One of the biggest themes in this body of work called #RaisingBlackMillionaires is the importance of talking about money, finances, wealth with your family on a regular basis, just as commonly as you talk about things like your favorite foods or family activities. For the wealthy, money talk is had at the dinner table. It’s just routine to converse about money matters as it relates to income, management, business, investing…etc. For them, it’s normal. And it didn’t become normal when they became wealthy. They became wealthy in large part, because money talk was normal. The question is: “How should one teach money to their children, especially if he/she himself is still learning about how to manage money the proper way?” Let’s deal with that. I have a couple of ways in mind for you.
Way #1: Change the radio from the Hip Hop or R&B station to talk radio.
One of the things the wealthy do is pack in as much education or resources for continued evolution as possible, each and every day. What this translates into is cutting down the amount of mindless entertainment and maximizing their intake of self-improvement/education materials. One of the most common and effective ways they do that is by turning their cars into mobile universities. While driving from one place to another, they are fueling their minds with information and resources that will in some way benefit their lives and that of their children. Your children, even if they’re not paying much attention, will pick-up on some of that material subconsciously, as you do so consciously. If you really want to maximize the use of the mobile university, engage them in conversation about what they’re hearing. Ask your children questions like “Did you understand what they said?” or “What do you think about that?” Don’t be surprised if you learn something from them versus the other way around. They come here far more intelligent than we are, these days.
“But Thiah, a lot of that talk radio is either boring or comes through the radio on poor frequencies.” Not a problem. Many of us have one of those cords that allow you to plug into your car radio on one end and your smart phone on the other end so that you may play something from your phone through your car speakers. Find something on YouTube (you can always stop by my channel Thiah Muhammad…I’m just sayin’) or play a podcast. Find someone whose style and tone & rhythm of voice you enjoy so that it can grab you and keep you interested. I’m big on the voice, because if the voice gels well with you, you will find yourself being soothed while learning (possibly improving your mood, if that’s an issue). While her coverage isn’t on financial literacy, it is on an area I’m learning about, which is becoming an author _that is none other than Nikki Woods of Nikki Woods Media and the Executive Producer of the Tom Joyner Morning Show. Check her out at NikkiWoodsMedia.com or her YouTube channel. But for financial tips, I really enjoy listening to Alfred Edmond, Jr., Money Matters on AURN (http://www.aurn.com/MoneyMatters/), GrownZone.com, & the Senior Vice President/Chief Content Officer of Black Enterprise. His delivery is clear, very non-complicated, and matter-of-fact. For someone like me who enjoys receiving information by someone who gets right to the point, his way works for me. We’ll talk more about Mr. Edmond in just a moment. But, trust that there are many good ones out there from which to choose.
Games are a nice, pressure-free way to learn and train your mind to think the way of an investor. Of course, they’re also a great way to spend family recreational time. One game that is really good is the CashFlow Quadrant game. That’s one that you AND your children will learn so much from just in learning the rules and how to play the game. But a far far more inexpensive and familiar game is the good-ole-faithful game of Monopoly. Let’s talk about an example of how to use Monopoly as a powerful teaching tool for your children.
A few years ago, Alfred Edmond, Jr. did an address about creating multi-generational wealth. I believe it was at Cornell University. Here’s the link to that video https://www.youtube.com/watch?v=uAAkw88s0Gg. I beg you to check it out, particularly if this concept is new to you. In that address he talked about how the only real wealth is multi-generational wealth, wealth that last more than just one lifetime. In making his point, he talked about how he began teaching certain money concepts to his children as early as pre-school. If you remember from a few articles back, we talked about how you can begin teaching your child financial literacy as soon as they are old enough to start asking you to buy them things. Back to Mr. Edmond… One day he decided to play Monopoly with his daughter and son who were in preschool and kindergarten. Being the banker, Mr. Edmond implemented new rules for this particular game. The rules were that his daughter would get $600 dollars every time she passed Go, but she couldn’t buy anything during the game. But his son didn’t get any money when he passed Go. He was only given the money that everyone starts out with, and he could buy whatever he could afford. The result was that every place the daughter landed, the son owned; and her money quickly dwindled, because it was going into rent for landing on her brother’s land.
There is so much richness in this story that I’m going to have to come back to it at another time. But for now, suffice it to say that if we engage in taking-in materials with our children that enrich our understanding about financial literacy and overall economics through audio, video, literature…etc. and playing games that reinforce the concepts that we take in, we’ll normalize the conversations about money and develop children who are not afraid but are very comfortable about all things money related, because they’ll understand it!
For a breakdown of some of the lessons that monopoly game taught Mr. Edmond’s children, come back to view Saturday’s post, and I’ll lay it out for you. Until then, share your thoughts below. If you know of great resources others can use, please share them. Until Saturday, in my Arsenio Hall voice, “Peace!”