Remove the stigma from the phrase: “I can’t afford it.” Teaching kids about money means taking into account the emotional factors we all associate with money and spending. One of the biggest psychological/emotional factors behind our failure to live within our means is attaching feelings of shame, disappointment or unworthiness to the idea that we can’t always have what we want when we want it. Remove the self-judgement associated with “I can’t afford it” by adding the words “yet” or “right now.” Then help them to come up with a plan to budget and save for what they want.
Alfred Edmond Jr. is SVP/Editor-at-large of BLACK ENTERPRISE. He is a content leader, brand representative and expert resource for all media platforms under the BLACK ENTERPRISE brand, including the web site, social media and live networking events. From 2008 through 2010, Edmond was SVP/Editor-in-chief of BlackEnterprise.com, helping to lead the transition of BLACK ENTERPRISE from single-magazine publisher to digital-first multimedia company. From 1995 through 2008, Edmond was chief editor of BLACK ENTERPRISE magazine. He has also hosted The Urban Business Roundtable on WVON-AM in Chicago and Money Matters, a syndicated radio feature of American Urban Radio Networks. Edmond is also an entrepreneur, speaker, author and amateur natural bodybuilding competitor.