Good evening all my Millionaire Buddies it is my honor to be writing this post tonight to pick up where I left off a couple of days ago with Allowance Part 2. So into tonight post, I am going to be talking about the money personality known as RISK TAKER and SECURITY SEEKER.
So a young a Risk Taker doesn’t have any chance to take actual financial risks, so it’s easy to way to easy to miss of your children challenging Money personality traits. At this ages, a lot of risk takers look like spender or even a saver. But you will also notice that your risk taker wants to save her money for something unusual, like a new video game, or they want to spend to there money on a new bike so they can ride with their new friends. To be truthful she really not interested in having stuff she interested in experiences. So a that makes a lot since right risk taker is looking for the risk.
When it comes to using their allowance wisely, the biggest hardly for your young risk taker will be that she isn’t quite able to think through the consequences of the decision. This is because partly due to her age and the developmental stage, but she a risk taker money personality adds another level impulsiveness to mix.
You can counter this lack of future thinking by being overt about your expectations for the risk taker’s spending and saving plans. You are able to honor your child’s love of new and different experiences she craves. Maybe she likes to rides the biggest roller coaster in the states before she turns ten, Saving up enough for the admission to that theme park is a park perfect for short-term saving goals for risk takers.
As your Risk taker gets a lot older, let help her look further down the road for her saving goals – maybe she can start saving for her first car. Maybe she can start setting aside money to fund a trip after high school graduation. When she knows there’s an Incredible experience waiting for them, your risk taker will be much more included in smart spending and saving.
Security seeker is all about the future, and that makes them great planners when it comes to money choices. They are very willing to take the extra step not to have fun for now if it means less stress in the future. If your security seeker sets aside for something, like spending money on the family vacation or to buy a special toy, then you can bet your heart that the way she is going to be spending is it.
But even with their great ability to plan and save for the future, the young security seeker also will feel anxious about their future. Your security seeker may not even think about the future in financial terms just yet , but they might be thinking about where they will be living when they are grow up or what kind of job they are going to want or they might be coming up with a plan to live with there best friend or every life with you forever . Every child thinks about the far off future, but for the security seeker, these thoughts aren’t just ideas they are real concerns to them.
When it comes to their allowance, you might find out that your security seeker has a lot of plans for their money, but that a few of this plan do not involved spending money anytime soon. Even if you have the best spending/ saving/ giving plan set up they might still want to resistant to spend their money, due to the fact they would rather just save it all toward there goals in the future.
This why Security seeker thive better with both short-term and long- term saving goals. And when I say short-term, I really mean only a few months down the road. Your Security seeker doesn’t need to save a big chunk of money, but help her practice saving up $20 or so for a certain toy or an outing with her friends. By doing this it shows her that it is okay for her to let go of some money now and them and that she’ll still have enough for her future goals.
The Same is true with giving. You Security seeker won’t be inclined to give money away, so guide her to help her get used to the idea with a $5 donation here and a $10 donation there. Even saving up her change to drop in the Ronald McDonald house can give her in the healthy habit of sharing what she has while learning that it is not going to ruin her future plans. And when she knows that’s the plans, she’ll do a great job of making sure it’s exactly what happens.
And as always I look forward to helping you save money while rasing your child/children and may God bless you .