The word investment brings visions of dollar signs and stock charts at first thought. But when I really think about it, there is so much more to the meaning of this word. I am proud to have partnered with My Job Chart to bring you this eye-opening post.
Stop Overlooking Your Biggest Investment
It's not your house, your car or a yacht. It's your kids! Seems like a big “Duh!” should be inserted here, but I seriously never really thought of my kids in this sense…
Certified Financial Planner, Gregg Murset, Founder and CEO of My Job Chart shared an article with me that I found really interesting. Referring to our children as our biggest investment and planning for ROI, (Return On Investment) puts a whole new perspective on how to spend money on your kids.
If you are like most Americans you don’t have a plan for the investment of your kids because it’s not a one-off transaction. Instead the cost is stretched over a 17-year period, and THAT’S THE PROBLEM. It’s money slipping slowly through our fingers over time. Buying a new pair of pants or another trip to get a haircut – it all slowly adds up.
Most parents, myself included, think that when it comes to the kids money is no object. Whatever they need, I'll just make it happen. But it's this outlook that can cause financial ruin. Personally, I think parents overlook how valuable time is to kids. Spending time with them doesn't have to cost a thing and is priceless to kids. But with seemingly impossible schedules, it's easier to spend money on kids instead of time. As a result, there are a lot of confused kids (and parents) out there that need a good lesson on the value of money.
I love the points Murset makes in his article:
1. Make your kids aware
2. Make a conscious effort to share on big ticket financial items
3. Help them enjoy work and money
4. Don’t cultivate entitlement, tie work to reward (MY FAVE)
5. Consistency counts
I think the most important thing we all need to realize is that kids are smart. Letting them in on real life issues only prepares them for their future and ensures their own success. We may think we are protecting them from stress, but now that I've exposed my kids to our finances they are team players; and that makes them feel important, useful and responsible. They are not stressed. They are empowered.
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