41 of 100 Dads – Value Money

Ronald is the second Dad in the series from incarcerated Fathers. Now in his 50’s he has four grown children. He’s loved to watch, and support, them in reaching their goals.

Ronald admits it has been difficult to allow his children to make their own mistakes, but he was confident they would learn from each of them. In the future, Ronald hopes for health and happiness for all his children. He wants their life to be long and fulfilled, while mentioning grandchildren might be nice!

Ronald, “Ensure your kids know the value of education, money, and work. Give allowances for in home tasks (some though should be done automatically) and tasks outside the home support this.” Tip 5

Ronald’s tip, valuing education, money and work, were three main focuses of our parenting, and our focus was laser sharp. We started to talk to Michael about education, finances, and career around age three. I mentioned fun wasn’t my strong suit, but serious business I handled like a champ!

I remember a banker-friend of mine introduced me to a financial system which we began when Michael was about six. I ‘m so thankful for her tips. Michael continues to organize his money in much the same way, 20 years later.

I started with three Tupperware containers (small, medium, and large), and a determined amount of money. For us, it was $5 per week.

The small dish was labelled “Quick Cash” and I had a little image on the front displaying stacks of coins. This would be used for things such as trips to the store, recess at school, or when the ice-cream truck came whizzing by. In this dish Michael would deposit $1/week.

The middle dish was “Short Term Savings,” also with a picture on it. In it he would deposit $2/week. This would be for a pre-determined item, a larger priced toy, a planned outing, something special he identified wanting to save for.

The largest dish, “Long Term Savings” was described as something he would want as an older teen. This would be a big ticket item, he understood would not be touched for many, many years. He determined it would be for a motorcycle. About two years later he announced it would be his college fund.

Michael had a clear understanding as to what his money would be used for, as well as the concrete knowledge he was responsible for establishing and achieving his goals. He understood if there was a shortage of funds, we would be required to go without or to wait.

I am forever thankful to my banker friend for having introduced us to this concept. I’m also thankful I was fortunate to have had the peace of mind to organize this, as well as five dollars weekly, to support the learning.

We paid careful attention to teach Michael about the value of money. As he was an only child, we had to resist the strong urge to over-indulge him. We were deliberate in implementing teachable moments and an appreciation for practical items.

We were just as deliberate when it came to guiding Michael in the areas of education and work ethic. Starting early served us well.

Michael rarely asked for an advance, and always paid his debit. Michael worked and saved for his education and has been a driven employee since the early days with his Dad on the construction site (age 6).

Now that our children are grown, Ronald is hopeful for grandchildren and I already have the pleasure. In the next “round” I’ll leave the hard stuff to Michael. 😉

Thanks Ronald!

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