Category Archive: MoneyBags Moment
Comments Off on Got Gifts?
It is official, today is Black Friday, which triggers people buying presents for the holidays. Of course, your kids will likely receive some of these gifts.
Over the years I have been asked how to keep kids grounded when they receive gifts, whether it is the traditional holidays, random gifts, or extravagant purchases. The givers are usually family members like grandparents, aunts/uncles, or sometimes an estranged parent may purchase gifts to offset lost quality time.
Gift giving is a very nice gesture, but unless you help your kids understand the big picture, they may begin to feel entitled or unappreciative. To help prevent this, make it a MoneyBags Moment, let your kids know that lots of events happened before that gift came to them. First, let them know that the gift is really a token of love and appreciation from the giver. The giver decided that your child was so special that they spent their hard-earned money and time on them. Explain to your kids that the giver worked to earn the money that purchased their present. Next, the giver took time to think about and locate the gift. Moreover, if it is wrapped and/or shipped this took additional time and cost.
By taking steps to educate your children about what is really behind the gift, it will help them appreciate it and the giver more. The goal is to teach them the importance of earning the money and choosing how to spend it. To drive this message home, I believe having your kids write formal Thank You cards is the answer.
This “old fashion” gesture, not only teaches your kids good manners, but it teaches them basic skills that they aren’t being taught in school. This is your opportunity to teach them how to write a Thank You note and address an envelope. As highlighted in Brian Tracy’s book “No Excuses” the act of writing actually “forces you to think and concentrate.”
Furthermore, in this day of technology and instant gratification, to receive a formal Thank You card in the mail makes this kind gesture stand out. Your kids will begin to realize that the gifts they are receiving are not typical and good manners dictate a formal acknowledgment.
So, teach your kids this valuable habit and have them sit down and formally thank the giver.
Here is to filling your MoneyBags!
Comments Off on Don’t Waste Your Money!
A MoneyBags Moment!
Do you ever have just a magical moment? When they occur it is so awesome it is like you are dreaming. Well, that just happened to me.
It happened when I was out with my boyfriend, celebrating my 20 year anniversary of being an advisor. We went to my favorite local hole in the wall burger joint, Blue Door. It is here were we ran into our new friend Jayla.
The burger joint is tinny and the waiting room for a table is back by the bathrooms. It was there where John saw Jayla write on the black board wall “Don’t waste your money.” As we talked with here we found out it was her golden birthday (she just turned 8)!
Needless to say, I was so move, exited, and impressed that I felt the only appropriate thing to do was to give her a book. I can tell by her wisdom that her mom was taking time to teach her valuable money lessons.
Here is to filling your MoneyBags!
Comments Off on We Made Our Goal! Speaking of Goals…
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Thank you all! Thanks to you, MoneyBags reached its goal of 200 Facebook Likes by midnight on December 31, 2014! This shows the power of goal setting. With that in mind, the following statistics from Personalplan.com1, quoting a Harvard Business study, sheds light on the power of goals.
- 83% of the population does not have goals
- 14% have a plan in mind, but are unwritten goals
- 3% have goals written down
The study found that the 14% who have goals are 10 times more successful than those without goals. The 3% with written goals are 3 times more successful than the 14% with unwritten goal.
When thinking about goals, Dr. Edwin Locke’s theory of SMART goal setting is quite valuable and can help you create your goals. Under his theory, your goals should be Specific, Measurable, Attainable, Relevant, and Time sensitive.
So, in 2015, here is your MoneyBags Mission: Welcome 2015 by thinking about what financial goals you would like to accomplish and write them down SMART-ly. Then, talk to your kids about setting up and writing down their SMART goal for 2015! Don’t forget to check in on your goals periodically throughout the year to see where you are in accomplishing them.
Here is to filling your MoneyBags!!!