financial education for kids

Money Mastery: Lessons from Paul Counsel’s Program

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Paul Counsel teaching in the Money Mastery Program about financial freedom and money mindset

Money Mastery became much more than a financial education program for us. It became a deep journey into mindset, values, financial freedom and the kind of life we wanted to model for our children.

Have you ever had that inner desire to make a difference in the world, but felt frustrated that so much of your time and energy was being poured into simply earning enough money to keep up with life, bills and raising a family?

Money Mastery quote about changing the world from within
The world can only change from within — a powerful idea behind our Money Mastery journey.

Money Mastery and the Desire to Make a Difference

Have you wondered what you could do if you had the resources of time, knowledge and money to be that difference?

Children grow up full of potential and excitement about their lives and what they wish to accomplish. Ideally, we as parents want to be an inspiration to them. We want to show by example that they too can achieve what they put their minds to.

Do you ever wonder what worldly achievements and contributions your children will end up making?

Cath and I have huge dreams. We are aiming for the stars. We aspire to achieve, experience and contribute in a grand way. We want to lead our own children to think big, experience life deeply and make a significant difference to the lives of others while they are here on Earth.

Money Mastery quote about thinking big and aiming for the stars
Money Mastery helped us think bigger about life, contribution and financial freedom.

This is our “Why”, and it is why we began the journey seeking the understanding and mindset shifts required to achieve financial freedom.

Paul Counsel and the Money Mastery Mentoring Program

This past year has been, by far, the biggest year for us in terms of shifting our mindset around success.

In March, we embarked on a year-long Money Mastery Mentoring Program led by Dr Paul Counsel. Paul opened our eyes to possibility, gave us tools to make the inner shifts required to achieve financial freedom, and helped us look more closely at the subconscious thinking and conditioning that can shape our results.

You can learn more about Paul Counsel’s current work through Money Mastery Academy.

Our year felt like a roller-coaster ride. There were ups, downs and plenty of bumps along the way. It was full-on trying to sort out the logistics of children, family life and busy schedules while still maintaining momentum.

Without our beautiful friends and family supporting us throughout the year, I am certain we would not have made it this far.

Stephen Covey quote connected to Money Mastery and personal change
Lasting change begins with the way we think, choose and act.

Money Mastery, Financial Freedom and Self Discovery

The Money Mastery program was largely about achieving financial freedom. But for us, it was also a self-discovery mentoring program.

Through the process, we revealed so much about ourselves: our deep-rooted values, our subconscious thinking, our conditioning and our future realities.

That matters because financial freedom is not only about numbers. It is also about beliefs, choices, habits, values and identity.

We came to understand that if our inner thinking does not shift, our outer financial results are unlikely to shift in a lasting way.

This is one of the lessons we want our children to absorb. Money is not just something to earn and spend. It is connected to choices, freedom, contribution and the way we design our lives.

Money Mastery and the Mindset We Model for Our Children

As parents, we can talk to our children about money, success and contribution. But what they watch matters even more.

They watch whether we think big or small. They watch whether we believe we can change. They watch whether we stay stuck in old patterns or choose to grow. They watch whether we simply talk about financial freedom or actually take steps toward it.

That is why Money Mastery was so important for us. It challenged us to look at the patterns we were living from and the example we were setting.

If we want our children to become confident, capable and entrepreneurial, then they need to see us learning, stretching and taking responsibility for our own growth as well.

Paul Counsel Money Mastery Mentoring Program quote about financial freedom and mindset
The Money Mastery Mentoring Program helped us reflect deeply on mindset, values and financial freedom.

Financial Freedom, Family Values and Big Dreams

One of the big distinctions for us was understanding the link between business, money and our highest values.

Our children have always been our highest value. That is beautiful, but it also meant that family life naturally took our time, focus and energy. We had to learn how to align our desire for business, contribution and financial freedom with our value of family, rather than feeling as if they were competing against each other.

That is one of the reasons Enterprise for Kids became so meaningful to us.

It allowed us to connect family, learning, enterprise and money lessons together. It gave us a way to grow our own entrepreneurial mindset while helping our children understand confidence, creativity, responsibility and opportunity.

Money Mastery helped us see that financial freedom is not separate from family. Done well, it can support family, strengthen choices and open up more possibilities for the future.

Our Money Mastery Review

As we reached the final weekend of our year-long Money Mastery Mentoring Program, we found ourselves reflecting on how much had changed.

There were many things to weigh up about what came next, but one thing was certain: our future felt as though it was opening wide before us.

We decided to write a full review of our Money Mastery Mentoring Program. In that review, we shared why we chose to take on such a mentoring program, what the year was like, and some of the massive distinctions that changed our lives.

We invite you to read about our journey and experiences, and to pass it on to interested friends.

Leo Tolstoy quote connected to Money Mastery and changing ourselves
Real change often begins when we are willing to look honestly at ourselves.

We are hopeful that when you read it, you gain inspiration and perhaps some real insight into your own life. We reflected on some of the reasons why things happen the way they do, and why they sometimes do not.

So go make yourself a cuppa, sit down in a comfy chair and take the time to read our full Money Mastery Mentoring Program review.

Read the full review here: Money Mastery Mentoring Program Reviewed

Key Takeaway: Money Mastery Starts From Within

Key takeaway: Money Mastery is not only about financial strategies. For us, it was about mindset, family values, financial freedom and the inner shifts needed to create a bigger future for ourselves and our children.

Where to Next?

Have you ever taken on a program, mentor or experience that changed the way you think about money, family and the future? We would love to hear your thoughts in the comments.

Entrepreneurship for Students: How Do Entrepreneurs Think?

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Jai Howitt discussing his entrepreneurial journey on The Pocket with Chris Griffen

Entrepreneurship for students is not just about starting a business. It is about learning how to think differently, spot opportunities, solve problems, take action and build confidence in the real world.

When children learn how entrepreneurs think, they begin to see that their ideas matter. They also begin to understand that money, work, creativity and contribution can be approached in a very different way.

Entrepreneurship for students shown through Jai Howitt coaching Chayse on business strategy
Jai coaching Chayse through business strategy and entrepreneurial thinking. Watch Jai coach Chayse.

Entrepreneurship for Students: How Do Entrepreneurs Think?

In an earlier article, we spoke of charitable entrepreneurs and successful business thinkers such as Richard Branson, Warren Buffett and John Templeton.

They, together with many other successful people, have extraordinary stories to tell about their entrepreneurial journeys. Some will tell you they struggled at school, dropped out, were dyslexic, or found reading and writing difficult. Others came from homes of poverty, while some were born into families where business and enterprise were already part of everyday life.

Although their backgrounds and circumstances differed, one thing often remained the same: they thought in a similar way.

It is not circumstance alone that creates an entrepreneur. It is mindset.

That is why entrepreneurship for students matters. Young people need more than information. They need the chance to develop the kind of thinking that helps them create opportunities, make decisions, solve problems and take responsibility for their future.

Why Entrepreneurial Thinking Matters for Families

What we have come to understand is that for our family to become economically and personally free, we need to question our conditioning around money and then reprogram our subconscious minds with a new success money mindset.

Many wealthy and successful people either developed this mindset from their upbringing, or they discovered it for themselves. Sometimes this happened consciously, through study and self-development. At other times, it happened unconsciously through experience, environment and action.

It is often said that only a small percentage of people live with real economic and personal freedom. The bigger question is this: what do they do differently?

More to the point: how do entrepreneurs think?

Before we look deeper into that, consider this.

Entrepreneurship for Students Starts with Money Mindset

Wealth creation and poverty mindset lesson for students
The way children think about money can shape the opportunities they see.

Whether we like it or not, we are being conditioned constantly to think a certain way about money. We are conditioned by our family, schools, advertising, politicians, television, social media and friends.

Many people become tied to jobs and debt because the conditioning they have received favours a money mindset of lack, rather than abundance.

Do any of the following sound familiar?

  • “Money doesn’t grow on trees.”
  • “Money is the root of all evil.”
  • “You’ve got to work hard for your money.”
  • “Get a good, well-paying job and you’ll be set for life.”
  • “Buy a home, it will be your best investment ever.”
  • “We can’t afford it.”
  • “What job do you want to do when you grow up?”
  • “Go for the cheaper ones.”

Only this morning, I was listening to a friend talking with his teenage sons. He told them they needed to get jobs. He explained that he had a job pushing shopping trolleys at their age. He even went down to the local IGA supermarket and picked up applications for them to apply for jobs.

When I was fifteen, I started out with a casual job working at a Target store. My hourly rate was $2.90 an hour.

All of the above are examples of conditioning. Much of our thinking about money, work and possibility is formed very early in life.

What Schools Often Teach About Work and Money

Our schools are largely designed to prepare workers for the workforce. Banks make money by selling debt. Governments collect taxes and often depend on people staying within predictable systems. Retail businesses make money by encouraging us to spend. Big businesses need workers to build their businesses.

There is definitely a design to much of this madness.

That does not mean jobs are bad. It also does not mean every child needs to become a business owner. However, it does mean young people should know there are other pathways.

They should understand that work, money, creativity and contribution can be approached in different ways.

This is why financial education for kids is so important. Children need to learn about money, value, assets, liabilities, work, enterprise and choice before they enter adulthood.

Entrepreneurial Mindset for Young People

What our family has discovered is that our money mindsets are changing. We are learning that it is okay to accept money and to have money. In fact, it is okay to offer something of value to others and receive payment in return.

Working hard in a job is not the only pathway for young people entering our big world.

There are other ways. These pathways can allow young people to follow their passions and dreams while making a meaningful contribution to whatever they consider important.

Wouldn’t it be fantastic if all our kids could achieve economic and personal freedom?

People who have achieved financial freedom through being entrepreneurial tend to have a mindset of abundance. Their habits differ. Their thinking differs. Their actions differ.

This is why we keep coming back to the bigger idea of raising entrepreneurial kids. It is not just about business. It is about helping children become confident, capable, creative and resourceful.

How Entrepreneurs Think: Lessons from Napoleon Hill

Napoleon Hill Think and Grow Rich entrepreneurial mindset lesson
Napoleon Hill studied how successful people think and act.

Rather than attempting to explain every detail of how entrepreneurs think, I will refer to one of the most influential books ever written on personal and financial achievement.

Think and Grow Rich by Napoleon Hill was originally published in 1937. Hill spent his life studying successful people and recording how they think and act. He became successful himself by following the distinctions in his own book and by modelling himself on his mentors.

Think and Grow Rich is essentially a book about what to do and how to do it. It explores ideas such as self-direction, organised planning, autosuggestion, mastermind association, self-analysis and the selling of personal services.

The thirteen steps to riches described in the book offer a philosophy of individual achievement that has influenced thousands of people’s lives.

This book could be worth a great deal to you and your kids, not simply because of the money ideas, but because of the thinking behind them.

At the time of this original article, Cathy was rewriting Napoleon Hill’s book in a way that would be suitable for kids to read, with simple explanations and modern examples they could better relate to. It was a work in progress, built around the idea that children should be able to understand powerful success principles in language that makes sense to them.

You can also learn more about Napoleon Hill’s work through the Napoleon Hill Foundation.

Entrepreneurship for Students in Real Life

For our family, entrepreneurship for students has never been just a theory. It has been something we have tried to encourage through conversations, real-life projects, mentoring and practical action.

Looking back now, we can see how these early conversations about entrepreneurial thinking have carried through into real life. The goal was never just to teach our children about business. It was to help them become confident, resourceful young people who could spot opportunities, solve problems and take action.

Today, we see that continuing as Jai shares business ideas and strategy with his younger brother Chayse, passing on what he has learnt through his own entrepreneurial journey.

Jai has gone on to build his own entrepreneurial path through creative work, content and business. You can see part of that journey through Art of Mondays.

Key Takeaway: Teach Students to Think Like Entrepreneurs

Key takeaway: Entrepreneurship for students is about far more than making money. It is about helping young people think differently, understand value, recognise opportunity, solve problems and take action in the real world.

Where to Next?

If you enjoyed this article about entrepreneurship for students and entrepreneurial thinking, you may also like:

We would love to hear your thoughts. How do you think entrepreneurs think differently, and how can we help children develop that mindset while they are still young?

Financial Education for Kids: Assets vs Liabilities Explained

Enterprise For KidsTeam Money Lessons for Kids , , , , , ,
Financial education for kids using three money jars for giving, spending and growing

Financial education for kids does not need to be complicated. One of the most useful money lessons children can learn early is the difference between an asset and a liability.

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When children understand this difference, they begin to see money as something they can manage, grow and use wisely — not just something to spend as soon as they receive it.

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Money lessons for kids using give spend and grow jars
A simple jar system can help children understand money choices.

Editor’s note: This article was originally written during our early Enterprise for Kids journey and has been refreshed with updated formatting, links and reflections to make it more useful for families today.

Why Financial Education for Kids Matters

Robert Kiyosaki, famously known for his book Rich Dad Poor Dad, has often pointed out that children need a financial education — and that they are unlikely to receive a complete financial education from school alone. You can learn more about his approach to money education at Rich Dad.

One of the most helpful starting points in financial education for kids is teaching children how to think about money in terms of assets and liabilities. This gives them a simple framework for making better money choices as they grow.

A balance sheet has two main sides: assets and liabilities. When kids understand the difference between the two, they can begin to ask better questions before they spend their money.

This is also why practical money lessons for kids are such an important part of raising capable, confident and enterprising children.

Assets and Liabilities Explained for Kids

A simple way to explain assets and liabilities to children is this:

An asset helps you build or keep value.
A liability costs you money to own, use or maintain.

Robert Kiyosaki’s simple definition is that an asset puts money into your pocket, while a liability takes money out of your pocket.

For adults, assets might include shares, investment property, bonds, businesses, precious metals or other things that can hold value or create income. Liabilities might include cars, boats, expensive holidays, clothes, electronics or anything that costs money without helping your money grow.

For children, this idea can be made much simpler. A toy, bike, motorbike, game console or phone might be exciting to buy, but it usually does not put money back into their pocket. It may also bring extra costs, repairs, upgrades or accessories.

An asset, on the other hand, could be something that helps them earn, save or grow money over time. This might include supplies for a small enterprise, tools they can use to create value, money set aside for a future opportunity, or simple investments made with parental guidance.

The goal of financial education for kids is not to stop children from enjoying their money. The goal is to help them pause and ask:

“Will this help my money grow, or will it simply take money away?”

How Financial Education for Kids Changes Money Thinking

Assets and liabilities for kids explained through a simple money lesson
Helping children ask: will this help my money grow or simply take money away?

When children only think about money as something to spend, it can disappear very quickly. They earn it, receive it or save it — and then look for the next thing to buy.

But when children start thinking about assets, they begin to see another possibility. Money can be used to create more opportunities.

They might put some money aside for a small business idea. They might buy materials to make something they can sell. They might save toward equipment that helps them learn a useful skill. They might even begin to understand shares, savings accounts or other forms of investing with the support of their parents.

This is where financial literacy for students becomes practical. It is not just about worksheets, definitions or classroom activities. It is about helping children make real decisions with real money in real life.

These kinds of real-life lessons also connect closely with family enterprise stories, because children often learn best when money, work and responsibility are connected to something they are actually doing.

A Real-Life Financial Education for Kids Lesson with Flynn

I had a good conversation with Flynn a while back. He had made a large sum of money from his honey enterprise and had already spent some of it on one of his goals — buying an iPod.

Flynn also had some mates who were mad keen on riding motorbikes, and he soon had his sights set on buying one too.

Rather than simply saying yes or no, we used the moment as a practical money lesson.

I explained that he could buy one, but first he needed to understand that a motorbike is a liability. It could take money from his pocket through devaluation, repairs, fuel, safety equipment and maintenance.

We then talked about what Robert Kiyosaki teaches about balance sheets, assets and liabilities.

Flynn took the conversation on board. As a result, he started keeping three jars of money:

  • one for gifting
  • one for the liability — the motorbike
  • one for buying assets

This simple jar system helped turn an ordinary childhood purchase into a meaningful financial education for kids lesson.

You can read more about Flynn’s early enterprise journey in Honey Pot of Gold.

Simple Assets Kids Can Understand

So what assets can a kid buy?

Children do not need to start with complicated investments. At first, the most important asset they can build is the habit of setting money aside before spending everything.

Depending on their age and with parental guidance, children might learn about:

  • savings accounts
  • supplies for a small business
  • tools or equipment that help them create value
  • shares or managed investments explained in simple terms
  • collectables or precious metals as historical examples of storing value
  • reinvesting money back into their own enterprise

In Flynn’s case, one possible asset could have been more wholesale honey for his business, or even a bee hive of his own.

At the time, Flynn became interested in buying silver. That conversation was useful because it helped him understand that money could be used for more than spending. It could also be directed toward things that might hold or grow value over time.

This is not about telling children exactly what to invest in. It is about helping them develop the habit of thinking before they spend.

Financial Education for Kids: Precious Metals and Investment Lessons

Silver coins used as a financial education lesson for kids
Silver coins became part of a real-life conversation about assets, liabilities and money choices.

The original version of this post included a discussion about silver prices at the time. That was part of the real conversation Flynn and I were having back then.

Precious metals such as gold and silver can be useful examples when teaching children about storing value, but prices change, markets change, and every family’s financial situation is different. The Perth Mint is one place families may come across information about gold and silver, but any conversation about precious metals, shares or other investments should be treated as a learning opportunity, not as financial advice.

For children, the deeper lesson is this:

Money can be spent, saved, given, invested or used to build something valuable.

That one idea can shape the way children think about money for the rest of their lives.

How Parents Can Teach Financial Education for Kids at Home

Parents do not need to be financial experts to teach simple money lessons for kids. The best lessons often come from everyday conversations.

Here are some simple questions you can ask when your child wants to buy something:

  • Will this cost you more money after you buy it?
  • Will this help you learn, earn or create something?
  • Is this something you really value, or is it just a quick want?
  • Could some of your money be kept aside for a future opportunity?
  • How could you use part of your money to help someone else?

These questions help children build awareness. They also help children understand that money choices are connected to values, responsibility and future possibilities.

That is the heart of financial education for students and children. It is not about making them fearful of spending. It is about helping them become thoughtful, capable and confident with money.

For another family example, you may also like Kids Biz Program by Amber.

Flynn Is Getting a Financial Education

Flynn holding money earned through his honey enterprise
Flynn’s honey enterprise became a real-world lesson in earning, saving, giving and thinking about assets.

Flynn’s honey enterprise gave him more than pocket money. It gave him a real-world classroom.

Through earning, saving, spending, giving and thinking about assets, he began learning lessons that many adults are still trying to master.

That is why enterprise can be such a powerful teacher for children. It gives them the chance to experience money, responsibility and decision-making in a practical way.

When children run small enterprises, sell products, save toward goals or think carefully about what they do with their money, they are not just learning business skills. They are learning life skills.

Discussion Questions: Assets and Liabilities for Kids

Parents and teachers can use these questions to help children think more carefully about money, spending, saving and value. They work well as a family conversation, classroom discussion or simple financial literacy activity.

  • Is this an asset or a liability? Does it help your money grow, or does it cost money to keep?
  • Will this purchase create value? Could it help you learn, earn, build, create or solve a problem?
  • Will it keep costing money? Will it need repairs, upgrades, fuel, subscriptions, accessories or maintenance?
  • Could part of this money be used differently? Could some be saved, given, invested or used for a future opportunity?
  • What is one simple asset a child could build or buy? This might be supplies for a small business, tools for a useful skill, or money set aside for a future idea.

These questions are not designed to make children fearful of spending. They are designed to help children pause, think and make more thoughtful money choices.

Key takeaway: Financial education for kids begins with simple, real-life conversations. When children understand the difference between assets and liabilities, they can start making wiser choices with the money they earn, save and spend.

Money Mindset for Kids: Moving Beyond Earn, Spend and Borrow

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money mindset for kids and financial freedom

In the last blog we spoke about who it is that teaches our kids about money. In this post we’d like to delve a little deeper into that topic, because understanding our money mindset is such an important part of changing it.

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Our intention is to build an understanding of why most of us have settled into the role of being a “worker” rather than following a more entrepreneurial path. You will also learn a little more about what we are endeavouring to achieve as a family, and why developing a healthier money mindset for kids matters so much to us.

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Kaitlin learning about money mindset for kids
Kaitlin represents the challenge many teenagers face as they learn about money, work and independence.

Money Mindset for Kids: Moving Beyond Earn, Spend and Borrow

Our kids, like all kids, want to have their own money so that they can have a little independence and buy the things that they want. In our family, our children sometimes receive money when it is their birthday and they also get a little pocket money.

Kaitlin, our eldest, has a part-time job working at a local brewery serving lunches and helping in the kitchen. She works hard and it pays pretty well. However, to take on a job, she loses some of her weekends and time to do school work and have a social life. She also commits time to regular babysitting work for some of the families in the area.

What Is a Money Mindset?

At present, the money mindset of our children is much the same as ours, which is likely to be the same as most other people, and that is to earn money, spend money and borrow money.

Generally, most of us either have a job where we give time for a salary, or we have a business where we still give our time for a monetary return. Whatever the case, we are often tied down and limited by what money we earn, and we sacrifice our time for it. Sound familiar?

The funny thing is that right from an early age we are conditioned to accept this as normal. Often our minds become closed off to entrepreneurial ideas and opportunities. Schools train us and prepare us for the workforce. Parents often do the same by pointing us towards a vocation.

Adding to this, media advertising, TV, politicians, universities and our peers all guide us towards getting a job. It is all around us — well-intentioned people and institutions keeping us on the “straight and narrow” path of getting a job (earn), then spending our money on things (spend), and then borrowing money to spend on even more things (borrow).

The Earn, Spend and Borrow Pattern

Finance companies advertising loans and debt as part of a money mindset
Advertising constantly reinforces an earn, spend and borrow money mindset.

Look at the people around you and you will see this pattern repeated everywhere. People with expensive things like houses, TVs, holidays, cars, boats and caravans. Most are servicing mortgages or loans to pay for it all.

The more things they acquire during their lives, the harder and longer they often have to work to pay for those things. Most people can see no obvious way out of their situation and simply accept that this is what is supposed to happen.

That is one reason why understanding money mindset for kids is so important. If children grow up believing that the only option is to work, spend and borrow, then they are likely to repeat that cycle without ever stopping to question it.

How the Rat Race Shapes Our Thinking

The rat race showing the worker mindset and earn spend borrow cycle
Many families become locked into the Rat Race without ever questioning the pattern.

In fact, many of us have been conditioned to accept a financial mindset that locks us into what many people call the Rat Race.

Now you may challenge us by saying, what’s wrong with our kids entering the workforce? What’s wrong with spending what they earn and borrowing some more? Honestly, there is nothing right or wrong about it at all. It simply is what it is.

For us though, we are looking for a new direction — one where we have the time to follow our passions and the freedom to give to our family, community and world without constantly worrying about how to pay for it. Our goal is to move beyond a narrow “worker mindset”.

We seek to know how the relatively few financially and time-free people managed to rise above the Rat Race. We want to know what they do that is different. How do they think? What is their conditioning around money? What kind of money mindset have they built?

Why Money Mindset for Kids Matters

What’s more, we wish for our kids to grow up with the mindset of an entrepreneur. It is important to us that they receive a real financial education for kids, not just an education that prepares them to earn a wage.

Financial education for kids does not usually come from school
A financial education for kids often begins at home, not in the classroom.

From what we’ve discovered so far, kids need to start very early if they are to develop an entrepreneurial mindset and the skills needed to manage money and build enterprise. They need role models who can foster different thinking, and parents who encourage and look for opportunities that develop enterprise.

Open discussions about money, business, debt, freedom and opportunity all help to build a better money mindset for kids.

We want our seven children to grow up having choices. We want their pathways to be wide with opportunity. We encourage them to follow their passions and not simply be conditioned into the “earn, spend and borrow” mindset. We hope they will think differently, believe in themselves and develop the habits of people who achieve both personal and financial freedom.

Our Family Is Learning Too

We know we have a challenge ahead of us, because our kids have already been conditioned from an early age — just as we were.

Using Kaitlin as an example, she earns money, spends freely and already has a debt. She is studying hard to go to university with all her friends and then, ultimately, to get a good-paying job. Once again, I’ll point out that there is no right or wrong about this, only that we would like her to see that there are other ways.

It is always going to be a challenge while we still carry some of that same conditioning and mindset ourselves. Although we are striving to change our thinking, we recognise that it will take time and persistence to learn new habits and shift old belief systems.

However, we are very confident that this year is the year that we will have a breakthrough. We have enlisted the help of a Money Mindset personal mentor who is helping us develop a new way of thinking. He is there to help us transform our thinking through our actions — and as we do so, so will our children.

In upcoming blogs we will continue to share this journey with you, including the lessons we are learning about building a stronger money mindset, creating more opportunity, and helping our children develop an entrepreneurial way of thinking.

Key Takeaway: A Money Mindset Can Shape a Family’s Future

Key takeaway: A family’s money mindset shapes how children see work, spending, debt, business and opportunity. Building a stronger money mindset for kids can help children grow up with more choices, wider pathways and a better understanding of enterprise and financial freedom.

We believe that changing a family’s money mindset can change a family’s future.

Where to Next?

What money mindset are your children learning from the world around them?

Money Lessons for Kids: Who Is Teaching Them About Money?

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Kids watching a TV advert showing how advertising shapes money lessons for kids

Money lessons are happening all around our children, whether we notice them or not. If you don’t teach your kids about money, then there are plenty of people out there who will. And not all of them will teach your children what they really need to know.

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Media, celebrities, advertising, peers, schools, banks and family choices all help shape what children believe about earning, spending, borrowing and wanting more. That is why money lessons for kids need to begin at home, in the everyday moments where children ask for things, make choices and learn how money really works.

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Teen magazine showing how media can shape money lessons for kids
Kids are constantly receiving money lessons from media, celebrities, advertising and peers.

Money Lessons for Kids: Who Is Teaching Them About Money?

Our kids are educated financially from many sources, whether we like it or not. Everywhere they go and everything they look at is conditioning them around money.

For example, teenage kids are very influenced by their peers, TV, advertising and social media. They are pressured to want to have all the latest and greatest of everything. AND… they have to have it now!

If you have a teenager in your house, or even a preteen, you will understand this very well. They will tell you that they are the “only” ones in the “whole world” who don’t have one. And if you try to compromise with a cheaper version from Target… well, forget it! Brand name or nothing!

The Money Lessons Children Learn From Wanting More

Many parents fall into the trap of giving in to their kids’ persistent demands. We have… more times than we should have! And the older a child gets, the better they are at arguing their point.

Sometimes parents lend their child the money with the view of having them pay it back when they can afford it. Other times, parents simply pay for the item fully and do not expect their child to pay anything back.

But what is this teaching children?

That is the question we had to ask ourselves when Flynn wanted an iPod for school camp.

Flynn’s iPod Money Lesson

Our son Flynn was preparing to go on a camp with his school. He claimed that ALL the kids would have iPods, and that he wanted to buy one to take on camp.

Flynn Howitt learning money lessons for kids through his iPod goal
Flynn’s iPod goal became a real-life money lesson about earning, choices and avoiding debt.

He counted up his money and found that he was short about $100. He was very persistent in his request, so we decided to sit down and have a conversation with him around the value of money.

Our dilemma was this: if we were to say an outright, “No, we can’t afford it,” then we would be conditioning him with a mindset around lack of money.

On the other hand, if we said, “Yes,” and simply paid for it, then we would be conditioning him with the mindset to borrow, then spend… and he would probably not appreciate it too much.

So…………… we came up with another solution.

Turning a Want Into a Money Lesson

We said, “Yes.” He could buy an iPod. However, we were not able to pay for it.

Instead, we brainstormed ideas with Flynn on how he could raise the $100 himself. Time was of the essence, as he was going on camp in three days.

Together, we came up with several ideas. He could increase the marketing of the honey he was selling through his Honey Enterprise. He could sell some of his unwanted things, such as his surfboard. He could also do a deal with his sister and buy the items she had lined up to sell as part of her New From Old enterprise, then resell them with a mark-up.

The discussion gave him motivation, and we took the punt that if he was really keen for the iPod, then he would make it happen.

The point of all this is that we didn’t automatically say, “No, we can’t afford it,” and we didn’t say, “Yes, and we will pay for it.”

Rather, we put the onus on Flynn to work out a way to achieve his goal without getting himself into debt. We used this opportunity to teach Flynn about money.

Who Is Teaching Your Kids About Money?

In our society, kids are conditioned to earn, spend and borrow from a very early age. This conditioning can carry through to adulthood and tie people to a job, especially when they need that job to pay for the interest payments on their “things”.

That is why money lessons for kids matter so much. If we do not consciously teach children how to think about money, they may simply absorb the messages around them.

Sporting heroes and advertising shaping money lessons for kids
Sporting heroes are often used to influence what children want to buy.

It is hard for our kids to avoid this type of conditioning. Their sporting idols appear on TV advertisements telling them what a great investment they are making if they buy x, y or z… and finish with a trusting wink!

In the same way, celebrities promote all sorts of things, from insurance and jewellery to holidays. Retailers offer low-cost, easy monthly payments for expensive items that people may not really be able to afford.

There goes the “earn, spend and borrow” cycle again.

Advertising Teaches Money Lessons Too

Advertising does not just sell products. It also teaches children what to value, what to want and how quickly they should expect to have things.

For this reason, parents need to be part of the conversation.

When a child says, “Everyone has one,” or “I need it now,” there is an opportunity to slow the conversation down and ask some better questions:

  • Do you really want this, or do you feel pressured to want it?
  • How much does it cost?
  • How could you earn the money?
  • What would you need to give up to buy it?
  • Could you buy it second-hand?
  • Could you create money rather than borrow money?

These simple questions can turn everyday wants into powerful money lessons.

Schools, Debt and Financial Choices

The education system may teach many important things, but practical money education can still be limited. Many young people move towards adulthood without having deeply discussed debt, credit, consumer pressure, business, enterprise, financial freedom or how to make money work for them.

Student debt showing why money lessons for kids matter before adulthood
Young people can face financial pressure before they have learnt how money really works.

As a result, many young people begin adult life already carrying financial pressure. This might come through study costs, consumer debt, car loans, lifestyle spending or the general cost of getting started.

That is why a financial education for your kids before they leave home matters.

The Australian Government’s MoneySmart guide to teaching kids about money is a helpful reminder that parents can start early and make money part of everyday conversation.

Can These Money Lessons Change?

Enterprise for Kids image about changing money lessons for kids
Money lessons can help children see new possibilities.

We can look at life as being a game full of experiences. We are here on earth to play the game.

Yet from an early age, the odds can feel stacked against us achieving personal and financial freedom when we are conditioned to earn, spend and borrow for unproductive things.

Can this change?

Absolutely.

And who is the best person to teach this change to your children?

Well, if you have already achieved financial and personal freedom, then the best teacher is YOU!

And if you haven’t, then find someone who has achieved the type of financial or personal success you would like for your kids. You may even learn something in the process. 🙂

Money Lessons for Kids Begin at Home

The most powerful money lessons for kids often begin in ordinary family moments.

A child wants something.

A parent has a choice.

We can shut the conversation down, pay for everything, lend the money, or turn the moment into a learning opportunity.

Flynn’s iPod story reminded us that teaching kids about money does not always require a formal lesson. Sometimes it simply requires a different conversation.

Instead of saying, “We can’t afford it,” or “Yes, we’ll buy it,” we can ask, “How could you create the money?”

That question changes everything.

Key Takeaway: Money Lessons Are Happening Every Day

Key takeaway: money lessons are happening around children every day. Media, peers, celebrities, advertising and family choices all shape how kids think about money. Parents can use everyday wants, like Flynn’s iPod goal, to teach children how to earn, choose, create value and avoid unnecessary debt.

Where to Next?

Who is teaching your children their money lessons — and what are they learning?

Flynn’s Honey Investment Continued……

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Money lessons for kids shown through Flynn pouring honey for his business

Money lessons for kids become much more powerful when children experience them in real life. For Flynn, that meant negotiating with his Grandad, harvesting raw honey, making an investment and learning what it really takes to grow a small business.

This is Part 2 of Flynn’s honey business story, where his idea moved from plan to action — complete with bee suits, honey frames, sticky hands and a very serious investment for a twelve-year-old.

Money lessons for kids with Flynn and Grandad collecting honey frames for a business project
Flynn with Grandad collecting honey frames for his honey business.

Money Lessons for Kids: Flynn’s Honey Investment Continued

You may remember from a previous blog that Flynn’s Enterprise for Kids plan was to buy honey at wholesale and sell it at retail. All he needed was a good source of cheap, quality honey that he could buy in bulk.

If you missed the beginning of the story, you can read Part 1: Honey Pot of Gold, where Flynn first explained his honey business idea.

Finding a Product for Flynn’s Honey Business

Flynn’s Grandad has kept bees for over twenty years and had a number of hives which he regularly harvested honey from. The honey produced from his bees is very light in colour and tasty, as the bees forage over the Mid West fields of Paterson’s Curse and coastal gums.

Flynn knew that he had a good quality product.

His plan was to pay a visit and strike up a deal with his Grandad.

Flynn’s Grandad saw that Flynn had thought through his plan. He was more than willing to support Flynn with his new honey enterprise. Flynn negotiated a good price per kilogram, however, the deal included Flynn having to help his Grandad rob the honey from the hives.

You can listen to Flynn explaining the deal he made with his Grandad in his own words.

Money Lessons for Kids Through Real Work

Flynn putting on bee protective gear for money lessons for kids through real work
Flynn donning his gear.

Flynn was up for the challenge. He donned a pair of overalls, gloves, boots and bee veil. Then he and his Grandad disappeared for the morning, returning later in the day with a heavy load of honey supers in the back of the ute.

They were carted around to the rear of the house and quickly stacked in the garage. Already the local bees were honing in on the honey, hoping to pinch it for their own hives. The garage door was closed to keep the bees out.

This is where money lessons for kids become very real. Flynn was not just talking about business. He was helping collect the product, understanding the effort behind it and learning that profit starts long before anything is sold.

For families in Western Australia interested in bees and beekeeping, the Department of Primary Industries and Regional Development has useful information about beekeeping in Western Australia.

Extracting the Raw Honey

Flynn slotting honey combs into the extractor for his honey business
Flynn slotting the honey combs into the honey extractor.
Extracting honey from the honey combs for Flynn's honey business
Extracting the honey from the honey combs.

Grandad sliced the caps off the honey combs with a hot, special-purpose electric knife and Flynn slotted them into a honey extractor.

The extractor uses centrifugal force to extract the honey from the combs. It was Flynn’s job to spin the extractor, which proved to be a lot of fun. Although everything nearby became sticky with escaping honey, including Flynn!

Preparing the Honey for Sale

Checking the temperature of raw honey for Flynn's business project
Checking the temperature of the honey.
Raw honey prepared for Flynn's honey enterprise and money lessons for kids
Yummy raw honey — a great enterprise venture.

Flynn’s brother Jai, and a family friend Jack, stopped by to lend a hand. Many hands made light work and before long, after warming and sieving the honey, it was sealed into 10kg buckets.

Angry bees do not take too kindly to people robbing their hives. It was pretty amazing that Flynn managed to do all this work without getting stung. His Grandad and Dad were not so fortunate though!

A Big Investment and Money Lessons for Kids

Enterprising Flynn paid cash for 80kg of honey from his Grandad. He loaded it all up in our car to take it back to his home.

It was a large investment for a twelve-year-old and Flynn, knowing its value, took great care to ensure that the honey was well sealed and cushioned for the long trip home. He did not want it spilling, nor did he want any ants finding their way into his containers.

This was one of the most important money lessons for kids in the whole project. Flynn had to understand cost, risk, value and responsibility before he even made his first sale.

Flynn filling honey tubs with Grandad as part of money lessons for kids
Filling tubs with Grandad.

Flynn wanted to sell his honey at retail. He had done his research and found that honey generally sold in shops for around $12 or $13 a kilogram.

He had a unique product. It was tasty, raw and full of enzymes, which are generally destroyed during commercial pasteurisation processes.

Learning About Presentation and Retail Value

Flynn had also searched online for plastic honey pots. We discussed with him that people would pay a premium for his product if it looked professionally bottled and was not sold in recycled jam jars.

New plastic honey pots were not cheap. The larger the order, the better the price.

Flynn made his order over the phone and bought five hundred 500ml pots. These were delivered by mail within a few days, arriving in a massive cardboard box.

Flynn ordered honey jars and lids for his honey business
Flynn ordered honey jars and lids.
Honey jars ready to be filled for Flynn's honey enterprise
…ready to be filled.

So now he was all set to go with his Enterprise for Kids project. He had his honey and honey pots and had spent every cent that he had.

It was a huge investment and Flynn had no choice but to make it work. He had overcome fear and had taken a calculated risk with his business. All he had to do now was bottle, market and sell his honey.

And this will all be revealed in a later blog!

Flynn’s Honey Business Series

This article is Part 2 in Flynn’s honey business series, a family enterprise story about money lessons for kids, family business ideas, product value and learning by doing.

These posts show how family enterprise stories can teach children lessons that are hard to learn from theory alone.

Key Takeaway: Money Lessons for Kids Need Real Experience

Key takeaway: Money lessons for kids become much more meaningful when children handle real products, make real decisions and take real responsibility. Flynn’s honey investment gave him practical experience with cost, risk, quality, presentation and enterprise.

Where to Next?

If you enjoyed this part of Flynn’s honey business story, you may also like:

In our next Enterprise for Kids blog, we check back with Candy Man Chayse and see how his enterprise has been progressing.