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In this issue: Findings from my latest podcast guest, turning obsessions into opportunities and a nugget of weekly wisdom. “Working to help parents raise money-smart kids.” 3 Ideas to Share & Save Hello, friends! Welcome to another installment of “3 Ideas.” I hope you find this week’s content share- and save-worthy. Now on to the good stuff! — 1 — Are You Experienced? I hope you listened to my recent Art of Allowance Podcast discussion with prolific family finance researcher Dr. Ashley LeBaron-Black. Here she explains how money conversations, modeling and experience intertwine. Of course, Ashley can communicate only so much in a video short. But in her full podcast episode, she details what research is suggesting about the methods that are working when raising money-smart kids. (Hint: We’re on the right path here at The Art of Allowance Project.) As you can imagine, Ashley and her team are in the midst of continuing investigations. There’s still much to learn, and I look forward to having her back for an update soon. (Certainly sooner than the five years between this conversation and our last one! 🤦🏻♂️) — 2 — Use Your Tools: One of my writing teachers once wrote, “For adults, relevance centers around utility. For kids, it centers around obsessions.”
—David Perell
We can turn these obsessions into learning opportunities. (And they can also help us maintain our sanity as parents! 🤪) For instance, my whining about the price of an American Girl doll didn’t temper my daughter’s desire for one. In fact, that behavior just fed the flame. But saving for months for said doll provided her the perspective that only experience can offer. The same holds true for LEGO sets, Shopkins displays or any other pricey collectible. Ultimately, this is just another reason to appreciate the power of an allowance. Distributing a regular sum to our kids when they are young gives them control of their own money. Sure, they will test our resolve with griping and tantrums, but only to see if we’re going to stick to our guns. It doesn’t take long for them to realize they have control. And if they have the patience, then they can forge ahead with collecting. Their obsessions might even spur them on to get a job or build a budding business. If we let it, our system can do much of the work for us. That is the art of The Art of Allowance. — 3 — Weekly Wisdom: I can’t shake this idea from podcast guest Kevin Kelly. And neither can many of you, apparently, as it’s our most-watched YouTube short. Kevin’s insight is profound and parallels something Steve Jobs said about creating products. “If you’re going to make something, it doesn’t take any more energy—and rarely does it take more money—to make it really great. All it takes is a little more time. Not that much more. And a willingness to do so, a willingness to persevere until it’s really great.”*
Money is a tool our kids learn to wield to craft the lives they want. But building great lives, just like building great products, is more about the appropriate use of energy, time and perseverance than it is about money. As always, enjoy the journey! John, P.S. Please consult with a financial or investment professional before engaging in any decisions that might affect your own financial well-being. *from the book Make Something Wonderful: Steve Jobs in his own words View this email in your browser. Forwarded this email? Sign up here.
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