F is for Financial Literacy: Guiding Brilliant Kids towards Financial Freedom and Future Success

F is for Financial Literacy: Building Blocks of Financial Brilliance

In the journey of Creating Brilliant Kids, financial literacy is a key component and founding block of their brilliance. To equip children with the knowledge and skills to navigate the intricacies of personal finance is one of the most useful coaching you can give them to set them up for the future financial independence and avoid that failure to launch scenario. It’s not just about money management; it’s about empowering children to make informed decisions about their financial well-being, both now and in the future. Let’s explore how we cultivate financial literacy within our framework:

Introducing Financial Concepts

Introduce children to fundamental financial basic concepts such as saving, budgeting, different currencies, and the value of money through engaging activities and age-appropriate discussions. Layer this with the more complex conversations about investment, crypto, contracts and partnerships. By laying a strong foundation of financial knowledge, children develop a deeper understanding of the role money plays in their lives and society and the people they choose to be connected to in terms of money.

Hands-On Experience

Provide opportunities for children to earn, save, and manage their own money, whether through allowance systems, part-time jobs, or entrepreneurial ventures. By experiencing firsthand the consequences of financial decisions, including the pain of making wrong decisions and going without, children learn valuable lessons about responsibility, goal-setting, and delayed gratification.

Responsible Spending Habits

Teach children the importance of responsible spending by distinguishing between needs and wants and making thoughtful financial choices. Balancing that responsibility with the fact many, if not all, entrepreneurial decisions do involve risk. Help your child find which end of the spectrum their calculated and informed risk taking lies. Through discussions about budgeting, comparison shopping, prioritising financial goals, understanding investments, brokering deals, negotiations and locking down deals, children develop critical thinking skills and financial discipline that will serve them well into adulthood.

We were not taught financial literacy in school. It takes a lot of work and time to change your thinking and to become financially literate – Robert Kiyosaki

Situations Where Financial Literacy Shines Bright:

Saving for Goals: Guiding children in setting savings goals, whether it’s for a special toy, a family vacation, or future educational expenses, creating a sense of responsibility and long-term planning. Currency doesn’t always have to be in forms of money, it can be how many pages of a book or how many books are read.

Budgeting for Expenses: Helping children create and stick to a budget for their allowance or earnings, teaching them to allocate funds for essentials, savings, and discretionary spending. Teaching them about compounding and why waiting is sometimes more beneficial.

Entrepreneurial Ventures: Encouraging children to explore entrepreneurial ventures such as lemonade stands, pet-sitting services, baking cookies, paid household chores or handmade crafts. Any experience that will foster creativity, initiative, and financial independence.

Understanding Financial Institutions: Educating children about banks and other financial institutions, helping them understand concepts such as interest, loans, ISA’s, APR, different perks for each bank etc and of course savings accounts.

Charity and Giving: Discussing the importance of philanthropy and giving back to the community, teaching children about the value of generosity and social responsibility. It is important the children learn that money can’t be held too tightly as it is meant to be in a cycle that continues moving to come back.

There is a secret psychology of money. Most people don’t know about it. That’s why most people never become financially successful. A lack of money is not the problem; it is merely a symptom of what’s going on inside of you – T. Harv Eker

Case Study: The Young Investor

Meet Henry, a 15-year-old who expressed a keen interest in learning about investing and financial markets. Through tailored lessons and mentorship, Henry developed a solid understanding of investment principles and risk management strategies.

In a real-world scenario, Henry identified an opportunity to invest in an entrepreneurial property gem. After conducting thorough research and consulting with mentors plus the support of his parents, Henry made an informed investment decision, which yielded significant returns over time. Through this hands-on experience, Henry not only grew his investment portfolio but also gained valuable insights into the world of property, finance and entrepreneurship.

Without the guidance from the CBK methods and connections, Henry might have missed out on the opportunity to develop his financial acumen and explore his passion for investing. Instead, Henry emerged as a confident and savvy young investor, equipped with the knowledge and skills to make sound financial decisions and pursue his financial goals with diligence and foresight. He has even helped advise some of my younger clients today completing the cycle of education and mentorship.

CBK Newsletter

Parents can help their children with this skill by subscribing to my newsletter, as we will be discussing things in a lot more detail.

Creating Brilliant Kids is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

The A to Z of Skills For Success

In the journey of nurturing brilliant children, confidence is just one aspect of their multifaceted development. There are of course 25 other letters in the A to Z of Creating Brilliant Kids, all of which will be covered in due course. Do check out A is for Adaptability to E is for Emotional Intelligence if you haven’t already read them.

Creating Brilliant Kids

Here at Creating Brilliant Kids, we recognise the importance of taking a holistic approach to personal growth, ensuring that every facet of your child’s potential is nurtured and cultivated.

Our newsletter serves as a treasure trove of insights into various dimensions of child development, ranging from adaptability and resilience to creativity and beyond. While each issue is unique, spanning a diverse array of topics, we guarantee a rich blend of resources. Over the coming editions, expect to receive a wealth of tools including practical tips, real-life case studies, affirmations, mind maps, power words, and expert advice—all carefully curated to support your child’s journey towards success.

Coaching Also Available

But our dedication to fostering brilliance extends far beyond the confines of our newsletter and coaching children. As a seasoned life coach with over two decades of experience, I offer a comprehensive suite of coaching services tailored to complement the teachings of our newsletter. From personalised one-to-one coaching sessions catered to parents, to bespoke online courses crafted to address specific needs, and even family and couples coaching sessions aimed at strengthening bonds and nurturing collective growth, rest assured, I am here to accompany you and your child every step of the way.

With our coaching services, you’re not just investing in your child’s future—you’re providing them with the indispensable tools and guidance they need to navigate the complexities of today’s world with confidence.

Together, let’s embark on a journey to unlock your child’s full potential and illuminate the path towards a brighter future for the next generation.

Who is Sloan

If you are new to Creating Brilliant Kids you can find out a little more about me from my bio below or look out for some of my articles and collaborations with these wonderful companies.

Sloan Sheridan-Williams is a uniquely talented celebrity life coach, author, broadcaster, international speaker and media-friendly expert. In her 20 years of coaching she has worked with rock stars to royalty and politicians to CEOs. Her VIP clients include Hollywood actors, professional athletes, reality TV stars and those committed to only accepting the extraordinary out of life. Sloan has been featured more than 250 times in the UK & international media and has presented her own show on London radio. She also works with brands from start ups to global leaders such as Unilever, BMW, eHarmony and Booking.com to name a few.

Sloan is a Brilliant Kid herself, having been more than 6 years ahead in every subject at school. With her ability to problem solve at a speed faster than most, plus a background in medicine and law, it is no surprise she is known as one of the leading “fixers in the complementary therapy world”. Achieving fast results in the shortest time, Sloan often tackles problems that have yet to be solved by others.