Money Monday: How Do You Raise Money Savvy Kids in a Materialistic World?

Money

by Lamar Tyler | on August 2nd, 2010 | 13 comments

by Dr. Charles Alonzo Peters

It’s funny watching young kids carrying cell phones. I wonder what’s so important in their young lives that they have to be able to call anyone from anywhere? Growing up we had one phone in our house - the old rotary type that took ages to dial. And for the longest we had only one television as well. I served as the human remote, turning the dial to one of just twelve channels available.

How times have changed. Today’s kids are likely to have their very own television and computer, wear designer kids clothes, put $69 video game CDs into their $300+ video game systems, and sport $89 cell phones with expensive texting and data plans.

Worse yet they’re indoctrinated into a 24/7, 500+ channel culture peddling a product for every problem. Don’t feel pretty enough, feeling blue, want to be more popular? – our widget will help you, for a price.

It’s not just the commercials. Now it seems the television shows themselves are living advocates for conspicuous consumption. Goodbye “Good Times” and “What’s Happening”, hello MTV’s Sweet Sixteen – a show where spoiled teenagers throw $50,000 birthday parties. At the end of the birthday party they receive their gift – usually a Land Rover, Mercedes, or BMW. Talk about setting high expectations.

We’re in danger of creating a generation of super-consumers. As Blacks this is especially troublesome. A recent report by the Institute on Assets and Social Policy indicates that the Black-White wealth gap has nearly quadrupled.

So how do we raise our children to be money savvy in a consumer driven society?

Perhaps we should turn off the TV.

According to the American Academy of Child and Adolescent Psychiatry by the time children graduate high school they’ll have spent more time in front of the television than in a classroom. Why give the merchants of our consumer society direct access to the minds of our impressionable youth?

Perhaps we should say “No” more often.

As a kid I was the one wearing the cheap sneakers while everyone else sported Nike’s and Converse. I don’t have children but when I do receive that blessing I’ll want to give them everything I never had. Never will I want them experiencing being the odd one out.

I’m sure I’m not the only person who feels this way. Yet sometimes we must say “NO” so that children don’t develop a sense of entitlement – something that’ll quickly lead them down a financial dead end.

Perhaps we should be better role models.

Ouch. It’s true. Our actions speak louder than words. How many of us have used shopping as a form of retail therapy, run up credit card debt, or purchased more car, house, or television than we needed? It’s funny little eyes are always watching and they internalize everything we do.

So BMWK family what do you think? How do we go about raising money smart kids in a world that wants them to consume everything in sight?

Over the next few weeks you’ll get great weekly insight and tips on managing your greenbacks by Dr. Charles Alonzo Peters of MochaMoney.com so be sure to check back.

About the author

Lamar and Ronnie Tyler are the creators of the award-winning blog BlackandMarriedWithKids.com . They also are behind the Amazon.com bestselling DVDs Happily Ever After: A Positive Image of Black Marriage, You Saved Me and Men Ain’t Boys that explores manhood in the African American community. The Tylers are also the proud parents of four children.

tricee

Turning off the t.v. sounds good to me!

Alonzo

Hey tricee,

It's funny, you're don't realize how much extra time you create for yourself or your kids when the tv gets cut off.

Sistergirl

Children should earn the right to have a cell phone it is just plain stupid to give a five year old a cell. I do not care what you can afford. Children no longer have anything to look forward to.

When I was a child, we couldn't wait to turn 13 so we could wear our hair out. Drive at 16 and date at 18.
What are today's children looking forward to?

Parents need to just turn the tv off and give their kids limits. More and more children are becoming fat and lazy. Many lack creativity. Have you every thought you would see the day when you have to tell children how to play? What a mess!

Alonzo

I hear ya Sistergirl.

Back in the day we could make a complete space fortress out of two twigs and a cardboard box -LOL. Today it seems like all the creativity has been zapped from our kids by television and video games.
http://twitter.com/PaulQuinnTigers Paul Quinn College

I loved this article. I'm not that old–27 to be exact, so it wasn't that long ago that my mother awarded me for being smart and disciplined. I love what Sistergirl said about “What are today's children looking forward to?”

I remember every academic achievement was met by a reward: My first time on the President's List–I got a 14K gold necklace and earring set, which I wore everyday to school with pride. When I earned my first 4.0 in college, my mom bought me a laptop. My Dad gave me and my bros $20 for A's, $10 for B's. C's and D's were simply not tolerated. But, that money, the necklace and the laptop were all precious to me. I earned it and I didn't take it for granted.

A child should be raised with some type of merit system. I mean, isn't that how society works: Good credit=nicer, more affordable cars, houses, etc. I don't like being around spoiled kids, because I wasn't raised that way, so of course I won't raise spoiled children. Meaningless, materialistic gadgets and endless TV time are a sure way to raise lazy, non-creative, disengaged, obesed, under-achieving complainers in our society.
Khastier

I loved this article. I'm not that old–27 to be exact, so it wasn't that long ago that my mother awarded me for being smart and disciplined. I love what Sistergirl said about “What are today's children looking forward to?”

I remember every academic achievement was met by a reward: My first time on the President's List–I got a 14K gold necklace and earring set, which I wore everyday to school with pride. When I earned my first 4.0 in college, my mom bought me a laptop. My Dad gave me and my bros $20 for A's, $10 for B's. C's and D's were simply not tolerated. But, that money, the necklace and the laptop were all precious to me. I earned it and I didn't take it for granted.

A child should be raised with some type of merit system. I mean, isn't that how society works: Good credit=nicer, more affordable cars, houses, etc. I don't like being around spoiled kids, because I wasn't raised that way, so of course I won't raise spoiled children. Meaningless, materialistic gadgets and endless TV time are a sure way to raise lazy, non-creative, disengaged, obesed, under-achieving complainers in our society.

Angela

My daughter is only 4 and typically what my husband and I do right before we go out, we run down the script to her like, “Look, we're going to the store and we ain't buying you anything extra. So don't be trying to fall out on the floor, make a scene, cut up or whatever you think might work because we willwear you out. You hear me?” Usually she's like “yes” in a little bit of a sad voice but we don't feel bad, when we look at her in the store or if anyone babysits her, they usually don't have anything bad to say because she knows how to act. But if we're going a little bit of a distance, we'll make sure we stock our car with some toys and arts and crafts etc and snacks so she can enjoy but we ain't buying nothing new that's for sure. We reserve that for her birthday, Christmas, and when it's time to go back to school.
Anna

Parents are to blame. Some parents will forgo a utility bill so little Ray Ray can have the lasted pair of “Jordans”. My kids know if you want them call your dad or get a J O B. Yes to the other comments, kids are no longer creative. I can't wait for kids to come over to pull out the board games. There are too many parents afraid to parent, your kids don't have to have the latest gear/electronic equipment to make you feel better for not spending time with them. Turning off the tv is not a bad thing, but if it's not your thing don't let it babysit your kids, find an age approiate show for all to enjoy. I suggest “Super Nanny, Wipeout and Wife Swap”. LOL. Nothing like watching someones elses bad kids(on tv). LOL.
Alonzo

@Angela – It amazes me at how bad some of these kids act in public. As kids my brother and I got that shopping warning you mentioned just once. The next time my brother acted up in public he as you say “got worn out” I, as most siblings would do, laughed all the way back to the car.

@ Anna – You crack me up “So little Ray Ray can have the last pair of “Jordans”. Why don't we play board games anymore? Some of my fondest family memories were around a good game of Candyland or Monopoly.
Anna

LOL. I forgot to answer the question. A great thing that parents can do is when a kid gets a real job w/taxes being taken out, set them up with direct deposit, vs allowing them to physically take their paycheck to get cashed. Anyone with money in their pocket will want to spend it more quickly, we know it burns a whoke in your pocket. LOL.
Anna

“whole”.
http://www.blackandmarriedwithkids.com Lamar

Good advice Anna and another great post Alonzo
http://www.ablackwebdesign.com Ayanna

I really enjoyed your article! I agree with Sistergirl…I thought I was the only one thinking that kids were growing up to fast and getting rewarded for things they are supposed to do. My triplets have had a pair of named branded shoes here and there but only if they were on sale. We won't be breaking the bank for things like that. I prefer they eat and we have a roof over our heads. These are the things my husband and I are instilling in them now even at 1 year old.