I grew up in the ‘80s, when everyone was all about more: more hair, more money, more cars, more flashy stuff. Gen-Xers were raised to believe that we had to have it all figured out when we graduated high school, that we should go to college if we wanted to make any kind of money, and the “free spirits” who decided to go into the arts would always be poor.
You were praised if you went to work sick. People bragged about how many hours they worked, and if they weren’t stressed, they weren’t working hard enough.
I don’t believe any of that, and I’m determined to teach my kids that you can make as much money as you want, but that happiness is the true measure of success. Here are six things I wish my parents had taught me about money that I’m teaching my kids:
1. Reward yourself
My parents were always reminding me to save, save, save. It got to the point where I always felt guilty about spending money. I do agree we should teach our kids to save money for emergencies, and when they start driving, they should always have money saved in case something unexpected happens.
However, I also know I work a lot harder and stay motivated when I treat myself to something, and I want my kids to have that feeling too. It doesn’t matter if it’s Starbucks or a new pair of shoes, I think rewarding yourself — something that’s just for you — after working hard, getting a promotion, or tackling a big project you were dreading is cause for a celebration. It makes you appreciate your job and money a lot more.
When you are intentional about treating yourself when you reach certain goals it makes you more aware that you can purchase that thing or go to that event because you worked hard for it. It can become contagious.
2. You don’t have to trade time for money
I was brought up to believe you had to have a job working 40-plus hours a week and work all day. That wasn’t the case then and it certainly isn’t the case now with the internet available. Passive income is an excellent way to make a living. Our kids can have their own YouTube Channel, design their merchandise and sell it, write a book and self-publish it on Amazon, and learn how to invest their money in Bitcoin, stocks, and real estate.
3. You are allowed to change careers
Just because they have learned a skill or decided they want to become a chef doesn’t mean that’s what they have to do for the rest of their life. People change. We move, we separate from our partners, we stop enjoying things that used to bring us joy. We don’t have to stick with the same career our entire lives.
4. Multiple streams of income are where it's at
I want my kids to know that they don’t have to put all of their eggs in one basket. Some of the happiest people I know have multiple streams of income. I know someone who is a home inspector, but he also has some rental units that bring in money. My spin instructor is also an esthetician. I am a writer. but I also make money as an influencer. You don’t have to stick with one thing and pour all your energy into it.
Multiple streams of income can be similar to insurance, because if something happens to one of them, you have another one to fall back on.
5. You have to do what you love if you want to be happy
I’m not sure how many times I’ve said this to my kids, but it’s a lot. This is the most important thing I want them to know, because your career can deeply affect your life.
When I quit a job I hated as a recruiter and told my dad I wanted to start my own business that helped people get their homes ready to put on the market through decorating and organizing their space, he thought it was a horrible idea. His reaction scared me enough to take another job I hated just to have a regular paycheck. Who knows what could have happened had I followed my heart. Maybe I wouldn’t have made as much money, but I would have been a lot happier.
6. Make sure you take time off
There is no reward for who burns out the fastest. Taking all the personal, sick, and vacation time you can is essential. If you aren’t feeling well, stay the hell home. If you are getting irritated and forgetting everything at work, take some time off.
Times are changing, and there are so many opportunities for our kids to follow their hearts when it comes to a career path. The importance of teaching them the value of a dollar will always be important, and we can do that by teaching them to value themselves, their time, and their mental health.
