The money plant is actually an oxygen-generating plant. The name is attributed to several stories of how people got rich with the help of this plant.
In my childhood, I’d go to bed with a picture of Santa Claus under the pillow on the night of 24th December, and find money there on waking up.
Aladdin and the Magic Lamp is a favourite story we’ve all grown up with.
We love being the genie in the life of our children, to fulfil every wish of theirs. And we are not doing them a favour. It gives us so much happiness to see them happy. It’s a very selfish act.
Mark the words, “It’s a very selfish act” …. Beyond a certain age.
HOW CHILDREN INTERPRET MESSAGES
It may not be the norm, but I’ve heard these words emanate from grown-up children.
“You just provide the money. I’ll decide what to do with my career.”
“Are you doing me a favour? I did not ask to be born. Parents all over the world do it.”
“I just want this. All my friends have it, and I can’t cut a sorry figure.”
We find parents who support the behaviour too. I know a woman who compelled her husband to buy a new car because ‘her children are developing a complex, as all their cousins have good cars.” The money was needed for his business, but was diverted to buy a car they could have done without for some time.
The money plant is passe. You are now an ATM, in process of conversion to being a payment app.
WHAT IS HAPPENING IN THE MONEY PLANT OR ATM NARRATIVES?
Children have failed to understand the Money Cycle.
Earn —> Spend —> Save —> Invest
Inheritance may occur once or twice in a lifetime, often in later years. Receiving gifts in cash is occasional.
A life skill that kids in all age groups need to have is managing money.
We need budgeting because there is no money plant you can shake up and get money.
Budgeting is needed not only to manage within the monthly allowance.
As soon as they move to another city to study or work, they will need to find affordable accommodation, manage the commute to college or work, find options of eating healthy at a reasonable cost.
They may need to share a vehicle or kitchen or home with a house mate, and need to know how expenses will be split.
Yes, there are apps, apps and apps all over, but those are not useful without the common sense or the ‘money mindset’ app.
Are you ready to take your kids through a journey of financial awareness and literacy?
Stay tuned for more.
Download the ebook Decoding Money Habits to know how spending behaviour has its roots in childhood.
All the best!