Pocket Money is not enough!

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It is really not enough!

In my last blog, I wrote about the importance that children have to learn how they can recognize opportunities. The European and international stats are talking a very clear language.

If they learn how to save money they have with this only one aspect covered. Children need to get a feeling about what they never want to experience. I like to tell you about the way I chose with my son when he was 6 years old.

The emotional impact

One morning I told my son to prepare for a short trip. Of course, he was curious and asked me where we go but I told him just to prepare. After driving a while we reached a place in the city, he never was yet.

It was this kind of places people only go when they don't have another choice. Shabby houses, a dirty street and those eerie silhouettes vanishing round corners and disappearing again somewhere. I parked the car in front of a restaurant. The broken neon light over the entrance seemed to tell from better times.

Entering a pungent smell of old oil covered us. I could feel that my son didn't feel comfortable. While we were waiting for the ordered food, I was observing my son. He seemed to be completely lost and he asked me: "what happened to this place?".

I looked very long into his eyes and then I told him that this can happen to everyone who is not able to manage his money properly. My words had the desired impact and we ate quietly our meal. It was very oily cooked and had almost no taste.

After paying the bill, we left the restaurant still quiet and in deep thoughts. I could see his brain was in high alert and a million thoughts seemed to run through it.

The option

My son was visibly relieved by being back in our car and his voice came slowly back. While I drove to the next place he asked me a lot of questions about poverty and actions leading to such an uncomfortable situation.

The next place was the absolute opposite. A hotel with a five-star kitchen. A coffee alone was more expensive than the whole meal from the experience before.

We were sitting in elegant armchairs with a wonderful view over the Rhine. All people were so wonderful dressed. Two waiters were there only for us. My son could no longer resist expressing his amazement and he said: "here I like to stay the rest of my life".

I told him that this kind of lifestyle is absolutely possible and that it needs the ability to see the opportunities to make good business. I told him also that it needs a good money management for a lasting cash flow.

Although he was not yet ready to understand all that I told him about money, but I could see that his interest was woken.


The insight

Since this notable day, I could observe that my son started to deal completely different with his pocket money. He spent from time to time to enjoy, he gave sometimes some francs to people in need and he saved money.

There I started my next challenge for him. I told him that I will double every saved amount he brings to his personal account at the bank. So it came that I had to give him sometimes up to 300.-- additional to his 300.-- he brought to the bank. I guess I must not tell you that his account is in a very well condition today.

I like to encourage you to teach your children all about money. If you are struggling yourself then get a mentor who teaches you and then you can give it forward to your children. And if it is their wish you see them buying their own car when they are allowed to drive a car. I wish to you and your children all the best and a solid knowledge about money.

Love, Martin

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Recent Comments

72

You gave a great lesson to your son.

Hi Alma
Thank you for dropping by :-)
He really learned from that...

Love, Martin

Martin, That was a fabulous introduction to the real world you gave your son. I only wish I had done the same or something very similar for my children...Great story.
P.S. Would you mind if I copied it to show some people?

Hi Tom
where my story can help show it... :-) Keep my name beneath the text and tell them if they need some more information or even help they can drop by here: www.tapabundance.com This is my online platform I hopefully will launch in December of this year...

Cheers, Martin

Thank you Martin. I would for sure make sure you get the credit for it, it's really a wonderful piece.

Thank you Tom,
and may it give a hint to other people... :-)

An excellent article. If only every child had a parent like you Martin, the world would be a much better place than it is right now.
Thank you.
Valerie

Hello Valerie
thank you for your kind words... maybe the children would find more easy to abundance... to change the world it needs to teach all 5 years old how to meditate and we would have after 2 generations world peace :-)
Thank you for reading my post

Love, Martin

Hi, Martin.

Sounds like you are teaching your kid some valuable lessons when it comes to money. Thanks for sharing!

~ Adam

Hi Adam,
I give what life taught me :-)

Cheers, Martin

Hi Martin,
It's a beautiful and inspirational post. I have a 12 years old daughter who seems to be having a problem with handling her pocket money, spending it all and asking for more. I was trying to explain to her the important of learning how to spend her money wisely to avoid money issue in the future.

Maybe I should do what you did, let her see the two different life that she can choose so she can learn to make a better decision about her money spending.

Thanks for sharing.
cheers,
Maria

Hi Maria
I guess this could open her eyes :-) and I am sure you will find a way to support her to find the right way...

Love, Martin

Aahhh, you bought her some wheels? Niiiice1
Is it a Benz like mine??

NOPE!
this picture only gives the emotional support. And I have a son :-)
But anyway if... then according to the last lines:

"And if it is their wish you see them buying their own car when they are allowed to drive a car".

If you taught your children well they are able to buy their own car without the parents help :-)

Love, Martin

Very true.. very true.
I struggled my way to get my own car. and it was not easy, but, thank God above. , I will have a newer ML350 real soon

Hehehehe... enjoy it to the fullest... to be grateful is the way to attract more things you can be grateful for :-)

Love, Martin

WOW ! Thank you, Martin, for this very educational information.

Hi Bernadine,
thank you for taking your time to read it :-) If you are interested here the link to the first part of this blog: Have a grat day
Martin

I appreciate Martin.

Very good article! Teaching children how to handle money is as important as the work for money ethic. I spent too much time with my firstborn trying to teach that work = money, but not what money was all about...the why and how of management.

Hi Kari,
thank you very much for taking the time :-) I am sure you still can give insights to your child, doesn't matter how grown up children are, if there is a good input they are thankful to get advice...

Love, Martin

Lol! My child has grown up in spite of me and exceeded my expectations! She is a successful writer and mother of seven. She survived being the experimental (1st) child ;-)
keep writing the good stuff, Martin. We appreciate it.

lol...Wonderful to hear... I am sure you are proud of her and she is surely thankful that she had you... to hear this made my day...

Love, Martin

great life lesson!

Thank you Hana,
If you are interested in such topics then you maybe will also like my first part of this blog :-) Cheers, Martin

Great blog. Very insiteful.

Thank you Ron,
nice to hear from you, especially because I was a few weeks absent :-)

Have a great day
Martin

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