The kids have all sorts of money making entrepreneurial ideas and are always seeing something that they’d like to purchase. It’s time to teach them smart financial decision making skill sets that will not only set their minds up for success, but their ability to have as many adventures as they are financially capable of with good banking techniques.

I’m sure if we all blindfolded ourselves in a room, asked basic questions regarding bad financial decision-making, hands would go up. Why? Were they only lessons that could be experienced or could they have been diverted with the guidance of any role model in our younger years? Since we try to teach our children not to make our same mistakes in all aspects of life, why is it financial mistakes never seem to get untrained for the next generation? Or for that matter, GOOD financial decisions to raise our children with? This will protect them to allow for a more mentally stable, financially capable, and goal-oriented focus.

I’m not perfect, but I am a true believer that ‘a person’s largest values in life stem from their failures’. Here’s how I view that. When I failed at something it stuck with me. How it felt, where it put me, and how it influenced my decision-making there after. So, if you teach your children with these same mentalities, including smart financial decision making (i.e. saving for something that is worthwhile) it will naturally be indoctrinated into their life’s processes.

Alexis purchasing a few mementos from McKay's Bookstore

So how do we plan to teach smart financial decision making to our children?


No not really… but we started our own “digital home bank”. When the kids make money or recieve a significant amount of money we will guide them on how much to put into their ‘savings’ and their ‘checking’ accounts.

Then we created Our Hive Bank Template to help ensure accurate deposits and where it came from, withdrawals and what was purchased, and their up-to-date balance. This not only shows how fast their money can dwindle/accrue by seeing it , but allows us to show them how frugal they are or how extravagant they choose to be.

Now, this whole process can also be vetoed at any point if the purchase is simply out-of-sorts. I.e. constantly wanting to buy mints/gum/candy… However, many times our children purchase items with intent to share with the crew, like Matthew likes to treat everyone and buy everyone ice cream/sodas etc. For me this is huge. Growing up below the poverty line taught me not only a humble existence on this earth, but a respect for money and where I do not wish to return. Knowing that my children love each other enough that they are willing to spend the episodic amounts of money they receive from birthdays, competition (Papa Chip’s swimming challenge), holidays, makes me proud as a parent and who they are becoming.

The 50/50 Rule

We are beginning to implement the 50% parental support role that Shiang-ling taught me from her childhood. This technique is used primarily to support a savings goal for a purchase that Shiang-ling and I see as a worthwhile. For Shiang-ling it was saving for her first Dell computer and her dad would go 50/50. However, she first had to reasearch the item, present it and why she wanted/needed it and how she would pay for additional/after purchase fees that would come along.

This not only creates a bond with a child, but teaches them the art of bartering, saaving, goal setting, working hard, representing yourself and explaining your financial goals with reasoning; this eventually may lead to opening up a business and understanding the value of angel investors and loans based on good business plans and the ability to sell yourself.

Matthew has very smart financial decision making skills.

So that’s it… (lets out a forced breath) Easy, right? Ha-ha! Well, once you get into it and hold yourself accountable as you hold your child(ren) too, you’ll be on the path for financial success. We are just in the beginning stages of our Hive Bank, and excited to teach them smart financial decision making. Don’t worry, your child(ren) will now be more financially ready for our ever changing world. Best of luck!

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