The Training Room
Turning current events into teachable Moments in Finance
Before I start I want to wish a special Happy Mother’s Day to the love of my life, my wife, Kummbareh Owens. She is amazing. I want to wish a Happy Mother’s Day to my Mom, my Grandmother, my Mother in Law, and my sister in laws. Hope this day is fantastic!
I remember my mother being a very artsy person that loved animals. She developed a floral arrangement business where she created custom floral designs for customers to put in their home or businesses. She still does this by the way. She also was a hair stylist for years. She never grew these businesses outside of herself. She wasn’t able to enjoy the free income I like to talk about. Although she was an ambitious wonderful women. I don’t remember her being financially confident in growing her money.
Finance is a topic that has always been seen as masculine. It was always thought that women do the cooking and men handle the money. I call BS on that line of thinking. Women are just as capable to learn information on finance as men are. They just have to be willing to learn. Finance can be an intimidating topic with all of the numbers and percentages, but it doesn’t have to be if the concepts were introduced at a young age.
I have done a lot of research over the last year and in more publications than one women are identified as lacking financial literacy. With women being the backbone of our households, financial literacy becomes that much more important, because it affects more than just one person in the house. The things that your mother teaches you about money are things that stick with you for a long time.
If your mom taught you that money doesn't grow on trees, then she is subconsciously telling you that you have to work for earned income, trading your time for money. My wife remembers her mother telling her that if you work hard you should play hard. Thus, giving her the ok to spend everything she made during a summer internship.
Our mothers mean so much to us because they shape our view of the world. Including the world of finance. You only teach what you have experienced or have been taught. I am suggesting that we can raise our beautiful little girls to be financially literate young ladies, and financially educated and savvy mothers.
Below I am going to offer 3 tips to help transform your little ladies into financially confident woman.
Turn off the TV.
Televison conditions everyone that consumes it but it has a large impact on young girls. Every show and every movie have women that look a certain way, dress a certain way, and act a certain way. The more they watch it the more it affects the way they believe they should be. Who they should be, how they should look, feel, and dress. Things that should want and what they should strive to be. All of that has a strong impact on what young ladies priorities should be, which affects her finances.
Talk About Money
Money is this hush hush topic in a lot of households around the country. Talk about how much things cost. What problem it solves and who the product targets. It is important because without that discussion children will be more gravitated by marketing of products when they see ads or commercials. Make money a common topic in the house by just describing why you decide to spend money on certain things you have and how you came to that decision. What did you consider and what your opportunity cost is. If some of the things I am speaking about seems foreign, then you should look it up. By not talking about money and spending decisions with our young ladies we are not sharing an opportunity for them to learn.
Learn How Money Can Work For You
One of the reasons that people spend the way they do is because they don't know anything else to do with their money, so it burns a hole in their pocket. They look to put it to some use and get something tangible. That makes it an easy decision. People earn money and put it to use by purchasing something they want. Most individuals don’t ask if that is the best use of their money. The peer pressure most young ladies in school have, makes whatever is trendy a good purchase because they get an immediate return when someone says “girl, you look good!” We all know that lots of ladies love that reaction and would do almost anything for it. Just look at all the sexy facebook posts and instagram models. If our young ladies and girls knew how money can work for them and how to build money machines, maybe we can provide decisions for them to make.
We have to get our girls interested in finance at a young age, so they can develop into financially confident young women, and financially strong mothers that teach their children the right habits at an early age. Happy Mother’s Day to all the Moms. Keep positively impacting our youth.
Financial Literacy & Education. (2013, June). WOMEN AND FINANCIAL LITERACY: OECD/INFE EVIDENCE, SURVEY AND POLICY RESPONSES. Retrieved from http://www.oecd.org/daf/fin/financial-education/TrustFund2013_OECD_INFE_Women_and_Fin_Lit.pdf