{"id":1119,"date":"2019-11-19T12:42:36","date_gmt":"2019-11-19T17:42:36","guid":{"rendered":"https:\/\/lifehappens.org\/?p=1119"},"modified":"2020-05-01T14:27:25","modified_gmt":"2020-05-01T18:27:25","slug":"for-kids-finances-need-to-go-beyond-lemonade-to-marshmallows","status":"publish","type":"post","link":"https:\/\/lifehappens.org\/blog\/for-kids-finances-need-to-go-beyond-lemonade-to-marshmallows\/","title":{"rendered":"For Kids, Finances Need to Go Beyond Lemonade &#8230; to Marshmallows"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.3.2&#8243;][et_pb_row _builder_version=&#8221;4.3.2&#8243;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.27.4&#8243;][et_pb_text _builder_version=&#8221;4.4.5&#8243; hover_enabled=&#8221;0&#8243;]<\/p>\n<p>The summer lemonade stand is a rite of passage for all kids.\u00a0It is usually the first time a child gets to create their own business.\u00a0They learn about the hard work it involves but also learn of its rewards, monetary and other.\u00a0For my two girls, it was a lemonade and Oreo cookie stand so that they could broaden their potential \u201ctarget audience.\u201d\u00a0It was quite the learning experience for them.\u00a0They quickly learned that the 11-year-old was best at drawing in the customers, while the 14-year-old had better serving and counting skills.\u00a0I watched as my girls learned how to market themselves and the product, how to make their customers happy and then how to manage their earnings.<\/p>\n<p>As a mom to two young girls, I believe that one way we as parents can prepare our kids for a better financial future is to teach them the fundamentals of finance. That is why I love <a href=\"https:\/\/lizfrazier.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Liz Frazier<\/a>\u2019s new book \u201c<a href=\"https:\/\/www.amazon.com\/Beyond-Piggy-Banks-Lemonade-Stands\/dp\/1475847610\/\" target=\"_blank\" rel=\"noopener noreferrer\">Beyond Piggy Banks and Lemonade Stands<\/a>.\u201d It takes off from the basics of financial literacy we as parents impart to our kids and goes beyond that summer lemonade stand.\u00a0What happens <em>after<\/em> your kids have made that $10 in coins and dollar bills?\u00a0How do they budget?\u00a0How much should be spent now, what should be saved for later and what is given to charity?<\/p>\n<h2>The Importance of Delayed Gratification<\/h2>\n<p>One consistent theme throughout Liz\u2019s book is the idea of delayed gratification. In a time when everything we could want is just a click away, it is something we as parents should be teaching our kids.\u00a0They are being bombarded with the idea that the newest trendy shoes or that new video game is just a drone\u2019s delivery away.\u00a0There doesn\u2019t seem to be a reason to postpone buying it NOW.\u00a0But that mentality is setting our kids up to fail financially.<\/p>\n<p>In her book, Liz mentions a study Stanford University conducted with children.\u00a0It was called the Marshmallow Test.\u00a0The kids in the test were offered the choice between one marshmallow now or two marshmallows after waiting 15 minutes.\u00a0Stanford then followed up with these same kids over the next 40 years and found that those children who were able to delay their gratification for bigger rewards (those two marshmallows), had attained greater success and better lives overall.<\/p>\n<p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The summer lemonade stand is a rite of passage for all kids.\u00a0It is usually the first time a child gets to create their own business.\u00a0They learn about the hard work it involves but also learn of its rewards, monetary and other.\u00a0For my two girls, it was a lemonade and Oreo cookie stand so that they [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":1120,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"2880","footnotes":""},"categories":[13],"tags":[17,15,16,19,14,18],"class_list":["post-1119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-fitness","tag-delayed-financial-gratification","tag-finances","tag-kids","tag-lemonade","tag-life-insurance","tag-marshmallow-test"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>For Kids, Finances Need to Go Beyond Lemonade ... to Marshmallows &#8211; 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