Crosbie, Stills and Nash pretty much nailed this one with this nostalgic yet time tested advice for all of us parents.
It has been said that the best way to teach our children about the value of money ... is not to have any money. They learn to appreciate it real quick.
As I was taking a few minutes to understand what this meant I remembered my friend who had purchased the newest PlayStation unit for his kids (nothing against Sony). I then remembered that this was the third PlayStation unit that he has purchased, along with GameCube, XBox and Nintendo, SuperNintendo and Nintendo 64. Of course the cost of purchasing all of these (soon to be obsolete units) are puny when compared to the hundreds spent on the games to go with them. In total it is safe to say that thousands had been spent in an attempt to keep the kids entertained and up-to-date. So much for Monopoly.
Though the earlier example is a little extreme it is safe to say that video games, televisions, computers, running shoes, clothes, food or whatever ... it seems that our 'must be current, throw away society' of today has completely disengaged itself from the value of money (forget about cleaning up this environment). As we recklessly fill up yet another landfill sight - that we don't want in our backyard - I often wonder if we ever consider the amount of money that has been wasted needlessly ... on yet more useless, but current, stuff? Do they, or we, really need it? If so, at what cost?
I am sure that most of you reading this are frugal with your money and are constantly looking for ways to stretch your dollar a little further. But do you strive to send this message out to your children? "Money doesn't grow on trees" (it really doesn't!)
Recently there have been many articles written that address the decline in North America's standard of living. It has been stated over and over again that the children of today will not enjoy the same standard of living that we (babyboomers) enjoyed and that this paradox and financial shift will have an enormous negative impact on our children as they will not have the financial resources to provide all of the ... stuff ... for their kids, that they had enjoyed when they were young. Just think for a moment. Do your children have more stuff, new lunch boxes, bikes, restaurant meals, gum, ice caps, cell phones ... 'stuff', then you ever had? I'm betting they do. For now. But unless your kids are planning on staying with you after graduation, there is a very good chance that they are in for a big letdown. But you can help.
DO YOU TEACH YOUR CHILDREN about the value of dollar? Do you ever say, "Sorry kids but ... you don't need that/we can't afford that/that's not a wise use of our money?"
It's never too early to teach your kids about the ABCs of money. The sooner they get started the earlier they can make plans to take over the world, buy a house or just an iPod. And with the beginning of a new school year it is a perfect time for parents to establish a few financial lessons. Talk about allowance, and advise the importance of saving a portion of that allowance. Establish financial goals and encourage them to achieve those goals. SAVE is the operative word. Not SPEND. Your kids will thank you down the road.
In my previous blog I explained the importance of TIME and the benefit of compounding growth. Show your children the value of $20 / month compounded annually at 8% from age 10 to age 60. The total deposits are about $12,000 and the total value is just over $140,000.
Imagine if the deposits were increased, the timeline extended by 3-5 years or the annual return exceeds 8%? (at 9% the end value exceeds $200,000) WOW!
So take this time to sit down with your children and teach them about the value of money. The time is right. The time is critical. And for your kids, time is on their side, but they just don't know it. Yet.
Talking about 'time', what a perfect time to entertain the following recipe. Tomatoes are in season, taste great, and are loaded with goodness.
Jeff
THE FOLLOWING RECIPE IS A 'MUST TRY'
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The following recipe was submitted to me from our eldest daughter Meagan who has been waiting patiently for her name to appear on this big silver screen. Today, Meg started her third year in university and has been inspirational and creative with this DIGestingINvesting blog.(and she is pretty aggressive at correcting my grammar) AND, the recipe is in fact Meagan's own creation therefore I can take no credit, however if wasn't for me ... she wouldn't be here. HA! Meagan turned 20 this year and I have to admit that when I was 20, I was not making baked tomatoes. And I was reminded a few times over to be sure to mention that tomatoes are a superfood!
Serves 4 and takes about 10-15 to prep and another 10 mins. to bake
Here's what you need:
4 medium sized ripe tomatoes (if they're not completely ripe put them in a brown bag overnight)
4 servings of brown rice (I use the microwave rice which is ready in a few mins)
2 eggs
Salt/pepper to taste
1 tbsp Oregano
2 tspn of fresh coriander
8-12 thin slices (1x3) of cheddar
Cut the tops off of those ripe tomatoes (after you've washed them) and using spoon and a sharp paring knife, hollow out the tomatoes, setting the tomato flesh aside for later.
Gently cut off a small slice of the bottom of each tomato so they sit flatly on the cutting board.
Separately cook up four (4) servings of brown rice and two scrambled eggs.
Mix together the rice, eggs and the flesh from those tomatoes, one clove of garlic (minced) along with a little salt and pepper to taste, oregano and coriander.
Fill each of the tomato shells with the rice/egg mixture and top each with a two or three of slices of cheddar cheese. (or your favourite kind)
Place the stuffed tomatoes on a small cookie sheet and bake for 10-12 minutes at 350 degrees.
Okay, if I can do this, anybody can do it.
These are incredibly easy and pretty quick to make, taste delicious and make an awesome impression as not too many people make these. If you don't try them, you'll never know what you're missing! And if you serve these up with salmon, bean salad and a bowl of blueberries (with real maple syrup) you will have served up a feast of superfoods! And there's absolutely nothing wrong with that.
Enjoy, have fun, and be sure to live!
Meg
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