge inwards your life. So earlier yous sign that newspaper, sympathise that yous are taking on a burden. The Bible calls it a burden. And the Bible also says that 50-50 though it’s a burden, y'all’re going to hold to pay it back. So it’s not that you lot’re going to live able to acquire out of it. It’s a burden that’s going to be on yous until yous to pay it off inwards add-on to it’s going to hold important ramifications on your life, it’s going to hinder your dreams that you receive got right forthwith.
Bob Lotich: I call up the affair for me when I was inwards college, I took on a decent amount of educatee loans. I recollect I had in all probability $45,000 total. And every bit a college educatee, I had no opinion. I experience similar when yous’re going into college, you’re just thinking, I’m going to acquire a expert labor every bit before long equally I acquire out together with I’m going to pay things off in a pair of years too it’s no large deal as good as whatever.
Art Rainer: And most students recollect the same way. It’s not similar they are going inwards at that topographic point thinking “I only wanna have got on a bunch of debt” That’s non what they are thinking. They are unaware of the long-term ramifications for that signature as well as taking on that money.
Bob Lotich: I think to a greater extent straight off than you lot know, when yous as well as I were going into college, the promise of having a fantastic project afterward getting your college even. I call back, apparently, depending on what bailiwick you lot’re inwards, it’s just a rattling different affair. And I didn’t acquire a expert labor after college. I mean, I really, was sort of stuck inwards a dead terminate chore as good as was having a hard time getting out. I recollect in that location’s merely a lot of people finding that same affair as well I would but loathe to be somebody going to schoolhouse, spending $100,000 on college right straightaway, just thinking they’re going to walk out, acquire a bang-upwards task, together with everything’s going to pick out tending of itself, yous know, really rapidly.
Art Rainer: More oft than non, it doesn’t but select help of itself. I hope that everybody gets a not bad chore out of college. I hope that happens for them. The reality is that most are non going to receive got that experience. That’s non most people’s experience. Even when nosotros went to college, my start chore out of college was non glamorous by any stretch of the imagination as well as did non pay much at all. Which was typical. That’s the typical route most people, most people pick out.
Instant gratification leads to delayed financial wellness
Bob Lotich: So side by side on the list is this thought that instant gratification leads to delayed financial health. And no incertitude we live inward an minute gratification fellowship. I think we all know that. I scream out dorsum hearing Jeff Bezos verbalize well-nigh this inwards add-on to pretty much the commutation to their success has been “how do we give people exactly what they want, everything they dismiss imagine, every bit fast as they peradventure wishing it.” And he’s similar, people are e'er going to want it faster, quicker, besides clearly that’s working every bit their business organisation model. So anyway, tell me how this applies to teaching our kids almost money.
Art Rainer: Well, I tin strength out go dorsum to the illustration of my kids, saving for the Xbox. Ironically, my kids wish the starting quaternary dimension generation Xbox. I don’t know why they wish that i, but that’s what they’re going for. So yeah, it’s cheaper, which is cracking. But teaching them that it takes 4th dimension to preserve upwardly, to earn something. That news earn, that at that spot has to live tegument inward the game, that inwards that location’s 4th dimension betwixt want as good fulfillment.
I tin’t say that every fourth dimension that we’ve done this, that they’ve followed through as well as that they take away concur attained their goal. I had a reading programme for my oldest male child. I said, if you read thence many books, if you lot do this, thence I testament select yous to a college football game. But you lot hold to do these things acquire-movement. So he started out stiff doing it, but eventually, he stopped doing it. So also thus, of course of didactics of study, he didn’t finish upwards going to the game, which was a natural outcome for non following through. And hence it’s only finding those goals that they at to the lowest degree initially desire likewise providing them a path to attaining that particular goal. And inward making for certain yous follow through amongst it as a parent. Encouraging them inwards that management together with thus of class of study if they really acquire at that topographic dot, create sure plenty that yous create proficient on your intelligence. But uncovering those ways to assist them piece of work hard towards something that they ultimately desire.
Bob Lotich: Yeah, I hateful I call back we all know this, but per centum of this equation likewise is that nosotros live it out ourselves, you lot know, because they’re watching inwards improver to they’re paying a lot closer attending hence at to the lowest degree I had whatsoever view. Like things they power get, they are already picking upward on. It’s similar they know what’s going on in add-on to Linda together with I aspect for opportunities to just sort of let them inwards. We don’t permit them inwards on all the dirty details of our finances. But anytime we acquire a risk to say, hi, we are saving upwardly for this too we are waiting for this inwards summation to we’re non going to purchase this until we receive got saved upwards this much money or whatever it is, just to introduce them that we’re doing this likewise. And that this is run of beingness an adult. This is exercise of, yous know, handling money the right way.
Art Rainer: I tin’t understate the importance of only talking around money inward general with your kids. And every bit you lot said, together with with everything that’s going on inward your life. We verbalize nigh our giving. We give online so our kids aren’t able to visit us give in the plastic buckets that you lot pose money inward at church edifice. So we create sure as shooting that we’re intentional well-nigh talking nigh it, that we give to our local church source. We give to another nonprofits that we’re passionate nearly. So yeah, it’s simply a normal conversation for our menage.
God is the provider of everything
Bob Lotich: That’s proficient. All correct. This is a betoken I want to verbalize nearly it a picayune flake to a greater extent. Just the thought that God is the possessor in addition to provider of everything. And this is definitely ane that a lot of people don’t empathize. H5N1 lot of adults don’t understand this. And I retrieve if you empathise this concept from a young historic period, I think but maxim inward that location’s so much ability inwards it. So I’d beloved to remove psyche your thoughts on this as good.
Art Rainer: First, only live careful with telling your kids that God is the possessor of everything because it tin come upwardly back in addition to haunt you lot. I tin give the axe’t tell y'all how many times I’ve said, howdy, no, that’s dad’s telephone, don’t touch it. Then they’ll say “no, dad, it isn’t your phone, it’s God’s phone! Because we’ve reiterated that everything’s Gods in addition to hence he owns it. He owns it all. And hence our kids latched on to that together with they’ll come upwardly upward dorsum inwards summation to say, no, no, no, you lot sack’t claim it’s yours. Yes, y'all’re correct, it’s from God but just give me my phone!
It’s amazing that nosotros serve a God that, the parable of the talents is the perfect instance of this, when you visit the main handing over talents, money, to these servants. And, if you notice inward the parable, those talents, it never switches ownership. It never says the retainer’s talents. It e'er says the main’s talents. Even when it’s inward their hands, it’s notwithstanding the primary’s talents. Of course of educational activity, when he returns, they mitt dorsum what is rightfully his.
One of the pieces I call back that we oftentimes immature adult woman alongside that story is that it really really provides, it demonstrates the why for our money. God gives us these resources and what does he celebrate? When the master returned, he celebrates those that receive got essentially expanded his kingdom with his resources. So that main had greater earnings or owned more than than when he returned than when he had left. And that’s what was celebrated. And thence it but underscores the importance that God gives us these resources to bask. 1 Timothy half dozen:17-19, He absolutely gives us everything hence that we tin terminate bask it, but also thus that we give the sack advance His kingdom besides that’s ultimately what He’s going to diverseness of celebrate. And thence it’s all His, inward plus to we hold an incredible award to live able to hold it together with utilization it to impact our community, behaviour on our urban heart in addition to impact the ground for His sake.
Bob Lotich: I recollect I but experience like on a practical flooring, the sooner you strength out grasp that, the improve. My married adult adult female was raised inwards the church together with I wasn’t. So she from a immature historic menstruation gave 10% of her income to her church building inwards improver to but always did that. So it was never a challenge. It was never 50-l a step of faith inward most cases for her to give 10% because it was but ever what she had done. And me, on the other manus, similar going from giving zero of my money, on a regular reason to this view of 10% was similar, that’s huge. That’s a lot of money. You know what I intend? I’m non at all stuck on the 10% because once to a greater extent than than, it’s all God’s money. But I do recall that the indicate is that if we are giving consistently, from a immature age, I experience similar it is a whole lot easier to transition to adulthood too it’s less of an sudden kind of a matter that nosotros demand to locomote through.
Art Rainer: It is. But y'all’ve also striking on the caution at that spot. I think we should absolutely acquire generosity with our kids, as good that it is the priority for our finances. At the same time, we every bit adults have to live careful that it but becomes this habitual thing that nosotros do that we don’t 50-l retrieve virtually because that’s non what the Bible teaches either. The Bible teaches sacrificial giving. And ofttimes I hear people say, I’ve tithed all my life. And I know they really haven’t been, I sympathise what they’re maxim, but oft it’s a elementary box checked, that they’ve done their proficient deed by giving 10%. And that’s non what the Bible commands us to do at all. That is supposed to live an deed of sacrifice. It’s diversity of uncomfortable to say that but we reckon that throughout scripture. So we receive got to be careful too hold to cheque our ain hearts as well as where we are alongside our generosity and whether or non this is just a box checked. Or is it a sacrifice that we’re intentionally making.
So instruct kids to be generous, to concord their money loosely, hands broad opened, laid up to give whenever God prompts. At the same time, even we as adults, we don’t wishing to acquire into the pattern of only checking boxes because that’s non what God wants either.
Bob Lotich: Yeah, absolutely. And I sense similar, every bit we rest obedient to him. Yeah. I think, crusade this 10% affair is interesting because you lot are right. I meet hence many people who that is but where they take hold rested their laurels. I sense similar that’s a score post service along the journey of giving where, if we’re simply really next him in addition to seeking afterward him together with obeying what he’s telling us to do, I have got a hunch that most of us are going to be giving beyond that indicate together with he’s going to stretch us together with only locomote along to stretch us. And that’s what he’s done inward our lives. And I just view that pattern over too over over over again.
Art Rainer: And when we appear at the examples that God gives us, those that he points out for us every bit illustrations on how to give. I remember that the widow’s mite or the widow’s gift, at that spot was a room total of people dumping large amounts of money into the temple treasury. But it was the widow who gave ii coins that you lot pointed out as good as said, no, she gave more than than anybody else. And why did he signal out her is because the Bible says that she gave all that she had. In God’s economical arrangement, amount sacrificed ever supersedes amount given. And hence it is nearly the sacrifice, non necessarily the box that’s checked. Plus the whole tithing affair, I empathise where it comes from. But when you lot aspect at the Old Testament together with you appear to the Israelites as good as how much they actually gave, it tin create all the way upwardly to 33% inwards whatsoever given twelvemonth because at that position were multiple times a xx-iv hours that they would give. And thence it’s non most the 10%. In fact, it’s oft much to a greater extent than that. God is looking for the sacrifice inwards add-on to we’re really maxim it’s all yours anyway. And you give notice convey whatever you wishing.
Bob Lotich: That’s practiced blood brother. All right. Yeah, allow’s cast of whorl this thing upwards. So you’re working on a kids bulk?
Art Rainer: Yeah, absolutely. I’m no longer working on them. They testament hitting July 15th. It is a completely unlike type of writing. It’s a lot of fun. In fact, I had my, my eight-yr-former read each of the books inward addition to the outset book, I let him read each chapter together with subsequently on the beginning off chapter he said actually Dad, this is boring. So I completely scrapped it as good as made sure enough that it was a fun read. They’re learning well-nigh Biblical financial principles but inwards a real entertaining way. It’s called The Secret Slide Money Club as well at that spot are three books that will hitting inward July.
Bob Lotich: Cool. All right, thus people give the sack motion to artrainer.com too equally we acquire closer to that engagement, belike preorder there or something similar that?
Art Rainer: Absolutely. Yeah. They’re really already available for pre-monastic monastic say on Amazon or lifeway.com or Christianbook.com thus they’re ready for preorder at i time.
Bob Lotich: Awesome. Great. All right, good motion banking companionship check it out inward plus to that’s all for today. I appreciate yous taking the fourth dimension, Art. Thanks, brother.
Art Rainer: Hey, thank you for having me. It’s a lot of fun.
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