Money Mindsets by Age 7: Shaping Wealth Early

“Money Mindsets by Age 7: Shaping Wealth Early”

You won’t believe what happened to Sausha’s daughter in 2nd grade—she came home saying, “Making money is hard!” Wait, what? That wasn’t taught at home, so where did she pick that up? In this episode, Sausha unpacks the crazy reality that most kids form their money beliefs by the age of 7! Yep, by second grade, they’re already absorbing ideas about money from everywhere—school, friends, society—and carrying them into adulthood. Sausha’s ready to share how you can flip the script and teach your kids (and maybe yourself) how to think differently about money.

Get ready for some eye-opening stories, a sprinkle of research, and plenty of actionable tips to make sure your little ones grow up knowing that wealth isn’t out of reach. It’s time to empower the next generation to believe that making money can be fun, easy, and limitless. Tune in, buckle up, and let’s change those money mindsets, one belief at a time!

Transcript

0:00: Hello and welcome to another episode of the Sales Mama podcast. 
 0:09: Today I wanna talk about money mindset with our Children. 
 0:14: Ok. 
 0:16: I was gonna do a bunch of research before this podcast, but, you know, time got the better part of me and I figured done is better than perfect. 
 0:26: So, here we are. 
 0:28: I have seen, I've heard this multiple times over the past month and so, you know, when you see something, you hear something like over and over and over again and all of a sudden it's like, oh, yeah, that's a thing. 
 0:44: And so this morning I was taking my kids to school and I was talking to my daughter. 
 0:51: She's seven and I've heard this saying a few times now where it's like your kid's money beliefs, they develop their money beliefs by the age of seven. 
 1:04: And I've heard this several different times, several different times. 
 1:08: Your Children develop their money beliefs by the age of seven. 
 1:11: I'm like, wow, that's fascinating. 
 1:13: That's fascinating. 
 1:14: You know, I just kind of like went in one ear and out the other, like I heard it, but I didn't really hear it. 
 1:20: You know what I'm saying, and this morning it was like, holy shit. 
 1:25: I have a seven year old, I have a seven year old. 
 1:30: And so I like, went into this panic almost when I'm taking my kids to school. 
 1:35: And I said to my daughter, I was like, hey, what do you think about money? 
 1:41: You know, I'm asking her all these money questions and I said, where do you think money comes from? 
 1:46: And she's like the bank? 
 1:48: I'm like, yeah, but how do you think the money gets into the bank? 
 1:52: And she goes, well, you work for it, like, well, what kind of work? 
 1:55: And she's like, well from the ranch and my husband, you know, we work, he's a rancher, right? 
 2:00: We like, work at a ranch. 
 2:03: I'm like, oh, yeah. 
 2:05: But what do you, what do you feel like about work? 
 2:07: And I started asking her a little bit about work and a little bit more about money and this is where it gets interesting, right? 
 2:16: She goes well, yeah, you got to work really hard for money. 
 2:20: I said interesting. 
 2:22: I said, who told you that? 
 2:24: She goes? 
 2:24: Well, they told me that at school. 
 2:28: I was like, who told you? 
 2:30: She was my teachers. 
 2:32: I was like, oh I said, what did they say about money? 
 2:36: She goes well, that you have to work really hard so that you can afford groceries. 
 2:43: And I was like, holy shit. 
 2:47: Holy shit. 
 2:49: And then she went on to talk about, like, just all these crazy things about, like, how there's not enough money and you have to save all your money and how you have to work really hard for money and all of these things. 
 3:04: And I was just like, oh my God, oh my God. 
 3:10: Like, the teachers are telling my Children that it's hard to make money and that money doesn't grow on trees and that you have to work really hard and that people live paycheck to paycheck and that you can't afford to buy groceries. 
 3:25: And I was like, because we don't talk like that at home, I do not talk like that. 
 3:31: And so I asked my five year old who has been with me for the last few years, you know, he just started kindergarten. 
 3:37: I said, you know, what do you think about money? 
 3:40: And he goes, well, I always say you can make as much money as you want to make. 
 3:47: I just started laughing. 
 3:49: I was like, oh my God, like, how vastly different are those between kindergarten and second grade? 
 3:58: Right. 
 3:59: Because in second grade, they just started learning about money at the end of last year. 
 4:05: Holy smokes, right? 
 4:08: And not that I think anybody is right or wrong. 
 4:12: I mean, I feel like I'm right. 
 4:16: Let's be honest, I feel like I'm right because that's one thing that you can always, you can always make more money, you cannot make more time but you can make more money. 
 4:26: This is, this is the whole reason of this podcast. 
 4:28: This is the whole reason of having a business or a side hustle, right? 
 4:33: Being in control of your money, you can always make more money. 
 4:36: This is why we have businesses and side hustles and investments because you can make more money. 
 4:42: You cannot make more time. 
 4:45: Right? 
 4:45: So, I was just like, holy shit. 
 4:48: I had a whole aha moment this morning. 
 4:51: Like I have a seven year old and my seven year old's beliefs about money are coming from school. 
 5:01: I have not been influencing her the way that I thought I was. 
 5:06: And that sucks. 
 5:08: Like that's a big moment for me. 
 5:12: You know, we talk quite a bit but that was a huge like mom guilt moment for me. 
 5:20: I it was not a proud moment for myself. 
 5:24: I will say that like immediately I went down this rabbit hole of like I suck. 
 5:29: I should pull my kids out of school. 
 5:31: What am I doing? 
 5:32: I'm not spending enough time with them, you know, all of these things, right? 
 5:36: Why am I doing this? 
 5:38: Should I just burn it all down? 
 5:40: Like does it really matter? 
 5:42: Like all like all of the things? 
 5:44: Right? 
 5:44: Total spiral all because my daughter said you got to work really hard for money. 
 5:52: Money doesn't grow on trees, the banks manage all the money, you know, I mean, she's not entirely wrong. 
 6:00: You know, like you do have to work hard. 
 6:02: I'm not saying that money is just handed to you, but you can make as much as you want to make. 
 6:09: You know. 
 6:10: And so I explained to her, I said, well, you know, making money is just like any other skill, honey. 
 6:16: Like you can learn how to make money and be really, really good at it. 
 6:20: It's a skill that you learn. 
 6:23: And she was like, oh, so I can learn how to be really good at money. 
 6:26: And I said, yeah, you can like, you can learn how to be really good at money right now. 
 6:30: I said, you don't have to, you don't have to, you know, struggle with money. 
 6:34: I said there's some people out there who, who do really struggle with money and you don't, you don't have to, you know, it's just like any other skill. 
 6:41: Like some people are really good at riding horses. 
 6:43: Some people are really good at playing the violin. 
 6:44: Some people are really good at, you know, other crafts and abilities, right? 
 6:50: These are all things that we can learn. 
 6:53: You can learn to be really good with money, right? 
 6:58: We don't have to own these beliefs. 
 7:01: We can choose different thoughts, we can choose different beliefs and it's much younger or much easier to do when they are young than as adults like us. 
 7:12: Like you guys know how hard it is. 
 7:13: Hell. 
 7:14: Like I've been doing this work for like God, well, it seems like forever but I mean, it's probably been 10 or 15 years of just doing like deep dive money work cause man, there was a time where I just thought like, you know, when I made like $42,000 a year, I thought I was just like the coolest person in the world you guys that was like 2012. 
 7:40: And I will tell you, I have made that much in a month since then. 
 7:44: And that's wild to think about that. 
 7:46: I used to make in a year what I can now make in a month. 
 7:53: That is insane, right? 
 7:55: Like that is insane. 
 7:57: But it's entirely possible and it's possible for you too. 
 8:01: You can always make more money. 
 8:03: So what I want you to take away from this is ask your Children or just ask yourself first, what are your beliefs about money? 
 8:13: Where do you think money comes from? 
 8:16: What are your thoughts and feelings about money? 
 8:20: Ok. 
 8:22: Do you feel like it's hard? 
 8:23: Do you feel like it's easy? 
 8:24: Recently in the sales mama school? 
 8:26: We went through a money threshold, ok. 
 8:31: We went up the scale of money to see where our threshold was where we started to have mixed feelings about money, right? 
 8:39: And it's really interesting to see where people started to fall off where they started to not believe in themselves, the stories that they started to tell themselves. 
 8:47: It gets real interesting real quick. 
 8:50: Right? 
 8:51: Or like if you, you know, cause some people are like, 0 $10,000 is really hard to make, I have a better chance at winning the lottery than I have at making $10,000. 
 9:01: Now make that make sense because it's easier to make $10,000 or $20,000 or $50,000 or $100,000 than it is to win the lottery. 
 9:10: I mean, don't get me wrong. 
 9:11: I still play the lottery because who doesn't want to win, you know, 100 or $200 million. 
 9:16: But I will tell you that if you don't fix your money mindset, it doesn't matter how much money you come into, your habits will go with you. 
 9:26: You can't run away from yourself. 
 9:29: So fix your habits so that when you make more money, you know how to manage it. 
 9:37: Let me repeat that you can't run from yourself. 
 9:41: It doesn't matter if you get a raise at your job. 
 9:43: It doesn't matter if you come into money. 
 9:45: It doesn't matter if you make more money in your own business. 
 9:49: If you do not know how to manage a dollar, you're not gonna know how to manage 10. 
 9:53: If you don't know how to manage 10, you're not gonna know how to manage 1000. 
 9:56: If you don't know how to manage 1000 you're not gonna know how to manage 100,000. 
 10:00: This is something I still struggle with. 
 10:03: Ok. 
 10:03: It's a constant learning thing for me. 
 10:06: OK? 
 10:07: That's why I have systems and people in place to keep me on track. 
 10:10: And honestly, one thing that I have done is I hide money from myself. 
 10:15: Like I have safety nets in place because sometimes I'm, I'm a spender, I'm like, oh, I'm gonna go do this. 
 10:22: Oh, I'm gonna go do that. 
 10:23: So I gotta hide money from myself. 
 10:24: So how can you set yourself up for success by rewiring your brain, your thoughts, your beliefs and creating new habits around money and then ask your Children what they think about money. 
 10:46: And that's gonna be really eye opening for you either in a good way or in a bad way for me. 
 10:52: It was both for my daughter. 
 10:54: It was not a good way. 
 10:55: It was like I felt as a parent, you know, I felt like a real shitty mom. 
 10:59: But then with my son, he was like, yeah, mom, it's like I always said, you know, we can always just make more money. 
 11:07: I was like, oh my God, you know, and then my other two are too young to, you know, understand the concept, right? 
 11:13: So like I'm doing ok with one and I was not doing ok with the other. 
 11:17: So total mixed feelings this morning. 
 11:21: But I wanted to share that with you because I know a lot of you have younger Children or just, you know, Children of any age. 
 11:29: Right. 
 11:30: So have the conversation with them and see if you can help, set them up for success right now. 
 11:37: I don't think it's too late. 
 11:39: Even if you have an eight year old, 10 year old, 15 year old, hell, 20 year old. 
 11:43: What can you do right now? 
 11:46: To help, set yourself up for success and to help, set them up for success. 
 11:51: Start having the conversations about money now and make it not weird. 
 11:57: Ok? 
 11:59: Monkey see monkey do, ok? 
 12:01: If they see you making more money and talking positively about money, that's gonna mean a hell of a lot more than do as I say, not as I do, right? 
 12:11: So that's what I want to leave you guys with today. 
 12:14: I'm here in the pickup line to get my kiddos. 
 12:16: So I will catch you on the next episode. 
 12:20: Have a good one, kick ass, make some sales this week.