Any situation and any occasion is a great time to introduce new ideas and discussion about money with your child. Keep it appropriate based on their age. Last week my husband was playing Monopoly with the boys. They got discussing the mortgaging option on Monopoly. The benefit: money in your pocket now; and the disadvantages: the reduced cashflow if someone lands on their property.
Robert talks about the different windows of learning:
- Windows of Learning #1: Birth to age 12 - Quantum Learning: This window of learning is when the brain is whole and neural pathways are being connected. After age 12, in order to learn something new, a new neural pathway needs to be built from scratch. It really is harder to teach an old dog new tricks; this is why it is important to learn new words and concept in this first window so that the pathway is in place to expand on those concept in the next window of learning.
- Window of Learning #2: Age 12 to 24 - Rebellious Learning: This is a stage at which to encourage exploration. So encourage your child to find the answers to the question that arise. Provide the tools to investigate the consequence of actions and be open to discussing the process with them. In this rebellious stage, telling a child not to do something is likely to trigger the opposite response. Rather than say "Don't..." do something, ask: "What do you think the consequences might be if you did that?" Encourage your child to make their own decisions, if they fail or falter do not rush in to rescue them. We learn from experiencing the real-life consequences of our actions and decisions and working through them.
- Window of Learning #3: Age 24 to 36 - Professional Learning: Your relationship with your adult child at this point as evolved. If you have spent time on their financial education in the earlier stages of their life, this is when you will see them put that foundation knowledge into practice. This is the stage where you watch your child select their own path of life.