Financial literacy for children is highly important.

Before we go there however, let’s talk about my experience; being in business for myself for the last 20 years, and helping other business owners before that, I have learned that everybody has their own unique relationship with money. I have a theory that this relationship begins to form based on your parent’s relationship with money. Following this, what your experiences are around money when you are young and develops from there – for better or worse.

Because of the nature of what I do, being in about 200 sets of books for all types of business each month, I truly have a bird’s eye view of these unique relationship. I see what works well, and I also see what NOT to do. It is this powerful knowledge that I want to bestow on my children on how to handle money as they get older.

Bad Habits

I have learned of certain bad habits – people who are literally afraid of money and use that as an excuse to be ignorant, or who stick their heads in the sand when it comes to money. They use that as an excuse to be ignorant, and become their own worst enemy. I do not want this to happen to my children.

Talking to Children About Money

I often talk to my children about income, working for a paycheck, incurring and paying bills, and recently debt. I do this in terms that I feel they can understand. Because I talk to my kids about this stuff, they tend to ask all kinds of questions. Whenever we are out shopping or whenever the topic might come up at home, questions come up. I know that some “experts” might disagree with speaking with my kids so openly about money. I strongly feel that if I don’t, that will lend to my children’s fear of money, a topic considered taboo in the home is generally a topic that has fear around it.

In my research to write this article, I came across this blog which I feel encapsulates the same sentiments I have regarding financial literacy in children.

 

– The Spark Team

How to Find Your First Job as a Bookkeeper or Accountant 

Embarking on a career in bookkeeping or accounting, especially with a niche focus like restaurant accounting, is a journey filled with learning and growth. After honing your skills and maybe even deciding to specialize, the next pivotal step is landing your first job...

The Accountant’s Guide to Finding Your Niche Client Industry 

In a world brimming with competition, standing out is not just an option; it's a necessity. For accountants and financial consultants venturing into the realms of restaurants, caterers, cafes, and all small businesses, carving out a niche is akin to discovering a...

Top 5 Mistakes Most Bookkeepers/Accountants Make (And How to Turn Them Into Wins!)

In the journey of any professional, mistakes are inevitable. They are, in fact, valuable stepping stones to mastery and success. For bookkeepers and accountants, understanding and learning from these mistakes can transform your career. Let’s explore the top five...

3 Common Mistakes Made When Implementing Profit First

Having spent a significant part of my career in the restaurant industry before moving into bookkeeping and consulting, I've witnessed firsthand the transformative impact of the Profit First methodology on businesses. However, as with any system, success lies in its...

Understanding Parkinson’s Law and Its Application in Business: A Profit First Perspective

Understanding Parkinson's Law and Its Application in Business: A Profit First Perspective In the realm of business management and personal productivity, Parkinson's Law emerges as a pivotal concept that can significantly impact how we approach tasks and manage our...

How Do I Know if Profit First is for Me?

How Do I Know if Profit First is for Me? You're staring at a sea of spreadsheets, your coffee has gone cold, and you're wondering where all the money went this month. If this sounds like you, then it's time to ask yourself: "Is Profit First for me?" I've been down...

Transforming Tables & Tidbits: How ‘Profit First’ is Stirring Up the Restaurant Scene

In the ever-evolving restaurant landscape, especially in a post-pandemic world, maintaining financial health is no longer just a strategy, it's a survival skill. But fret not, because a revolution is brewing in the restaurant industry, painting a fresher, more...

How to Navigate Your Balance Sheet and P&L [VIDEO TUTORIAL]

Not everyone is a numbers person. I get it. And thank god for that – that’s why we have work! But, when you’re running your own business, you have to know your numbers. It is so important to have some idea behind the story YOUR numbers tell you about your business and...

3 Tips to Get Ready for the Holidays

3 Tips to Get Ready for the Holidays​ Looking for some useful tips to get ready for the holidays? Look no more! I've compiled a list to help you stay centered and organized with an action plan to take care of your holiday essentials. 1. Get everything off your plate...

Second Quarter Estimated Taxes! – Due 6/15

It's time for Second Quarter Estimated Taxes I know, no one wants to think about taxes – now or ever. I get it. We don’t like them either. But here is something we do. By not sticking your head in the sand and actually being proactive about your taxes will you will...
Financial Literacy