Kidz 4 Money, A MindSet of Wealth

Now that you have begun thinking about how you will earn an income, we need to discuss how you plan to spend your money. There are tons of traps out there so you must pay close attention to where your money is going, who it’s going to, and why.

There is an old saying, “your heart is where your money goes.” This has a frightening truth behind it. Emotions often connect to spending. You must not let this happen. Your emotions are a powerful force; they can direct and redirect your decisions and behaviors. Also, your emotions can make poor-spending a very easy habit.

Knowing how to spend your money is the first battleground in developing wealth. It is the front line in controlling your money and it all starts with your MindSet. Read “The Power Over Money” to understand how the MindSet works.

NO matter how much money you make, you can destroy wealth with spending.

“Whenever you spend money, you are making someone wealthy.

The question is, is it you or is it someone else?”

Spending

As a teenager, you are learning how to spend your money, what to spend your money on, and where to spend it. There are tons of examples around you, but the problem is that many of these examples are pointing you in the wrong direction.

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There is no need to buy something just because it’s on sale when you know you don’t need it. There is no need to buy something because a celebrity wears it. There is no need for you to take on spending habits of others that you see. This is about you and the decisions you make!

The golden rule of spending for wealth is

Earn 2 and Spend 1

Special Note: This means to spend only half of what you earn for your needs and use the other half to invest in your future. If you have not yet decided on how you intend to invest your earnings, then save your money in a bank account. This is what is meant by “pay yourself first.” If you can abide by this rule, you are on your way to being wealthy.

When spending your money you should make conscious decisions. We all go through times in our life where we want to keep up with what’s popular, but don’t live your life by it. It’s not worth it, as nothing stays popular forever. You’ll end up with a closet full of Members’ Only jackets, parachute pants, Frankenstein shoulder padded blouses, or platform shoes with fish in them. If you don’t know what these items are, ask your parents. They are the remains of what was popular back in their day.

No matter how much you try to keep up with the times, the times will not keep up with you. In fact, advertisers can’t wait to tell you that what you just bought is out of style, so they can introduce you to what’s new and just came out.

Here is the cherry on top: when you wear that latest style, you are actually advertising for the same people who convinced you to spend your money with them in the first place. They win Twice. Cha-ching! You spend more money, your friends spend more, and the manufacturers are getting rich.

“Whenever you spend money, you are making someone wealthy.

The question is, is it you or is it someone else?”

Special Note: Learn how the ‘Circle of Uniqueness’ can eliminate excessive spending. Find it online at www.kidz4money.com

On average, you are being shown 3,000 advertisements a day. This much information is going to send you into advertisement overload. Think about it. Everywhere you look is some kind of advertisement—buy this & buy that. In fact, advertisers spend billions to get your attention each year. Think about it. If someone is trying that hard to get your attention, they must know that you have something very valuable to offer and they are not only after your money, advertisers are after your mind—your MindSet.

If you don’t think advertisements work, here is a test

A woman wanted to buy a car at the local car dealership. She walked up to a salesperson and asked for a lime-green SUV with wings coming out of the door. Can you imagine that, a lime-green SUV with wings? Close your eyes and see her car. Can you see it? OK.

She also stated that she was from Kansas City and wanted the car as soon as possible. One week later, the car was delivered to her just the way she asked.

Here is a question: Where was she from? _________________________

Here is the test: Completely forget the lime-green SUV with wings…. Erase it from your brain.

Take your time, get rid of the thought.

We want no recollection, at all.

Wipe your mind clean of the lime-green SUV with wings.

It is impossible. Even when you think it is gone, there it is again, imprinted into your brain forever.

Here’s another test: Have you or any of your friends ever bought something and after buying it, you wondered why you bought it or you did not want it? Almost everyone has done this at one time or another. Well, guess what? You fell victim to the power of advertising.

Advertisers want to make you think their way or the way that will fatten their pockets. They want you to think spending is easy, fun and needed for a great life. But don’t think the way they want you to think. The next time you are about to buy something, take a couple of extra minutes to think about how you are about to spend your money. Think if your purchase is what you really want or what you have been convinced to want. Don’t be a sucker like many of us have been. Think for yourself.

The secret is to shop smart. It is not bad to buy things, the bad part comes when you spend money you don’t have or for things you don’t really want or need.

Financial Fitness: Financial Literacy for A New Generation

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