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1st Request – “Please Raise Me with Healthy Money Values!”
Baby’s 1st Request – “Please Raise Me with
Healthy Money Values!”
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Author Contact: dsafkow@fiparent.com
MEMO
To: My Expectant Parents
From: Your baby-to-be
I’ve been floating around in this amniotic
fluid for almost nine months and it’s given me a lot of time
to think about what I’d like you to teach me when I get out
of here.
You’re probably worrying about what kind
of parents you’ll be. You might be concerned or a little anxious.
I’ve been listening to you talk and money seems to be a really
important aspect of life. So, I’ve designed a fool-proof system
for you to help me develop a really healthy relationship with money.
I want to understand the ins and outs of money and values. I want
to feel empowered so that I can control my life rather than letting
money control me.
For the first couple of years after I get out
of here, just concentrate on the basics: feed me, love me, and play
with me. In other words, make sure I really feel secure. This degree
of security will match my degree of security later in life and play
a role in how I deal with important issues like food, sex, and money.
When I’m a toddler, I will start getting
curious about everything and will ask a bunch of questions, including
some about money. Please answer as honestly as you can. I will enjoy
different sounds like bells ringing or the way change jingles when
it hits the bottom of a piggy bank. Get me a piggy bank so I can
enjoy the sound while you start teaching me the benefits of saving
money.
As I grow older, I want you to teach me how to
spend responsibly. I will probably want to spend every penny in
the bank, but I want you to help me learn how to postpone gratification
and not buy everything I want when I want it. I want you to be consistent
with what you teach me because if you set boundaries and limits
while I’m growing up, I’ll be able to someday set them
for myself. I also want you to teach me how to give and I want to
understand the benefits of giving. I don’t necessarily need
to know all of this by the first day of kindergarten, but I want
to be on the fast track.
When I’m old enough, I want you to give
me an allowance. Teach me how to divide the allowance into money
to spend, money to save, and money to give to charity. As the money
I save grows, I want you to teach me what to do with it. I want
to know about the S&P 500 by the time I’m 15. Seriously.
Also, convince me to split my savings into categories: car, stock
market, growth fund, etc. Before I graduate from high school, I
want you to teach me how to set up a checking account, pay bills,
write checks, and reconcile my account every month.
I want to be prepared for when I go to college.
I will need to know how to budget and deal with credit cards. Also,
I want you to encourage me to get good grades and participate in
extra-curricular activities because these, along with regular family
chores, are the building blocks that will help me develop a strong
work ethic.
And then you can elbow me with a wink and tell
me how proud you are of how I turned out. And I’ll wink back
and tell you how glad I am that you took my advice. What’s
in this amniotic fluid, anyway?
Here’s to Birth!
Love,
Your Child
Eileen Gallo, Ph.D., and Jon Gallo, J.D., are
experts on children, families and money, and the authors of The
Financially Intelligent Parent: 8 Steps to Raising Successful, Generous,
Responsible Children (New American Library/Penguin Group), and the
web site http://www.FIParent.com,
which includes the printable Family Chore Chart, Allowance Tracker,
Financially Intelligent Parent’s forum, and other parenting
tips and tools.
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