Sean Covey, in his book The 7 Habits of Highly Effective Teens, advises readers to identify those aspects of life that they can control and those that they can’t control. When teens are learning how money works and how to manage their money effectively, they move this area of life out of their “Circle of No Control” into their “Circle of Control”.
When you consider how profoundly and pervasively money affects our lives, you can see the radical difference this education and training makes for them. This is a shift that impacts them now AND for the rest of their lives.
Do you think that your teen’s money habits currently fall under the “Circle of No Control”? If they lie in the “Circle of Control”, what did your teen do to achieve this?
Easy Action: Begin a money journal with your teen. Teach your teen to figure out his or her current net worth. Then, set a goal for updating this document routinely (Weekly? Monthly? What works for you?) and create a reminder system.
Resource at Your Fingertips: Check out WealthQuest for Teen’s Online Video Seminar and QuickStart Guide for a fun way for your teen to learn about saving, managing, and growing his or her money!
Remember to Pledge to teach your teen to be an excellent money manager! Vote “Yes. I will make the promise!” to let the world know that parents are doing their part to build a financially literate society!
© Your Teen’s Money Skills, Inc., 2012 All rights reserved worldwide.