A Charles Schwab survey in 2019 revealed that when it comes to feeling personally wealthy, 72% of people say it isn’t about a dollar amount, it’s about the way you live your life.
Let’s get real. Social media is edging its way into your kid’s life, and it will try hard to convince them that happiness is somewhere beyond them. Now’s a great time to start casually defining what a rich life might look like. What kinds of experiences are important to your nine-year-old? What would they like their life to look like in 10, even 15 years? Setting tangible goals makes it easier to prioritize when it comes to money. Forgoing something now feels less painful, if you know it’s for the sake of something you’ll care more about later. Goal setting in general leads to more consistent levels of success.
It’s a good time to start thinking about value. Ask your nine-year-old about what they value most in their life right now. Do your best not to judge the answers. We hear a lot of “bacon”, so…
As they circle round their answers — family, pets, friends, trips, home, the environment, their Xbox, bacon — chat about how many of the items on their list actually cost money.
The great takeaway for your nine-year-old is that money doesn’t always equal value. Choosing a job you love over one that pays more, for example, might connect value with your values. And the tradeoff of a lower salary for work you care about, or a healthier life balance, may not feel like a tradeoff at all. Money is a tool, not an end point, and if you can instil this in your nine-year-old, those are powerful words to live by.