Episode 025 - Thinking OTB for the Next Generation (Part III)

We’re continuing our series on teaching kids financial literacy this week on Thinking OTB, and for this segment we’re tackling something that may seem easy but can be very difficult. We’re talking about listening to your kids. Sounds easy, right?
 
The truth is that the relationship between parent and child is mostly a one-way street. For the first part of their life, we make all the decisions for them because they just aren’t capable of doing so for themselves. This is the “Because I said so” stage of their development. That’s not to say that we, as parents, aren’t trying to teach them good decision making. It’s just that most of those decisions are based on basic survival in the world we live in. Teaching good financial literacy, or how to properly use cost/benefit decision making is something that we would like to focus on with our kids, but usually gets cast to the side in the grand scheme of things.
 
The earlier you start and the more consistent you are with teaching your kids about money and good investments, the more they will internalize these lessons and use them to make decisions without thinking about it. That’s the goal we’re working for, right? If you are teaching your kids these lessons, you need to let them apply it when they’re ready, and that means listening.
 
Not only Listen, but also Follow Up and Follow Through
 
Give your kids space to make their own decisions and the freedom that they need to come to you with those decisions. Your job is not to rubber stamp every decision that they might make, but to ask those questions to see how well they’ve thought it through. At a point in our kids life, we stop being the ultimate judge of their actions and start to become a mentor, and as a mentor it’s our job to help them work through the details of their decisions without making those decisions ourselves.
 
Finally, the hardest part is letting them follow through on those decisions and help them through the consequences of their actions. This doesn’t mean to nag them, but to help them gain a perspective on the outcome so they can learn from every decision. If it’s a bad outcome, how can they do better next time? If it’s a good outcome, what did they learn from the win? No matter if a decision has a good or bad outcome, there is always something to be learned, and we as parents can help our children have the perspective to always be growing as a person.
 
Want updates on future episodes and interviews? Text OTB to 602-560-7027 and connect with us!
 
You can find us on all the major Podcast apps: Apple Podcasts, Google, Spotify, Stitcher, and more! Subscribe to be notified when new episodes are live and leave us a review and 5-star rating to help the show grow!

We’re continuing our series on teaching kids financial literacy this week on Thinking OTB, and for this segment we’re tackling something that may seem easy but can be very difficult. We’re talking about listening to your kids. Sounds easy, right?

The truth is that the relationship between parent and child is mostly a one-way street. For the first part of their life, we make all the decisions for them because they just aren’t capable of doing so for themselves. This is the “Because I said so” stage of their development. That’s not to say that we, as parents, aren’t trying to teach them good decision making. It’s just that most of those decisions are based on basic survival in the world we live in. Teaching good financial literacy, or how to properly use cost/benefit decision making is something that we would like to focus on with our kids, but usually gets cast to the side in the grand scheme of things.

The earlier you start and the more consistent you are with teaching your kids about money and good investments, the more they will internalize these lessons and use them to make decisions without thinking about it. That’s the goal we’re working for, right? If you are teaching your kids these lessons, you need to let them apply it when they’re ready, and that means listening.

Not only Listen, but also Follow Up and Follow Through

Give your kids space to make their own decisions and the freedom that they need to come to you with those decisions. Your job is not to rubber stamp every decision that they might make, but to ask those questions to see how well they’ve thought it through. At a point in our kids life, we stop being the ultimate judge of their actions and start to become a mentor, and as a mentor it’s our job to help them work through the details of their decisions without making those decisions ourselves.

Finally, the hardest part is letting them follow through on those decisions and help them through the consequences of their actions. This doesn’t mean to nag them, but to help them gain a perspective on the outcome so they can learn from every decision. If it’s a bad outcome, how can they do better next time? If it’s a good outcome, what did they learn from the win? No matter if a decision has a good or bad outcome, there is always something to be learned, and we as parents can help our children have the perspective to always be growing as a person.

Want updates on future episodes and interviews? Text OTB to 602-560-7027 and connect with us!

You can find us on all the major Podcast apps: Apple Podcasts, Google, Spotify, Stitcher, and more! Subscribe to be notified when new episodes are live and leave us a review and 5-star rating to help the show grow!