Mellody Hobson, 54, grew up in a household with one gender, low income. Her mother cash habits She made financially worried at a young age.
“There was a disadvantage at any moment. We would be evicted, our phone would break. … We once lived in an abandoned building,” Hobson said Episode “Podcast Oprah” which was aired in January. “My mom would buy Easter dresses instead of paying the light bill.”
Bad management of your family money, not appropriately demonstrating the value of money to your children, there are two toxic habits, says Hobson, who is now the co -founder of the property management company Ariel Investments and has published a book on bestselling children “Invaluable Facts About this” 2024. years. These habits can cause your children to become chronically stressed because of their finances in adulthood
Children can grow up to repeat their parents’ bad choices, she added. “If you pay a minimum payment, your child will do it,” Hobson said. “If you spend too much, your child will spend too much.”
If you pay a minimum payment, your child will do it. If you spend too much, your child will spend excessively.
Mellody Hobson
composite Ariel Investments
In Hobson’s case, her mother’s excessive consumption was confusing and caused stress, and made her feel hopeless, she said: “[It] Created, honestly, there is a lot of trauma for me. When you are a child, you have no control. You can’t get a job. You can’t do anything. “
Hobson’s upbringing motivated her to continue her career in finances, she said.
How early teach children with healthy financial habits
Good habits for early teaching your children include discussion of Cash value And the importance of saving – and putting money where your mouth is, Hobson said.
Once she gave her children $ 3 in cash and took them shopping at a dollar store, where they had to decide between buying sweets – a consumable good – and an item with repeated value, like a toy. The trip gave his children an impressive perspective when they then visited the LEGO store and in sale for sale for $ 189, she noted.
This approach is practical and easy to understand the children, Alexa von Tobel, an investor at Harvard University and an inspired capital partner, said CNBC Make it 2024.
It is important to use the “thing of the facts” tone when discussing money, because it helps your children understand that Gotovina is “a tool to help you live the life you want,” she added, not something that adores or neglects or neglects.
The use of physical money in front of their children can also help, Hobson said, as children can fight to fully understand the value of the dollar when it only appears on the screen as a number.
“For the kids, this is on a credit card, phone or she is spitting out of the machine, so you try to explain that you work for it [is] Super hard, “Hobson said, adding,” Use cash to see it is finally … and you don’t have an endless amount. “
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