As the founder and CEO of My Financial Home Enterprises, a nationwide consulting business specializing in wealth management, Cozette M. White, “The Money Coach,” is on an unapologetic mission to transform lives and bank accounts. As a leading wealth strategist and certified business coach, she’s an exceptional business communicator and author of Smart Finances for Smart People; offering strategies and tactics to effectively manage your personal finances even if you are crazy busy.
Based outside of L.A., Cozette has been engaged in entrepreneurship since 2001. Today, she helps her clients to get ‘bankable results’ by making sense of their money. They learn to ditch the debt and develop a plan to create the kind of wealth that leaves a secure financial legacy. Their negative money story is transformed from limiting beliefs to unlimited skies of possibility. Clients are more confident, empowered, and inspired to make wealth a priority, understand and implement principles that make a meaningful difference in their lives and families.
White recently launched a practical system under the My Financial Home suite designed to teach children about money and wealth at an early age. When the program was introduced, it skyrocketed on social media, particularly among parents who were drawn to get this message to their children. “If we don’t help our kids develop healthy money habits, then they become accustomed to being rewarded for participating, not producing.” The Infinity Wealth Circles Chore Chart System teaches children to assume responsibilities around the house and encourages them to work together as a family unit—after all it’s all about “one team, one dream.” The system enables youth to assume personal accountability for their actions and helps them to understand they must “earn” money and not “burn” their parents’ money by thinking they’re entitled to it. The system also empowers children to establish financial stability and eliminates the entitlement mentality. Balanced ambition grows as they wait for things they want and, over time, a healthy work ethic is manifested. They now are encouraged to foster a vision for the future that motivates and energizes them to labor for it.
We asked Cozette to share a high level overview of The Infinity Wealth Circles Chore Chart System:
1. It starts with the chart labels that are placed on a money board in an area where the entire family can view the board. These are daily chores that will be assigned to the kids. Together as a family, we sat down and assigned the chores together. The kids ‘choose’ what chores they feel they are most able to complete independently. Allowing the kids to choose chores with you gives them more of a voice. This helps with personal accountability and also being responsible. They should be age appropriate and set your kids up for success. For example, taking out the garbage, making their bed, etc. When your kids complete the basic chores, they are paid a base salary which is at your discretion.
2. Next, we laminated our chore chart for logging purposes. We designed the chart for personality and then we began tracking. We tracked all incoming and outgoing monies for the kids.
3. The pay-for-chores are chores in which the kids earn extra money doing chores that their parents would normally perform. The household rule is: all homework must be completed and the kids have to complete their daily personal chores before doing any pay-for-chores. This motivates them to complete their daily chores. Pay-for-chores acts as an incentive plan for the kids. It is mandatory that each child take 50% of their money and deposit the funds into their personal savings account.
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