The Difference Between Me and We : Tips for Raising Generous Kids

Transcription

1 The Difference Between Me and We : Tips for Raising Generous Kids With Stacy Allred Head of the Center for Family Wealth, Merrill Lynch Wealth Management And Nina Easton Journalst and Chair, Fortune Most Powerful Women International

2 Please see important information at the end of the program. Filmed on 8/11/17 MS. EASTON: We hear a lot these days about how to teach children about saving and spending. But we don t hear a lot about giving. How do you incorporate lessons of giving, and at what age should you start talking to your children about that? MS. ALLRED: To really build that attitude of giving, it is nice if you can start early. Think of the toddler who s very focused on themselves, right? Those me years.

3 MS. EASTON: Sure, absolutely. MS. ALLRED: And as you re giving the toddler a gift maybe on a birthday, perhaps you can ask them to go choose a toy that they no longer need and give that away. [L3 GRAPHIC] Get a birthday gift give one of your older toys to someone who has less. MS. EASTON: That s really a lovely idea. How do you keep that spirit alive? MS. ALLRED: So, families can give an allowance, right? And they can give it in three buckets save, spend, and share. [L3 GRAPHIC] Divide your allowance into 3 buckets: SAVE, SPEND and SHARE

4 And in that third bucket, if you re paying allowance let s say once a month, then you re talking on a monthly basis about what do you want to do with that share money. And it can be a great way to teach your children around, about decision making. MS. EASTON: How do you instill that sense of impactful giving as children get older? MS. ALLRED: One of my favorite techniques of giving is the opportunity for the kids to make microcredit loans. It s something that you can get on the computer and set up an account for them on like a Kiva.org or Opportunity International

5 [L3 GRAPHIC] Join a microcredit lending site

6 Learn what a difference $25 can make. And with a small amount of money starting at $25, they can make loans to entrepreneurs around the world. These interest-free loans are paid back, and it s giving them a broad sense of relativity of wealth around the world. MS. EASTON: That s incredibly powerful, and that s an incredibly powerful way to help kids learn about the impact they can make by giving. [FULL PAGE GRAPHIC] For more insights on how we can help you work toward your goals, visit ml.com.

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