“Teach your children well.”
-Crosby, Stills and Nash
I have three suggestions for parents concerning money:
1. Keep your children from being spoiled rich jerks.
If your child grows up with substantial money, note that money can bring power and security, but it also can bring insecurity. People who are rich never know if someone likes them for who they are or for their money. Many develop the attitude that everyone wants something from them, and they are often right.
There are some steps to making sure that money does not warp them.
1. Don’t let them have it all at once. Most people spend a lifetime gathering significant wealth. Getting too much too young does not give a person the proper perspective.
2. Make sure they understand it is not easy to come by. Having them earn money, rather than having it given to them, is a good way for them to find out what other people do to feed themselves.
3. Make sure they know money can do good things. Too many people with inherited wealth spend it trying to impress other people with inherited wealth.
4. Don’t let them think in terms of a big inheritance. I have seen many young people waste their lives waiting for a rich relative to die and leave them a big lump sum.
5. Be a good role model. If you give money to charity, your children probably will too. If you volunteer to do things in the community, your children will follow your lead.
If you want to teach your children not to be spoiled, rich jerks, don’t act like one yourself.
2. They don’t teach your children much about money in college.
There are three things a college graduate should know about money: How to make it, how to keep it and how to use it to develop a lifestyle that that will give you long-term happiness.
Employers hire employees to help employers make more money. They are not interested in accommodating a graduate’s personal desires unless that somehow happens to coincide with adding to the bottom line.
Graduates need to sell them. They don’t need to sell the graduates.
Which leads to the second topic: How to keep the money you make.
The days of lifetime employment are over. Corporations and government entities come in and cut thousands of jobs on a whim. They will invent a computer or robot that does your job.
In order to get through that period, you need to be financially independent.
I keep running into the same type of college graduates. They have big credit card debts, student loans outstanding, payments on cars they’re upside-down on and looking to buy their first home.
Before buying a brand new car or a house, the focus needs to be on paying down debt and getting some savings in the bank.
Somewhere I read that a person’s financial style is set by age 27. If a person is a spender at 20, he may get over it by 30. If he is a spender at 30, he probably will be for the rest of his life.
The years after college are the time to be “reborn,” in a financial sense.
3. When it comes to children, play the hand that is dealt to you.
My father was a professional gambler. When faced with any kind of crisis, he would say, “You have to play the hand that is dealt you.”
In my career as a structured settlement consultant, a number of my clients have been brain injured or special needs children. The parents, almost universally, step up to the plate and do what they need to do to make it better for their children.
Being the parent of a special needs child is one of the toughest jobs in the world. It is a lifelong assignment. You don’t ship the child out the door at age 18. Or 30. Or 50. Or ever.
The parents are involved until the day they die.
I’ve dealt with hundreds of parents of special needs children. They take the hand that is dealt to them and turn that hand into aces.
Any child, especially a special needs child, forces parents to understand there is a world beyond themselves.
Having a special needs child could be a burden or a blessing. Parents with healthy children can deal with issues like drugs, substance abuse and children who grow up to be selfish, lazy and unmotivated.
I’ve seen a lot of people who thought they had a winning hand with healthy children, but wind up “busting out.” To raise a special needs child requires a degree of unselfishness and level-headedness that the average person doesn’t have.
Parents of a special child understand that you play the hand that was dealt to you.
A pretty good philosophy for all of us.
Don McNay, CLU, ChFC, MSFS, CSSC is a bestselling author and expert on what to do when you win the lottery. His latest book, Life Lessons From The Lottery, will be available on Kindle on November 17.
“Teach your children well.”
- Lifestyles & Community
County’s oldest consignment sale begins today
The Little Ones’ Consignment Sale, Madison County’s oldest semi-annual sale of its kind, is open to the public 8 a.m. to 6 p.m. today (Friday) and 8 a.m. to noon Saturday at the multi-ministry center behind United Methodist Church, West Main Street, Richmond. Marked items are half price on Saturday.
There’s more to do at the Village Trough
“I wish there was more to do here.”
Do you ever find yourself saying this sentence as you sit there bored out of your mind? Have you heard others ask it?
Well, there is something more to do now that Village Trough in Berea is staging shows with local and regional talent and preparing to open as a full dining and entertainment venue.
Let’s have a Mardi Gras party in Kentucky
It’s the time of year when the people in New Orleans celebrate a festival called Mardi Gras. Many states now do the same. Some call it “Fat Tuesday” which I have never understood till I went to New Orleans (five times) and saw all of the excitement for myself.
Beat the winter blues with meatballs
When it’s this cold outside it’s nice to warm up with some good comfort food.
I can think of few things more wonderful than the smell of simmering meatballs coming from the kitchen while I cuddle with my two young children, and a few good books, on a brisk winter day.
Taste test Thursday
The sun is shining, but the chill has returned, so I hope you made the most of the warm, sunny weather this weekend.
The spring greens are being as tentative as the warm temperatures, but there is talk of lettuce being harvested and a continued trickle of kale, pea shoots, miner’s lettuce and spinach. To make room for the spring harvests, winter squash and sweet potatoes have been marked down to $1/pound and pumpkins are only 50 cents/pound.
Buttercups in grazed pastures
One of the signs that spring has arrived is when the yellow flowers of buttercup begin to appear, but it’s during the winter months that the vegetative growth of buttercup takes place.
As a cool season weed, this plant often flourishes in overgrazed pasture fields with poor stands of desirable forages. In fact, many fields that have dense buttercup populations are fields heavily grazed by animals during the fall through the early spring months.
Make a difference this summer, volunteer at 4-H Camp
On June 30 more than 200 Madison County kids will load a bus headed for four days and three nights of fun at 4-H Summer Camp.
Campers will have a chance to hike, swim, dance and spend time learning about the environment, their friends and themselves.
And we need your help to make it possible!
A whole lot going on
Downtown Richmond Farmers Market opening
The new Downtown Richmond Farmers Market officially opens Saturday.
This market will set up in downtown Richmond on North First Street between Main and Irvine streets Saturdays from 8 a.m. to 2 p.m. (weather permitting).
For more details, go to www.downtownrichmndfarmersmarket.com. There you will find an events calendar and how to sign up for workshops that will be conducted at the market.
A Visit with a bell-The Dinner Bell Restaurant in Berea
I have wanted for some time to visit and interview people and food establishments here in Madison County and surrounding areas that you may have not gotten a chance to visit. \
I chose the Dinner Bell in Berea for my column this week.
Extension celebrates 100 years of nutrition education
For the past 100 years, families in Kentucky have looked to the Cooperative Extension Service to learn better ways to be healthy.
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