A Charles Schwab survey in 2019 revealed that when it comes to feeling personally wealthy, 72% of people say it isn’t about a dollar amount, it’s about the way you live your life.
Start here.
Let’s get real. Social media is edging its way into your kid’s life, and it will try hard to convince them that happiness is somewhere beyond them. Now’s a great time to start casually defining what a rich life might look like. What kinds of experiences are important to your nine-year-old? What would they like their life to look like in 10, even 15 years? Setting tangible goals makes it easier to prioritize when it comes to money. Forgoing something now feels less painful, if you know it’s for the sake of something you’ll care more about later. Goal setting in general leads to more consistent levels of success.
It’s a good time to start thinking about value. Ask your nine-year-old about what they value right now. Their family, their pets, their friends, the environment, their Xbox… How many items on that list cost money?
Get this.
The great takeaway for your nine-year-old is that money doesn’t always equal value. Choosing a job you love over one that pays more, for example, connects value to values. And the tradeoff of lower salary for work you care about, or a healthier life balance, may not feel like a tradeoff at all. Money is a tool, not an end point. Words to live by.
