Enseignez la patience!

Did you see the article in the WSJ titled “Why French Parents are Superior” “Bringing Up Bébé: One American Mother Discovers the Wisdom of French Parenting”? I am sure that between this new book and “The Battle Hymn of the Tiger Mother,” we poor American parents are feeling a little put upon.

I am nowhere close to being a parenting expert (just ask my two teens), but I am always interested to add a new skill to my parenting tool kit. Or in this case, I was able to confirm an important life skill that just happens to relate to learning to be financially responsible: Teach your children to have patience.

In the article, the author spoke about the importance of your children learning patience. Also known as: delayed gratification. (She even referenced the famous Marshmallow Experiment…see my blog entry.) This is one of the most important money skills for your children to master. It is difficult to learn when we live in a world with instant everything from text messaging to fast food to Wi-Fi access everywhere.

How will our children learn to be patient? When it comes to money, they will need to have patience so they won’t have to live with bad money habits. For example, how many of us have purchased something we really couldn’t afford but went ahead and bought it anyway on credit. We bought now, and paid for it later.

A better money habit is to set a goal, save for it, and then purchase. And when it comes to investing your money, watching your money grow takes a lot of patience. Compounding interest works like magic, but it doesn’t grow over night. It takes time. Time can work for you, or against you. Invest now, watch your money grow. Or live beyond your means now, watch your future become more expensive as inflation takes over.

The best way for your children to learn the money skills they need to be financially healthy adults is for you to start an Allowance Program and talk about money in everyday situations.

And, maybe a little French lesson is not so bad after all: Enseignez à votre patience de l'argent enfants. Translation: Teach your kids money patience.