"When kids grow up on a farm, the value of savings is much easier to
comprehend than in an urban environment. If a farmer sells or consumes
all of corn that he harvests, the following year he will have nothing to
plant and as a result, have no income. The smart farmer knows that
some of what he harvests is to feed his family, some is to sell, and
some is to be saved for seed. Teaching the concept of holding some of
what is harvested (earned) as seed (savings) for the future is something
every farmer’s child understands.
“Unfortunately, most of us aren’t farm savvy. But at your dinner table you could use examples from any farm-grown vegetable that has seeds. Explaining that one kernel of corn produced a stalk with several ears and that each ear produced hundreds of kernels, can teach many principles; planning ahead, sowing and reaping, and compounded interest.
“Years ago we read the book Millionaire Next Door by Thomas Stanley and William Danko. The book gives great insight into the habits of hardworking, wealthy families. Of the many interesting statistics that the authors shared, one stood out to us: the average millionaire saves 15 to 20 percent of what he or she earns. If it’s good enough for them, it’s good enough for our kids and us.” – Steve & Annette Economides in the MoneySmart family system
Children are not accustomed to saving. They want what they want and want it now. I like the farmers idea as a way to teach children that saving is important.
Renee Madison, MA, LPC, CSAT is a counselor in Colorado. She can be reached for appointments at 303-257-7623 or 970-324-6928.
“Unfortunately, most of us aren’t farm savvy. But at your dinner table you could use examples from any farm-grown vegetable that has seeds. Explaining that one kernel of corn produced a stalk with several ears and that each ear produced hundreds of kernels, can teach many principles; planning ahead, sowing and reaping, and compounded interest.
“Years ago we read the book Millionaire Next Door by Thomas Stanley and William Danko. The book gives great insight into the habits of hardworking, wealthy families. Of the many interesting statistics that the authors shared, one stood out to us: the average millionaire saves 15 to 20 percent of what he or she earns. If it’s good enough for them, it’s good enough for our kids and us.” – Steve & Annette Economides in the MoneySmart family system
Children are not accustomed to saving. They want what they want and want it now. I like the farmers idea as a way to teach children that saving is important.
Renee Madison, MA, LPC, CSAT is a counselor in Colorado. She can be reached for appointments at 303-257-7623 or 970-324-6928.
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