Top Money Moves for Kids

Introduction

Welcome to another episode of blacker buy. I'm your girl Tanisha Nicole.

And I'm Shana Dixon.

And today we're going to be talking about money moves you should be thinking about through the decades. Yeah. So I also want to talk about this. And the first thing I thought about, it's all the things I'm trying to teach my kids right now, I realized that when I was growing up, I don't think well, our mom was a little different. So when I came, like little bit, preteens, she was trying to talk to me about it. But I don't think that I've ever considered really all the things I need to be teaching my kids as they get older, and just, you know, creating the habits that will lead them to be successful.

Summer Break- Setting Expectations

So one of the things I was thinking about, I was actually talking to someone the other day, is, I don't believe in summer vacation, girl, no kids need to be in school, 12 months out of the year thing that I've struggled with this is I think it sets a poor expectation about life, and that you somehow believe that you are entitled to two to three months of chill time. And when you do that in college, I mean, what do they do that in life? What do they do with that effort? Some professions are actually like that really like teachers. So with teachers, they make either they can choose two options for payment. So a lot of them try to work in summer school to keep their ends up. Yeah. Then they have well, they're gonna make less throughout the year, they want to get paid month to month. But most teachers, if you look at statistics, do something else during the summer. Yeah, I would agree with that. Any other professions? Because that's all. It's gonna grow. But this is not anything. I actually think people should strive to only work part of the year, I think we shouldn't be working year round. That's not either. But that's not what you have to do to get there. Right.

So what do you mean?

I mean, that unless you're born with a silver spoon, you just can't assume that during the summers, I can do that, that I can I can rest I agree with you, then should be striving for that. But striving for that takes work. Like you have to build into your life, the ability to make more during certain period of time.

However, however I do, I mean, yes, I agree with all that. But I don't want to make it seem like it's this, you have to work so hard to do it. I mean, I think in actuality, and especially like what this episode is going to touch on, if you just set yourself up? Well, from the beginning, it's not hard, but I think the hard part of setting yourself up successfully is understanding that you are not entitled to this free time.

I disagree.

So wait, so in your life, let's keep it real in your life. How many summers? Have you been able to do that?

Which is why I want to retire by 30? I mean, like, which is why I'm actually I've burned out at least two or three times in my career already before the age of 30. Yeah. So I'm not ever going to perpetuate the thought that we should be working all the time. I just think kids don't have anything better to do anyway. So like in your early years, I really think that's for building being okay. But when I say early years, I'm talking through your 20s. So I agree, I think we're saying the same thing. But I think it's different. You saying you need to work? Well, what I'm saying is for children, so going back to where I was at, for children, you have to set the expectation that there is some level of input that you need to put in, in order to get to the space where you are capable of relaxing. And I think that that I think by by starting young by going to kindergarten and going we get summer break for three months, and doing that for 1213 years. You said the bad expectation.

But real talk. I think it's only innocent of kids that are taking the break. If I'm being honest, when I think about what my friends in private school were doing in the summers, yeah, they were getting their skills up.

I was gonna say so we did a baby a lot of like in like sports, or music. Yeah, we're doing Listen, one of my colleagues, her daughter's like, six or seven. She has her daughter basically she's on track to be an algebra and like fourth grade. Wow. Because she just gets this extra tutoring, you know, beyond the school day and in the summer, like they're setting their kids up to be elite.

So going back to that so do you think that this idea of summer school is only for the less affluent Third nonfluent

Yeah, I mean, I think I'm trying to understand what you're saying, you know, I don't like general.

But you just said to me that anybody that you knew, in private school, didn't take some money, but in my private school experience, but I'm also talking about as a grown adult, people, I know what their kids now there's what they do with their kids. So what are you saying in general?

Let me just say, let me just say, I think education is a year round affair, whether you do that in school or out of school is your prerogative, but I also don't believe that school is the only vehicle for education that these parents take on, I was gonna say, but you have to acknowledge that all those things now. I mean, art has been defunded, right, in schools, like sports, in public schools are basically non existent unless you go to some huge school. Yeah, like, like, the reality is, whether you want to say it or not, is that the people who make a certain amount of money can afford to do all the things disagree? So So that's not what I'm saying? I'm gonna let me please don't these are not relying on their level, let me spell it out live way this, let me spell it out all the way. So in lower income families, both parents have to work. Right. So who is going to even if they can't afford it's not always a cost thing? There are tons of free programming available. Okay. I've worked with several over so you think that it just lack of knowledge that that all these parents don't want their kids? I don't want to say lack of knowledge. I just want to say this is not what this is not what families are prioritizing. If it's not a priority, you're not going to do it.

Okay, I could see that being part of the population, but they're not prioritizing this.

Yeah. I mean, amongst the many obligations that you have, this is just one of them right now, that falls low on the totem pole. But I think that, and I don't want to even generally say the wealthy, but I feel like there's a different mindset about the role and value of children in different types of households.

What do you mean? Like these people are grooming

their children to be very successful? Like from the beginning, we just trying to, like, have our kids survive, to be alive day to day? Like, I think their priorities are defined differently, because of that perspective. So

Money Mindset- Priorities

Go into that a little bit more. Like, what would you say the difference in priority is, and so going back to making sure that we're on track, these are the things that you want your kids to be prepared for that will help them financially, right. So yeah, talk about that mindset.

So I mean, I think that the wealthy see their kids as part of their status symbol, you know, like, many people marry and have children to move up in their careers, because it's a requirement for them to be invited to the golf course to be able to talk about your kids and your family. Yeah, what they're doing.

You're gonna say, like bragging on your kids. I remember, I was like a camp counselor, and private school. And I worked with four year olds, I was intimidated by this four year old, like, like this kid,

how old were you?

I was like, 17 bucks. 24 year old, this kid spoke two languages, and was telling you about geology. He played the piano.

I was like, I mean, I think it's part of it's partially a status symbol. But it's also a social thing activity. Like, that's how, you know, you're the parents of these children. When they're interacting at the piano recital. They're making business deals, like, you know, this is, I think they're used as tools in you know, different, I'm gonna just say wealthier communities, where they're more of a burden, I think, go. Like, you know, so I think the perspective is different, but I feel like we've gotten far off track No, I had intended to talk about because to me, it's the mindset that changes the trajectory of what your children can do and what they're capable of and how far they can go. And I'm not just I'm not saying like, just from a monetary, monetary perspective, but also like experience like, like being able to indulge in different things and really find what they're passionate about. When you restrict your children. They don't have the ability, or the the wherewithal to understand who they are holistic because they haven't had all a bunch of experiences, right? So I do think that it's important to talk about and maybe it'll make some it's made me think about what I've done with my kids and why and what I value versus when I don't value. So I think it's important kind of mind being to work out as to what you're doing. We can show it in why you're doing why, yeah, the why behind it. Yeah, yeah, I would agree with that. I mean, do you want to go into some of the tactics now or?

So with children? I do think it's, it's a greater conversation. So yes. And I said, you know, you don't take off summer breaks, but it's really not about the break. It's about setting the mindset of, you know, scheduling, organizing your time, you know, what's an acceptable use of your time? And really, I guess, investing in the things that you value? And so if they're breaking for the summer, what are they doing tablets, watching TV, maybe playing outside? Like, it takes away what we're talking about, about cultural experiences? Learning, you know, getting good at a sport crafting, you know, something? Yeah. Yeah, well, even like, just the fact that they're not as smart as they were in school, because they haven't used the same muscles. Yeah, yeah. So I think that's important. That's why I wanted to say on kids, though, there was one more thing that I thought was really important about your children. Probably a couple more things. But it was really about just, I guess it kind of said it with organizing your time, that creating a schedule, like like making sure that they understand life, like I think that we have to stop thinking about kids, as being so different from adults. That really all the things that will make you successful as an adult, you start drilling those things in as children.

Living and Working in your Purpose

Oh, heartily agree with that. I think the one thing that I would caution, I mean, I understand like you wanting them to get in a routine and understanding things. But schools were set up to create, like factory workers, right. And I just want to make sure we're not perpetuating that. Like, yeah, you wake up and you're busy from eight to five, because that's what you know, people do. Like, I think we should be promoting at young ages, how people should be creatively like now that I'm an entrepreneur, I still kind of work nine to five, you know, but I don't want to and that's not why I did this. But it's so ingrained to me, because I've always done that. And so I don't know, I think we have to be more creative about how we push people to deliver more value? Well, I say no, think that we talk about that. So a couple of things that we talked about in some of our children material is like living and working in your purpose, right. So that, you know, I think that's important, showing them that it's not about going to someone's job, but it's about finding what you love, and creating a life from that, or being able to support your life. Yeah, in that, I think that's an important thing to do. So like, I spend a lot of time with my kids. Like, for Christmas, for example. I know that one of my kids, they love fashion, like they are like, Hey, let me even with her, her clothes, how she gets dressed in the morning, she'll like tie it up differently or pull it to the side. And I get her things that encourage that with my other daughter. She's really into and we hate it this she's really into like science and figuring out how things work. And so like, one time, she no one was paying attention. And she took a bunch of chocolate mix. And she was like mix it in two different things to see what it did. And then chocolate all over it. So I get her like low chemistry set, where she can make different things and do anything but so it's about encouraging their passions and giving them the space to kind of do that like with, with my daughter who's in the fashion, I let her go like if she wants as long as it's not inappropriate, and she wants to wear it clothes with a different like, Go head girl work. You know, that's one of the things that that I think I mean, to them giving money, I tried to create ample opportunity for them to gain money from different things. And whether it be earning it or gifting it or, or different things. And then I talked to them about what they do with their money. So even if they decide to do something that I decide to do I give them that opportunity. And I really talk to them about what that mean. So my daughters have very different spinning personalities. So one of them is like, I'll give them both $5 and I'll say so what are you going to do with your money? I was like, you can save it, you can give it you can spend it and we talked about this in an episode. And one of my daughter's like, I'm going to save one quarter and I'm going to spend 475 And when I did I was like I'm gonna quit $3 and save and $2 and or $1.50 cent and give it a spin 50 cents. And I talked him about what that means and I even show them so we were at we are somewhere where my daughter who saves more. I was like you saved $10 You can buy this big thing here. My daughter who didn't say it was like dang, I'm got no money. I mean, they're just things that I realized that you really have to start young and and understand that they're sponges that they are watching now that they are soaking it up. And so you have to be very intentional about some of the things that you teach.

Money Lessons from Mom

So before we go, I just want to ask one quick question like What is one money lesson you learn from mom? Or like, when you were a kid? Is there anything so she had me like bouncing checkbooks? Not that we use checkbooks anymore, but I am very detailed in the way that I organize my spending. And I always have been not following the budget. But like, what Where did like understanding where did it go? You know what, what's going on with it? Like mom was like, You got to know this, like, write it down. And she was teaching me that I remember like, 1213 I was writing now what we were explaining. And I still do that today.

What about you?

So I just think fully remember when I got my first bank account. It was just such an exciting experience. Yeah. And then every time we went to the bank after that, and like, I would get a candy and like, you know, they would give me all this stuff. Because I was a cute little kid.

What's your bank account?

Yeah, my bank account and I could put money in it. Not that I've ever really been a safer, but I love to go to the bank. Yeah, like I got a bank appointment today.

So no one else goes, right. Like, why are you going to the bank? I'm like, cuz I need to go to the bank and talk to my banker. Like, What are y'all?

So yeah, that's something that I still didn't know. I was actually looking at that. Like, the kids can't open a big counter that Well, I'm excited about the time where I can take it to the bank to What's the age now? It's like 12. Okay, I was definitely younger than that. Yeah, it was different. Yeah. Okay. Okay. Interesting. Yeah.

They have things that you can do. It's not the same. It's not the same thing. But yeah, so let us know what y'all have been.

What Lessons did you Learn as a Kid?

You know what something you remember as a kid or money lesson or anything money experience that you had when you were young would love, love, love to hear that. And any lessons you think it's important for us to be passing on to the babies. So until next time, folks, I'm your girl. Tanisha Nicole, and I'm Tashaunda Dixon and we are black. Our fly