Every Monday I share 3 ideas to help you and your family on the money-smart journey. I created "The Money Mammals" for kids and wrote The Art of Allowance book for parents like you. Won't you join me on the money-smart journey?
Are you raising a careful consumer?
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β In this issue: Encouraging kids to be mindful of purchases, reframing money mistakes as learning opportunities and following your intuition to craft your "art" of allowance. "Working to help parents raise money-smart kids." ββ3 Ideas to Share & Saveβ Hello, friends, It's Monday ... again! Does August ever feel a bit like the classic movie Groundhog Day to you? Once September arrives, time lurches towards the holidays. August, though, tends to "stick." Perhaps this week's ideas can help us all gain some traction. So let's get right to them! β 1 β An Important Tip: My wife and I recently visited El Coyote, one of our favorite dining haunts. When the check arrived, I promptly plopped down my card. As our waitress whisked it away, my wife leaned in to ask, "How much were the fajitas?" I smiled sadly and admitted, "I forgot to look." π³ This was doubly embarrassing because our Adolescent$ program's "Good Money Habits" series features a video about being mindful of purchases. And it was triple-y (Or is it triply?) so because I'd made a note to write you about teaching our kids to check all charges. For example, GameStop (Yes, that GameStop.) is being sued for sneaking in shipping and handling fees after luring in consumers with "FREE Shipping" promotions. And food delivery is a popular but problematic habit that demands attentiveness. The first (and last) time our daughter tried DoorDash, she ended up paying $52 for McDonald's pancakes. (We helped her recover some of the money.) DoorDash was even encouraging "pre"-tipping:
Orders with no tip might take longer to get delivered β are you sure you want to continue?
Dashers can pick and choose which orders they want to do. Orders that take longer to be accepted by Dashers tend to result in slower delivery.
So I have to tip in advance just to get service, let alone good service? No thank you! And doesn't "pre"-tipping run counter to the purpose of tipping β to reward someone for service rendered? We want to raise careful consumers who are media-literate (like we discussed last week), savvy to marketing tricks like "pre"-tipping and alert to charges made in error or, worse, in an effort to deceive. Back to El Coyote. When the check arrived at the table for me to sign, you bet I looked at every cost on that receipt. Luckily, it was all spot-on. And I left a nice tip for excellent service. π β 2 β Problems as Opportunities: Psychotherapist Bruce Tift says he doesn't have any problems in his marriage now because he no longer defines emotional disturbances as "problems." Reframing, such as Tift's, is a powerful tool. We're constantly talking about reframing our kids' small money mistakes as opportunities to learn when the stakes are low. (Versus, for example, having no clue or conversations about money and ending up with the "Envelope Surprise" β hundreds of thousands of dollars of debt. π΅βπ«) And because we swim in a sea of conspicuous consumption, what we're doing is pulling our kids out of the water to breathe the fresh air of controlled consumption. Here's how two of my podcast guests reframed money as a tool: βKevin Kelly on Money as Gasoline βChelsea Brennan on the Goal of an Allowance
I'd love to hear from you about how you've reframed a "problem" you encountered on your family's money-smart journey. β 3 β Weekly Wisdom: "Intuition is the steering wheel through life."
βGerd Gigerenzer, Gut Feelingsβ
I sometimes share ideas that might sound like rules. But I want our watchword to be flexibility. A story from my book, The Art of Allowance, illustrates a mom's following her intuition and maneuvering just outside the framework to craft her "art" of allowance: One mom recalled a time when her daughter was agonizing over a purchase decision. She knew her daughter had only enough money to purchase one of the two items, yet her daughter didn't try to whine her into submission. Mom sympathized with her daughter's thoughtful consideration and appreciated her money-smart attitude. Mom felt compelled, in this one instance, to purchase the second item for her daughter. She felt this one-time reward wouldn't impede her daughter's progress toward money empowerment. Mom's action was such a rarity that the look on her daughter's face was priceless. Seeing that kind of appreciation is a wonderful thing to behold.
As always, enjoy the journey! John, P.S. Please consult with a financial or investment professional before making any decisions that might affect your financial well-being.
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3 Ideas to Share & Save
Every Monday I share 3 ideas to help you and your family on the money-smart journey. I created "The Money Mammals" for kids and wrote The Art of Allowance book for parents like you. Won't you join me on the money-smart journey?
In this issue: Engaging kids with money-smart messages, empowering parents with robust resources and making a contribution to society. "Working to help parents raise money-smart kids." 3 Ideas to Share & Save(Click the link above π to read this week's edition on the web.) Hello, friends, I'd like to begin this installment of "3 Ideas to Share & Save" with a big thank you! π Our readership has doubled over the past several months due to your sharing these ideas and fellow writers' referring...
In this issue: Filling your money-smart rucksack, becoming a one percenter and considering perspectives on time. "Working to help parents raise money-smart kids." 3 Ideas to Share & Save(Click the link above π to read this week's edition on the web.) Hello, friends! I've returned from dropping off my daughter at school, which means my wife and I are back to being empty nesters. But it also means I'm back to sharing this newsletter with you. So let's dive into this new installment! β 1 β Fill...
In this issue: Making financial literacy fun, avoiding distraction brokers and finding a rainbow. "Working to help parents raise money-smart kids." 3 Ideas to Share & Save(Click the link above π to read this week's edition on the web.) Hello, friends! With so many kids simmering in schools before September, Labor Day no longer feels like the ceremonial end of summer. So this edition will wrap up the season in a neat, tidy (rain)bow. And since I'm helping my daughter start up her sophomore...