Foundational money management principles can be learned early in the life of a child. Money Models and Fundamentals in communities of color is hard to determine. Lean finances make it difficult to honor promises made for allowances and other financial incentives proposed today as a way of moving kids early on and away from being locked into a 9-5 mindset with a salaried income.  Instead, negotiating family-around-the -house jobs with incentives built in, is what must happen.

Every child is uniquely gifted with skills that translates into their personal economic impact. "Side hustles" once viewed as non-legitimate ways of earning extra income when in fact,  such enterprises can translate into "real" competitive business enterprises. An immersion in this type of "money matters",  provides the experience needed to give them a better understanding of  how to build their financial future using unlimited income strategies.

Their success will require a visionary family commitment to one basic principle: MY KIDS ARE MONEY SMART! It is a value that families of color must embrace, adopt and commit to as their guiding principle to a healthy financial future for their kids, no matter what the family financial status might be. And, it is the first step on the ladder to secure a future their kids desperately need, that transforms them from a future of lack to more abundance.

1. TALK ABOUT MONEY OFTEN

An everyday commitment to talk about money matters with kids is an urgent appeal. The conversation can be as simple as taking them with you to the mall or grocery store and play a game of price match. How much do you think this cost? The practicality of the exercise speaks volumes. An understanding of what things cost, raises an awareness around money that is truly practical because money matters are practical things. Weights and scales are at grocery stores, gives them learning opportunities to apply what's in the classroom to real life.

Share your experience growing up. Were there conversations about money? If there were, what were they? Your own experiences serve as learning tools for kids. What's in your pocket or not, does not have to reflect what will be in the pockets of your kids. You have an opportunity to bridge the gap between not knowing, and knowing. Not knowing about money matters and the basics of budgeting, is an answer away. Stir their curiosity to know about money and how it works and how it can work for them.

2. Host and Play Family Night Money Games

All of us have heard about Monopoly. Buying, trading and negotiating all kinds of money matters, is the name of the game. It provides opportunities to learn about finance, investments, strategies to earn more income from their investments and so on. There are real life scenarios t0 challenge players to analyze their positions and make their next financial move.  There are so many money games to be played. Google money matters and enjoy the hunt for your favorite games.

3. TEACH SAVING

Saving is a commitment to money management that can be difficult to do. Teaching kids the importance of saving can begin with a family challenge for everyone to agree to save "something". The challenge is not to go overboard with a savings plan. Pick an amount you can commit to each week - $1.00, $5.00, whatever the amount. Labeling containers Spend, Save, Give and Invest, are great ways of tracking your progress. Kids can make this happen. If their goal is a $1.00 a week, their creativity should be put to work along side their work ethic. It is not enough for them to want to be compensated for doing work, but the work should have standards of completion agreed upon and accepted.

4. ASSIGN CHORES AND BALANCE WITH AGE APPROPRIATE TASKS WITH NEGOTIATED COMPENSATION

Kids taught to only work for set wages or a salary, translates in their future potential as a nonnegotiable asset. Kids are to be taught that their skills and talents are negotiable. A 9-5 job is ok. It is dependable revenue but, passive or residual income takes the ceiling off of their earnings. Jump start their financial journey by identifying tasks around the house they can do that is negotiable. There are so many money matter skills they will learn as they build their money management "tool box".

5. HAVE FAMILY MATCH THEIR SAVINGS AND AWARD BONUSES FOR JOBS DONE THAT ARE OVER THE TOP

When kids perform beyond what is expected, the family can play a future life altering role.  They can chip in and agree to bonuses.Earning bonuses early on is a great way to continue building their money matters portfolio. The way out of a ceiling income is working to build passive - residual income.