News Herald – Juliann Talkington
The latest Center for Microeconomic Data Quarterly Report on Household Debt and Credit revealed that total American household debt reached $13.15 trillion in the fourth quarter of 2017.
In addition, a recent bankrate.com survey suggests six in 10 Americans (61%) don’t have enough savings to cover a $1,000 emergency and four in 10 (39%) have nothing in their savings accounts.
At first glance, it is difficult to understand how so many Americans can be in such poor financial shape. After all, making wise money decisions does not require proficiency in particle physics or an understanding of Shakespeare.
The biggest challenges appear to be intense peer and marketing pressures. If friends and marketers can create this type of havoc in our personal lives, it is imperative that we make sure our children are aware of the pressures and have the tools to make wise financial choices.
Some of the key concepts and teaching ideas are:
Money is limited. Give your child a fixed amount of money. If he/she spends it all on candy near the store entrance, he/she will not have money to purchase a doll or toy truck a few rows back.
Money is earned. Rather than giving a child an allowance, issue money based on successful execution of tasks – emptying the dishwasher, mowing the lawn, folding the laundry, etc.
Spending beyond your means comes at a cost. Credit card companies are VERY good at marketing. It is critical for kids to understand that marketers play on their desire for immediate gratification. Whenever you spend money you do not have you are charged extra money. For example, if you put $100 on a credit card for a year, you will have to repay about $115.
Saving makes sense. Kids need to understand compounding. The sooner you start saving the more the money will grow. If you save $1000 this year and make 5% you will have $1050 at the end of the year. If you make 5% the following year, you will have $1102.50.
Cheapest is not always the lowest cost. Remind your child that there are more than immediate costs. If the $15 shirt falls apart in the wash after the first month, it would be less expensive to buy a $25 shirt that lasts a year.
Even though teaching children financial responsibility may seem overwhelming, it is imperative that children are aware of the marketing and peer pressures they will face and are empowered to make wise decisions with their money.
News Herald – Juliann Talkington
Parents and teenagers live in different worlds with different pressures and perspectives, so communication between adolescents and parents can be strained. Here are a few strategies you can use to minimize conflicts during this challenging time.
Humor is an effective communication tool, because it breaks down barriers and commands attention. Disguised as fun, humor can be used to teach, introduce new ideas, share beliefs, and implant knowledge.
Perspective and practice make a big difference. The way an adult perceives a problem is often very different from the way a teen views the same issue. What seems like a life catastrophe to 16-year-old may seem insignificant to a 40-year-old.
As a result, teenagers often have things to say to adults, but get frustrated because they do not feel like they can express their concerns and feelings. Epictetus, a Greek philosopher who was born in the 1st Century, might well have been instructing 21st Century parents when he said, “We have two ears and one mouth so we can listen twice as much as we speak.”
Keep it short.
Teens are perceptive and smart, so a few words go a long way. No one wants to feel like they are being lectured, so it is best to say it once.
The way we speak can often result in the outcomes we are trying to avoid. Comments and instructions couched in negative language, with excessive use of words like “don’t”, “never”, and “no” may lead to poor behavior. Instead try to focus on the positive things your teen does.
Prepare and Allow.
It is easy to view your kids as younger than they are. As teens age, they need more responsibility. Adults who continually enforce rules that do not acknowledge demonstrated capacity for independent and responsible behavior, can alienate teens.
If it isn’t an immediate health or safety issue, it is sometimes better to wait for the right moment to discuss a problem rather than force a discussion at a poor time.
Your kids internalize and interpret everything you do. They read your face, posture, voice, and stance. They subconsciously search for physical cues to what you really feel about them. Make sure they know they are loved, respected, and appreciated.
Even though the transition from child to adult can be challenging, love and open communication can make the journey easier for everyone.
News Herald – Juliann Talkington
U.S. children are less creative than they were 30 years ago. Many people attribute this decline in inventiveness to over-scheduling of organized activities and emphasis on high-stakes testing and rote learning. These factors may be part of the reason children are unimaginative, but minimal exposure to “failure” and limited life experiences also keep U.S. kids from reaching their full creative potential.
To create, a person must be comfortable “failing” because “trial and error” is part of the innovative process. Many U.S. children are uncomfortable with “failure” because they have little exposure to it. In many cases, well-intentioned parents shield their kids from life’s tough lessons, because it is easier to solve problems for their children than to spend the time and energy necessary to help their children learn how to solve problems on their own.
Among other things, parents negotiate with coaches to get their children places on the best teams rather than encouraging their kids to work hard and talk with the coaches themselves. Parents talk with principals to negotiate grades rather than forcing their children to take responsibility for their performance. Too frequently, parents complain about “bullying” when another kid says something unkind on the playground rather than teaching their children how to overcome negativity.
As a result, the first thing parents need to do is set expectations and let their children learn by doing. This requires letting go and being available to coach as their children work to recover from life’s setbacks. Through this process children learn that there are consequences to actions, “failure” is a part of life, and success requires perseverance. Specifically, when things don’t work perfectly the first time, one can make adjustments until “failure” becomes “success”.
Another problem is parents are so worried about safety, that kids are isolated. This means children often lack the exposure required to come up with innovative solutions to a problem. Parents can easily address this issue by encouraging their children to take on activities outside of their peer group. Simple undertakings like participating in discussions with adults, welcoming a foreign exchange student, attending a history lecture, teaching a class, volunteering at the hospital, or working on a special project for a politician, all help broaden exposure.
Once children know how to recover from “failure” and have a broad understanding of how the world works, they should have the skills and the self-confidence to innovate.
News Herald – Juliann Talkington
Manipulation is rampant in the digital age. It is easy for young people to be sucked into toxic personal relationships, political and social causes that are fronts for individuals and/or corporations that are attempting to gain power and money, and job situations where bosses or coworkers take advantage of them.
Most parents want to shelter their kids from these situations. Sheltering kids, however, may not be the best strategy. Instead it is better to empower kids, so they are not victims.
First, parents need to make sure their kids are confident, since it is harder for self-confident kids to be manipulated. Self-confidence is earned, not given, so is important to encourage children to explore many things and urge them to continue the activities that they enjoy and do well. In addition, it is essential that they learn the value of hard work. Also, it is imperative that the activities they selected are building self-confidence. Sometimes kids need to change activities as they grow to maintain healthy self-confidence.
The next step is to teach children how to identify a manipulative person, how to keep an emotional distance from such a person, and how to avoid personalization and self-blame. Then children need to learn how to turn the tables by asking probing questions and using time as a delay.
Finally parents need to allow controlled exposure. As counterintuitive as it sounds, kids need exposure to manipulators in safe environments, so they know when someone is trying to control them. In addition, kids need practice disarming a manipulator.
This means parents need to create learning opportunities. For example, a parent could consciously avoid speaking to school officials when a child’s classmate is “mean” on the playground, and instead help their child figure out how to handle situation him/herself. This playground practice should help prepare the child with more insidious manipulation that occurs when he/she is older.
As the child becomes more skilled at detecting and diverting manipulation, parents can gradually provide more exposure. By the time kids reach the teenage years, parents should expect them to discuss absences, homework, performance, and goals with coaches and teachers. In these conversations where will be many opportunities for the child to experience subtle and overt manipulation and to learn ways to remain in control.
Obviously there will be times parents have to step in, especially as when kids beginning interacting with adults, but parents should not be so protective that kids do not have an opportunity to learn.
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