For today’s Money Monday series, I had the pleasure (and honor) of interviewing award-winning author, Karen Monroy, Ph.D. Karen is a prolific writer who is passionate about teaching the foundations of Sustainable Prosperity. Her book for adults titled, “30 Day Money Mastermind Makeover” recently won an Indie Excellence Award in the ‘Specialty Books’ category. She has also written a children’s book, “Mommy, What is Rich?” which is now available for pre-order. In this interview, we learn a little bit about Karen as she shares with us priceless wisdom about teaching children the principles and true definition of wealth.
Financial expert and author, Dr. Karen Monroy, Ph.D
Mommy Reporter (MR): What motivated you to write the book “Mommy, What Is Rich?”
Karen: Our Culture seems to have severe limitations in authentic discussion around money. When my children were growing up I could see their little sponge brains internalizing false concepts like:
*People think you are successful is you have money to show around
*People think you are a cheat if you have too much money
*People think more is better, less is bad
*People think you always need to worry about money
*People think money will make you happy
Another name for these beliefs planted into our brains is memes. If you think about it for a moment, you would be considered insane to apply any one of the above memes to your relationships-but without hesitation we hold the memes around money. I wanted my children to learn what I had begun to see for myself: the necessity of using money in life as a tool, but not allowing your money to control you. I wanted them to be balanced, to be value based in their approach to everything–including money.
MR: What do you think is the biggest mistake parents make when they teach their children about money and wealth?
Karen: Failure to teach Sustainable Prosperity. The elements of which are:
*We are all connected, even when we can’t see the connection.
*Money is a form of energy. It’s neutral. We are the ones who determine if it is a blessing, a curse or a mixture of both.
*Failure to teach giving and receiving are part of the same energetic loop.
*Not to discern the difference between a want and a need. Wants are not bad at all–they point to a need if looked at deeply We do not have to react to wants, they come and go. You will have some things you want, but everything you need
*Balance and flow are precursors of happiness, not quantity
*The amount of money you have is meaningless. It has only the meaning you give It., or the meaning you allow others to give You.
*Money is a very useful tool. Tactical money issues like investing, savings, spending should ONLY be done AFTER the Spiritual foundation is laid. Doing a “save money first” exercise isn’t useful–especially for young kids–because they equate saving with deprivation. A La the Last 15 years of “more, more, more” from generations who were taught, save, save, save.
*To be impeccable, to be a container for more good.
*Money is an exchange of energy–where-in the giver and the receiver are both blessed.
MR: In your opinion, what is the best way to teach children about money, finances, investments, etc.?
Karen: The Psychologist in me goes bananas over the one size fits all approach. First, it has to be age appropriate. You don’t give 6 year olds allowances! Second, it has to take into account EMOTIONAL SKILLS, not math skills. Third, make the math a “team” experience. Don’t have them struggle with it. This isn’t a drill. Math skills can always be taught–good sustainable prosperity skills are so difficult to learn later on in life. What area’s does your child’s character need support? These will be the areas where they will fail with money if not learned. For example: Does your child need to learn patience? Delayed gratification? Independence? Great, then design a program that gives pay for doing specific jobs (appropriate to the child’s age and ability) and then let them decide how to spend the money. Then, NO MATTER WHAT let them experience the consequences of their choice. Again and again if need be. Parent is neutral. Parent reflects back “what is”. For example, a child is in the store, wants to buy something and is begging for money. Parent asks, “What happened to the 5 dollars you had?” Child explains they spent is already. Parent says, “Oh, so if you spend all of your money on one thing, then you don’t have it for another? Are you happy with your choice of how you spent your money?” Whatever the child responds with, the parent affirms, “Life is about learning honey. Good for you, you learned something really important today.”
MR: What is your background and experience with writing about money and children’s books?
Karen: I have a Ph.D. in Psychology, World Religions, a Masters in Business and Economics (plus a few BS–but who cares!) I have spent years teaching folks about sustainable prosperity. I wrote a Book, The 30 Day Money Mastermind Makeover, which won the 2009 INDIE EXCELLENCE award for best Specialty Book because when the crash of 2008 happened, I had more requests from folks to be clients than one person could possibly handle. During the course of the book tour, again and again I heard comments like, “I wish I could save my kids from what I am learning now.” Of course, every parent can, by being willing to be responsible for their level of awareness.
MR: Are you currently working on any other projects? Is there anything else you want Mommy Reporter readers to know?
Karen: I have a blog http://www.Karenmonroy.com/blog and a monthly ezine. I am here, there, and everywhere on speaking assignments, workshops, retreats. You can listen to me talk about the many facets of the energy of money at http://www.blogtalkradio.com/Karen-Monroy.
Illustration from Karen's book "Mommy, What is Rich?"
Next week, Karen writes a feature article for Mommy Reporter that will focus on the principles of teaching children about money. She offers parents realistic and useful advice on how to engage their kids in communication about the concept of true wealth.
