PREPARATION FOR THE REAL WORLD

Do you wonder how to prepare your child for the real world? Adulthood. It’s something that I think about a lot. The delicate balance of ensuring your child has a childhood, but raising them to understand the realities of adult life.
Where do you draw the line? Where do you say, this is no longer age-appropriate?

My son has just turned 7, I’ve always been very cautious about talking about money around him. I’ve never wanted him to worry about things that he doesn’t need to worry about. Although, in the last 6 months, I’ve been talking about it more. In the positive sense, but mainly so he is aware that nothing is free. I started by introducing pocket money. £5.00 a week, contingent on attitude, hard work and always having a smile on his face. I also attached a further stipulation – he can’t spend it weekly. He has to save up for at least 2 months before he can spend.

Whilst introducing pocket money, I’ve also introduced him to cryptocurrencies. Advising him that he should put his pocket money into a cryptocurrency and wait until his 18th birthday. We had a fun evening of trading cryptocurrencies – he was really enthusiastic and seeing the value of the asset increase, I think opened his eyes up to the possibilities. Of course, he equates the increase with the having more LEGO or a new x Box game, but I do hope that with growth and progression, he’ll start understanding the important things in life. Like, owning your own home, being able to travel, being able to help those in need.

I’ve found it is a delicate balance, because he says things like “does this mean I can be rich.” I’ve never wanted to teach him that being rich is simply money. But how do you ensure they have enough drive to make something of themselves and make enough money to live a comfortable life, as well understanding money doesn’t equate happiness?
I never considered (prior to being a parent) the importance of raising a compassionate, yet driven individual. Can the two go hand-in-hand? Encouraging a sense of innovation and creativity whilst ensuring a child understands that we live in a world where financial freedom is important.

I don’t think I’ve cracked the code just yet, it’s still a work in progress but I am definitely optimistic.

Do you have any ideas or advice on preparing a child for the realities of adulthood? Do you take the approach that children should be children? Do you think it’s a lack of money-management education that has much of the world in debt? I’m interested to know your thoughts…

M x