Raising Money-wise Kids


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Raising Money-wise Kids

  1. 1. Budget, Blank Check, Bootstraps: Raising Money-wise Kids Kendra VanderMeulen
  2. 2. The power of our story • We all bring our story to the question of money • You will pass on values about money by the way you live • Jesus talks about money more than any other single topic lifestyle taxes – Critical spiritual battleground – We have no choice but to engage the battle in our own lives for the sake of our kids and the Kingdom • Money is a great revealer of sin in our lives – Having money is not a sin but it can show us where our idols are2
  3. 3. My story • What did I bring to the question of money as a result of my story? – Fear of dependence – Security and approval are my idols – Habits that reflect values • Meticulous budgets and record keeping • Hard work – driven by approval + a little brains = corporate success and more money • Debt is bad – leads to dependence • Nice things are proof I am good • Tepid generosity – Something I am “supposed to do” – No sense of trust in God + no idea of how much is enough = no freedom in giving3
  4. 4. My story shifts • Journey of “generosity” • Money is a worldview issue, what do I really believe?4
  5. 5. Money as a worldview issueWorld’s View Biblical ViewI earned it, it’s mine Everything belongs to GodI must provide for self and family Provision vs. Protection – We are to provide, but He is the ultimate source and protectorAbundance is a sign of success, is to my credit He alone gives us the ability to prosper – the purpose of wealth is to meet needsMore is better Bigger barns are foolishLife is short, go for the gusto Life is short, lay up treasures in heavenGive obediently, sparingly, cautiously, with and Sow generously, cheerfully, abundantly, ready toeye to my needs and my future give on every occasionFinancial decisions are just business, maximize Every financial decision is a spiritual decisiongain and controlWorldly wisdom – proud, cynical, selfish Mind of Christ – humble, gentle, generousGreed and Fear Gratitude and Freedom5
  6. 6. My story shifts • Journey of “generosity” • Money is a worldview issue, what do I really believe? • Why can’t I live what I believe? – Learning to trust6
  7. 7. Yikes, what is going on with the kids and money?! • Eastside culture • We have so much, how do I draw lines? • What do I really need to teach them?7
  8. 8. Principles (not rules) • Money is a finite resource to be used carefully • Giving is a responsibility and a joy • Delayed gratification • Basic competency in dealing with money – Planning, tracking, saving • Bias against debt8
  9. 9. What we did • Ages 11 and 12 • Set up checking accounts, debit cards, an allowance system, and a set of ground rules and let them learn9
  10. 10. The basic contract Item We would do They would do Allowance $250/month Budget, give, save and spend Basic needs Housing, food, medical, Clothing beyond the uniforms transportation, 2 pairs of shoes/yr, and school uniforms Gifts On there own for friends and family Entertainment Family vacations, family Everything else, books, music, outings outings with friends, etc. Other Sports fees, music lessons, Anything else they wanted to necessary equipment do or have10
  11. 11. Enhancements to the contract • Cellphones – we used prepaid phones with a small allowance per month • Cars – We provide one car to share, insurance, repairs, and a tank of gas per month – They provide the rest – Bess started doing things to earn money • College – We provide tuition board and room – They provide the rest (books, spending money, dues, etc.) – The both learned to buy used books – They both got jobs 11
  12. 12. Lessons • Good to give them significant responsibility over things that matter – Keep a safety net • Let them fail, do not rescue them – Remember you have a safety net • Maintain oversight – Online banking is a wonderful tool • Find creative ways to accomplish the things you care about if they don’t • Be patient and encouraging – Avoid nagging, and let the circumstances be the teacher12
  13. 13. Back to my story • How much is enough? • So you think you are giving the big bucks, but is that really all you can give? • Do you trust Me? • What about your legacy?13
  14. 14. Learning to give proactively • Setting goals • Funding them wisely • Prayerfully seeking areas of passion and calling • Family meetings14
  15. 15. Estate and legacy • How much is enough for the kids? Why and for what? – Not so much that.. – But enough that… • What is to be done with the rest? • Have we prepared the kids to handle it?15
  16. 16. Discussion • What are the critical questions our family has been avoiding about money and values, and what are we going to do about it? • What other ideas would you like to share with your group?16