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From granting us luxurious trips around the world, to simply putting some healthy and delicious food on the table, money has a huge impact on everybody’s life.  However, not all of us were raised in households that had a healthy relationship with money.   Actually, 7/10 parents say that the reason why they don’t speak with their kids about money is because they don’t feel confident with their money skills, themselves.  This insecurity is so common, that you’re not alone!  Quite the opposite, you’re part of the majority.  But, it doesn’t mean that you can’t teach your little ones to become money masters themselves! You simply need to open your noggin and get yourself learning right alongside them.

Whether you have struggled with money decisions in the past or are simply looking to expand your knowledge, Walter the Vault is here to give you tips for becoming a money master right alongside your little one!

Do Some Research

First things first- we’ve got to get your financial education started. You can explore books, online courses, YouTube channels, podcasts- the possibilities are endless! Pick your method of information gathering, and you’re sure to find some great information.  You don’t have to know everything before you start talking to your future money master. Just do your research as you go and you’ll be great!  Often, the more sources you can learn from – the better.  This way, you’ll start to find strategies that you like, and you’d like to try – and you’ll be able to sort out what works.

Find Some Kid-Friendly Learning Resources

Kid-friendly learning resources are an excellent option for helping your little one get started on their money master journey. Who knows? You might even find yourself learning a thing or two, as well! If you’re looking for a financial literacy resource for your little one, this one is a great option to learn with Walter the Vault!  You can join these interactive, online classes with other students around the world.  Joining in these discussions, you may find that you know a lot more than you give yourself credit for.  Also, when things are taught at a child’s level, it’s a great way to learn the basics and fill in the missing gaps.  If you find anything to be especially interesting, you can spend time learning more about this specific topic.

Set Goals

We’ve all got a different idea about what money mastery looks like. Taking a moment to write down your goals for your family’s financial journey will help guide both you and your child’s learning!  

Find Mentors (Virtually)

Often people say, “the 10 people you spend the most of your time with are who you become”.  But no one ever said you had to spend time with those people “in real life”.  You can spend that time learning from their books, their videos, their podcasts, etc.  Often times, we can set goals to be like people similar to us – but achieving the things we want to achieve.  If we find people who are good role models for what we want to become, we can set goals to be more like them.  In the financial world, especially, there are many great leaders and role models we can learn from!  There is so much information online, in no time, you can be by their side (virtually) getting their great advice on how to become a money master.

Keep an Open Mind

A great way to build financial literacy is to allow yourself to learn from the resources you are given. So, pay attention during your child’s courses, see what you can learn from that money mastery game, or ask the people around you for advice.  It’s easy to give up when you don’t understand things or you make a mistake.  However, this is the #1 reason why most people fail at investing.  They give up too quickly!!  One way to avoid this is by not overdoing it.  Only invest a little at a time, and as you get comfortable, you can make changes to your budget and investing strategies.  Take baby steps while changing your routine, and sooner than you know it, you’ll have a great handle on your finances.  

Financial literacy is not something we are born with. We’re all learning as we go. So keep an open mind and make it fun! You and your little one will be money masters in no time!