WSVN — Teaching your kids to be grateful for what they have can be a challenge. 7’s Lynn Martinez gets some expert advice that adds up to a very valuable lesson in today’s Parent to Parent.
It’s non-stop action in the Goldberg household.
Efrem Goldberg: “We are blessed with seven children, six girls and a boy.”
And like most kids, they want the latest and greatest gadgets, clothes and toys.
Jolie Goldberg: “They’re seeing a lot of extravagance out there and to me it’s not really a good way to raise kids to allow them to have access to everything.”
But a lot of parents have a hard time saying no.
Richard Ehrlich: “Although we want to give our kids everything, the more we give kids, the less they appreciate it.”
Richard Ehrlich is the president of Secure Wealth Planning Group. He’s the father of three children and a financial consultant. He says kids are constantly being tempted with ads promoting the latest and greatest.
Richard Ehrlich: “The average American child sees about 16,000 commercials every single year.”
So, he says it’s a parent’s job to teach them to be smart with money resulting in more grateful kids.
Richard Ehrlich: “I have five money lessons for raising thankful kids.”
First he says start a discussion.
Richard Ehrlich: “You can have everybody go around the table and talk about someone or something that they’re grateful for.”
Getting kids thinking about what’s important in their lives, other than what they want, is key. Next he says make an allowance.
Richard Ehrlich: “At an early age we can teach kids how to do chores and get an allowance.”
Having kids set the table or clean up around the house teaches them the value of hard work and what it takes to earn money.
Richard Ehrlich: “Our bigger kids babysit and they use the income they have from babysitting.”
Then he says teach them to save half of their earnings. Another important lesson is learning the joy of giving.
Richard Ehrlich: “Handmade gifts can be fun to give and fun to receive.”
And last but not least, let your kids make mistakes.
Richard Ehrlich: “If you let a child go out and have an impulse buy, you’ll show them money is not an unlimited resource and it could run out.”
The Goldberg’s say they’re teaching their kids the difference between necessity and luxury.
Richard Ehrlich: “The luxury, that might mean the really expensive shoes, the gadget, the item that they really didn’t need that has to be earned.”
Lynn Martinez: Fun fact, Richard says people who are grateful tend to be more financially successful.
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