Rich Kids

What does it mean to be “rich”?

If you ask Dictionary.com…

Rich – adjective
• Having wealth or great possessions; abundantly supplied with resources, means, or funds; wealthy: a rich man; a rich nation.
• Abounding in desirable elements or qualities: a man rich in kindness.

When my children were little they used to ask me if we were rich. I’d answer “Yes, because we have each other.” My babies are now teenagers and have bigger questions for me which has led me to think about how to raise my kids to truly be “rich”.

Last week I was doing some research on charitable organizations and I came across Stand Up To Cancer. Part of their mission states that their “goal is to bring together the best and the brightest” and to “encourage collaboration instead of competition” for cancer research. Like all charitable organizations, they need to fund raise to be able to reach their goals. It’s only when they have their financial needs met can the organization do their job effectively without any worries.

I had an “a-ha” moment. This is same for us as individuals. We can only reach our goals and have our dreams come true if we have our own financial life in order. This is what I want for my children, to learn how to confidently manage their finances so they will not have to worry about money. It does not mean that you need to have piles and piles of money or be a billionaire. Instead, it is about being in control of what you have financially. Only then will you be able to focus on your goals and dreams.

As you begin the fall season and new school schedules, make the commitment to teach your kids and teens to be “rich”…give them money confidence. By giving them the life skill of personal financial responsibility, you will give them the freedom to be “rich” in other areas of their life.