What is one thing you wish you knew about money when you were a kid?
Sammie: As a child, I was taught virtually nothing about money. My family never talked about it. Back then, I suspected we didn’t have a lot, but there was no talk about it, so I didn’t know for sure. Honestly, any type of money lesson would have been great and would have helped me avoid a lot of the mistakes I made along the way.
What money skill do you want your kids to master before entering into adulthood?
Sammie: A detailed saving and spending plan is essential for effective money management, and this requires good budgeting skills. I want my son to master the art of budgeting. The goal is for him to understand the importance of conscious decision-making about the allocation of funds from his income towards savings and various types of expenses. This will help him understand exactly what he has and what he can afford.
How do you encourage your kid to have an abundance mindset?
Sammie: Teaching an abundance mindset is so important. It goes beyond saving and wise spending habits. The pinch-your-money attitude creates the fear that there is never enough money. As parents who are unlearning years of limiting beliefs, we are careful not to create beliefs that limit what our son feels he can strive for and attain. It all boils down to how we talk about money. For example, we try to avoid language like “we don’t have any money” or “we can’t afford it.” Instead, the conversation is focused on:
a.) What we value as a family – “this is not what we choose to spend our money on as a family because…” or
b.) Creating a plan/goal to achieve/obtain certain things – “This was not included in the budget for this month, but we can certainly come up with a plan to include this at a later time”. We also encourage giving and sharing. This sends the message that you have more than enough to take care of your needs as well as help with the needs of others.
As parents who are unlearning years of limiting beliefs, we are careful not to create beliefs that limit what our son feels he can strive for and attain.
Thank you so much Sammie for having this conversation with me!