What Is The Role Of Money In Your Life And Other Money Questions

Have you seen the money related conversation starter cards circulating in the social media lately?

It is the Financial Service Council NZ teaming up with Hatch investment platform who brings us these downloadable cards that each have a money related question to answer.

I thought I’d do a post series of personally answering a few of these questions in each post and inviting you to share your own answer to the same question in the comments! You can download your own set here.

How have your beliefs about money changed over the years?

I used to believe that money was a scarce resource, That what others had was away from me, and not something I could ever get.

I was jealous, quite painfully jealous of other’s success, or sudden “windfalls”.

I had a friend growing up whose dad had passed way when she was young and he had left behind an inheritance.

She got access to it when she was 18, it was about $20,000, so not a life changing sum, but a big amount of money to an 18-year-old.

I was pretty jealous about that! I needed to keep reminding myself why she had the money. It was because she no longer had something else, her dad. And what is that really worth?

Another old friend was a victim of a nasty crime. After a long court case she received compensation, upwards of $50,000. I felt the twinge of jealousy again.

I needed to remind myself that the trauma wouldn’t really be worth the money!

I’ve been working on my money mindset, reading books and exposing myself to people who think differently and do money differently than I used to.

I’m glad to say that I rarely feel jealous of what others have.

I don’t need to have something awful happening to me, I can work on creating wealth and get there myself as well.

It has been a great mindset shift, and has made me a lot happier and a lot more content with my life.

What is the role of money in your life?

To me money is a tool that I can use to reach the things I want in life.

I can use it to buy a home for my family and pay for the things we need to be comfortable.

I can use it buy good food for us.

I can use it to have little joys in my life, like books and other hobbies that cost money.

I can treat my kids to nice things with money.

Creating wealth can buy me time in the future where I don’t have to work so hard anymore to have money for the things I want and need.

I’m excited about money and grateful about all the opportunities it brings.

Should children get an allowance (pocket money) from their parents and at what age?

Yes in my opinion.

Allowance, when used right, can help children learn to budget and manage their money in a safe and controlled setting where mistakes don’t have big implications.

Personally I will use an allowance to teach budgeting. My kids will be given an allowance, that is to be used for certain things, like school supplies or clothes.

It will be their job to ensure that what they need is bought with the money given.

On top of this allowance there will money paid based on chores. This will help teach work ethic and that if you work hard you will get paid more.

This money they get paid from chores I will encourage to save for future, for their current wants and to donate some as well.

I’m really looking forward to this stage in my girls life actually!

You can find other money questions and my answers to them here.

I’d love to hear your answers to these questions in the comments below!