Good morning 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 and the FLYER. I also wanted to let you know that my family is going through a very rough time at the moment because I have just come to turn with the information I received a few days that I was diagnosed with early onset with multiple sclerosis aka MS and in order for me to deal with this news and to find the joy to fight it my blogging about financial related and helping everyone who wants the information so I am dearly sorry for taking so long to post this .
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 growing 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.
FLYER; There are a lot of children that act like Flyer on occasion. They do n’t have the skills yet to save well or to spend responsibly, so they often look like they just don’t care about or think about money. But a true flyer child will not care if they allowance at all. They will not remind you that it allowance day. they will not ask for extra chores so they can earn extra money for the latest toys. To be honest they simply don’t think about it at all.
What if your flyer child does get an allowance, what a challenge is to help them think about what he does with the money. Unlike the other Money Personalities, the Flyer doesn’t have the need to control his spending or his savings. They will be just fine with the idea of you take over complete control and tell him what he can do with the money. Remember as tempting as that as that might be, these years are the most perfect time to help your Flyer child develop the much need skills to management skills to master.
These are the lesson that will only stick if you keep in mind that the key to your Flyer’s attention is relationships. The more you can tie money goals and the choice to relationships, the deeper those messages will sink into your Flyer. So ask your Flyer ” What would you do if you a had a $100 or they can do exactly what they said he would do with this imaginary money, but he should think of some manageable goals for saving and giving. Keeping working hard at connecting his their efforts to the relational side of those goals – you might something like ” Should we take you maybe invite your some your friends to the air park in next month ?” or ” How about the excitement that the donated toys are going to bring the sick children at the hospital that your friend and you bring to them .”
And pay attention to your Flyer’s spending. Until he gets a little older and has a few more money skills, you might need to hold the purse strings for this child. Even adult flyer has a time keeping track of their money, so a young Flyer will need a little more adult supervision on his spending than a young Saver. If your Flyer if going somewhere friends, give him only enough money to pay for the movie or the candy or the pool fee and no more. If you were to hand them a $20 dollar bill, you’re never to be able to see the change that.