[00:00:01]
Genecia Alluora: Hello gorgeous. Welcome to today's episode. And today's episode is all about Soul Rich Kids and Money. Now, this is the lesson for all parents in the Soul Rich Woman community, but also for everyone who wants to have an impact on the next generation. Maybe you're in an aunty or grandmother, or maybe you are thinking of having kids one day.

[00:00:31]
Genecia Alluora: Either way, we've got something really juicy to talk about. Now, even though I am not entirely a parent and really expert in teaching kids about money, which is not my area of expertise, however, I've worked intimately with thousands of women and I know a little something about how money blocks are being formed. Now, if you think about what and how most of your money blocks were created when you were a child and then you will know that your kids in your life are forming their money beliefs. Now, you might not have the good money role models in your life, however, now you have the choice and can be the role model for them. I've heard from mothers of twins or triplets that they are very different around money.

[00:01:27]
Genecia Alluora: Some are savers, some are spenders, some are monks. Well, you can't change that part of them. Children are naturally going to have their own personalities anyway. However, we can totally steer them, guide them, shape them to the least you can try to help them to avoid the avoidable blocks that we picked it up from our own parents.

[00:01:55]
Genecia Alluora: I've heard women say things like now I have children and it's not about me, it's about them. However, I honestly believe that the best thing you can do for your children is to live your dreams and be a role model for them and to them. After all, isn't that all what we want for our children is to have the F word life, fabulous freedom, financial independence and happy families of their own? That's not going to come by by living in poverty, being broke, being poor in a mindset that is pretty much stuck all the time.

[00:02:36]
Genecia Alluora: And the only way for them to get out of that and prevent them from walking the same path is that you are going to guide them and teach them that they have to do it, have to do something different about their own life, right? And you can't teach them that they have to sacrifice their dreams for the next generation, isn't it? And that's not what we've want for them, especially for our daughters. Correct? So what do you want to teach them?

[00:03:09]
Genecia Alluora: Now, I've got a couple of ideas for you on what I'm planning to do and of course with the thousands of women I have encountered and really I have some idea. So we are all still learning here and we can only try our best. After all, we are also not perfect. First, let's get clear on what you want to teach them and guide them. Make that vision a part of your F word life.

[00:03:38]
Genecia Alluora: What values do you want to instill in them? You can even look at your own childhood and remember what was good about the lessons you learned and what you like to change. Okay? That's the big overall arching theme, right? Like teaching them about money isn't dirty, that rich people aren't necessarily greedy rich people or charging premium pricing in their products and services means they are money minded people or you don't have to work hard for money.

[00:04:10]
Genecia Alluora: However, I want you to get even more specific than that. Let's put together a Be do half list for our children. Maybe you want to teach them to be global citizens and to be comfortable in every situation. Imagine if they have to be just comfortable hanging out with children from different ethnicities and different cultures in a restaurant. Then how would they behave?

[00:04:41]
Genecia Alluora: Would they be wearing suit? Would they be wearing casual? Whatever? How are they presenting themselves? Either way, they can feel good about themselves, feeling confident about who they are, their identity.

[00:04:56]
Genecia Alluora: You could also pick them traveling, playing around, going for a ride on a bus. Upgrade them to maybe taking the business class if ever to travel again around the world. Show them that you can be excited about both. Show them that you can live the life both on top and on the ground, right? You could teach them the adventure that comes from experience.

[00:05:26]
Genecia Alluora: Not so much about the money they spend. What kind of experience do they create for themselves? That being rich or poor isn't about that anyway, right? So how cool would it be either way? You could teach them about the amount of money they have.

[00:05:44]
Genecia Alluora: Doesn't mean anything about the type of the person that they are or they will become. Their circumstances, the emotional, the social circumstances or economical circumstances don't hold them back to their dreams. They are not hold back because of whatever situations or any excuses or whatsoever that they could earn and make money all they want and achieve everything that they want to be, do have without sacrificing any part of themselves. I know it sounds like a dream, right? You're like Genecia, you're writing a novel now you're writing fiction.

[00:06:29]
Genecia Alluora: It's not going to be so easy. I know, but I have met people like that as adults. And funny enough, there are people who don't have huge money blocks around money. They don't have huge hangups about earning. They don't have huge hangups about living the rich life.

[00:06:47]
Genecia Alluora: They are so confident in their own skin. They don't worship the money. And yet they could have the inner love, the acceptance, that confidence that some of us need to work on every day. Like the sense of never good enough, sense of lack, sense of that always something missing out in their life. But they don't have all these things.

[00:07:10]
Genecia Alluora: They are so comfortable with their own skin. They are so I wouldn't say happy, but I would say they are so comfortable living their F-word life that their parents have paved a way for them and that they were given the opportunity to learn about their money blocks and to have less of those excuses to live their F-word life. So if that's all that you could teach them, they would be totally okay. Now, maybe you want to teach them discernment that buying stuff for the sake of buying stuff or for instant gratification or for the fear of missing out well isn't always the answer. And of course having more isn't always better and that it's worth having the perfect thing and taking care of it rather than dozens of cheap imitation once they easily break or easily spoiled or maybe not the perfect thing but rather quality stuff.

[00:08:10]
Genecia Alluora: So how then do you teach them that? Because especially now with commercials and advertisements and now people are measuring success based on materialism. And in today's materialistic world where peer pressure? Whose bag is more expensive now? Which birkins and which a mass bag is better?

[00:08:30]
Genecia Alluora: Which LV bag are you carrying? It's part and parcel of this commercial world that we have grown up in. And it's really up to us how we want to guide them and teach them in their growing up process. Maybe you can do decluttering with them. You can talk to them about things that you have bought in the past.

[00:08:52]
Genecia Alluora: Why was that a good decision? Why was there not a good decision? And how now because of your own decisions you are giving them away and things like that, right?

[00:09:02]
Genecia Alluora: So one of the ways I feel that it's fun to discuss with is to watch documentaries either about rubbish and recycling or even talk about minimalism. Or you can even show them the Marie Kondo method as well that show with Marie Kondo. So I think these I mean, by the time they are that age, I'm not sure if these videos are documented, countries are going to be around, but at least for now, we all know that there are resources made easily available that you can share with your children along the way.

[00:09:37]
So I'm really very excited that times have changed for us and we are now given these resources and have access to these resources more so than our parents generation. So that is really something I feel, that is very positive and that our children will be able to grow in the way that we can guide them and steer them in the right way with the appropriate resources.

[00:10:07]
Genecia Alluora: Okay. Or maybe you want to teach them about being entrepreneur or being joining the entrepreneurship pathway. You can also teach them or encourage them to set up small businesses and introduce them concepts like paying tax and actually where the money goes to. Like for Singapore. We have our CPF Central Provident fund, right?

[00:10:33]
Genecia Alluora: And all these you can start them from really young and talk to them about money, give them financial literacy at a young age, and even doing simple accounting, taking note of how much they're spending. All these were not taught to me when I was young and I struggled in my teens and as I grew up as an adult, when I was doing adulting, it was not an easy path. I had to learn financial literacy elsewhere. So encourage them, encourage them, guide them, show them. So another thing is you can of course encourage them to have a job and talk to them about how you can create your own job, right?

[00:11:16]
Genecia Alluora: You can try both and see what they think. Having their own little business ventures is going to teach them amazing stuff. And especially you can be a role model around this. You can also talk to them about how you make money. Some of the community have said that even their young kids get the concept of having customers, having clients as online business coach.

[00:11:44]
Genecia Alluora: And if you have seen your children imitating you on the phone or on the computer as though you're doing a zoom, call, a web conference, you know that they are watching and listening to everything. So you could also play shops and pretend money with them, but you also can play business instead of a grocery store. You can talk about negotiation, have money conversations, talk about how do you confuse, convince, and then continue to talk to a potential customer about the products or services, or even share with them about the boundaries of customer service, or even if there is a refund. And what are you going to do about it. So how cool would that be for them to learn boundaries and have pricing discussions, talk to them about different scenarios about how to have awkward money conversations.

[00:12:39]
Genecia Alluora: Their thing is like playing, but you are actually teaching them some amazing lessons. You could also play Monopoly with them and use that time to introduce some of the concepts that you are learning here in this audio program. So talk to them about what you choose to spend your money on in the house and in your business. You could also share with them the programs that you attend, some concepts that you've gotten. For example, some of the programs I would recommend would be like Psychology of Vision, Money and You, Tony Robbins program, Millinaire and Mind, intensive program by T, Half Echo and so many more.

[00:13:23]
Genecia Alluora: So all these are great personal development tools that you can introduce to them, right? You could also bring them to visit the bank and open up their bank accounts and tell them how credit cards work. They don't need to be scared of credit cards. But imagine if you could start them early and someone who explained to them earlier about credit cards are not free money. Yeah, so I think that would be a very important lesson.

[00:13:55]
Genecia Alluora: There will not be so many people having so much credit card debt, isn't it? You can also teach them affirmations like I love money, money loves me. And you can challenge them to find coins and say I'm so lucky, right? You can also teach them EFT emotion, freedom, technique. And of course, like I shared with you the programs that you have attended, you can share with them how they can do with their anxiety or fear, have conversations about money and all these emotions that we all go through and we were not taught.

[00:14:31]
Genecia Alluora: And you could share with them how to navigate their emotions around the word rich, around the word wealthy, around all those things about charging premium pricing, don't copy the money face. Money doesn't grow on trees. So all these are very important languaging as well that we can share with them as we guide them. Maybe you want to teach them about delayed gratification and how they can save up for things and feel really proud about buying their own stuff. You could also teach them the basics of saving and giving.

[00:15:05]
Genecia Alluora: You can also teach them how to give to a charity or learn how to prepare some of their things and do volunteer work and go and serve other people by gifting them the things that they are no longer using. And yet it is in great condition and it can still benefit and help someone else with the items that they have. So of course, we talk about the T Hat Echo, the six jars, and if you of course could start them with the six jars. The Financial Freedom Fund, the Play Fund, Education Fund, the Necessities Fund and etc. So if you get them started, six jar at a very young age, using the T Half Echo principle, the six jars, I really believe that, wow, the children will grow up so different, right?

[00:15:58]
Genecia Alluora: These are some of the things that we can do to help our kids and children to become amazing money magnets, to be amazing human beings, to be able to own and love their F-word in the way they are meant to be. So I really think that it's quite important. Also, another thing is to teach them how to spend. And of course, because I find in this spending part, sometimes we are feeling guilty about spending money on ourselves purely for pleasure, I think. That's why the six jar, there is one jar that is a play fund.

[00:16:41]
Genecia Alluora: They are meant to split and use that part of the jar to use up that percentage of the money that's inside the play jar. So that concepts will allow them to understand that when you play, you have that budget for play all out. If you have the money, that jar for education, go all out. If you have a jar for financial freedom, then go all out. So that in itself, allowing them to understand the different jars can help them to go towards bigger dreams.

[00:17:17]
Genecia Alluora: And I think it'd be fun to teach them how to grow the six jars by teaching them, when you give them their pocket money, how are they going to split it up into the six jars? And sometimes they don't really listen and sometimes we get it, sometimes they don't, right? So it's kind of like a tuck of war. I mean, children are not robots. They have their own emotions, they have their own thoughts.

[00:17:43]
Genecia Alluora: I work with children a lot, in fact, when I was an occupational therapist. And that is why you can hear my excitement. I'm not sure if you could hear that, but I am actually quite excited to talk about kids, in fact.

[00:17:59]
Genecia Alluora: Or maybe when you bring them to a church, like if you introduce them church they can also put in the tithing money as well. So I think all these parts of experience or however you want to raise them is entirely up to you. But let me just quickly just share with you the six jars fully so that you have have an idea and maybe even attend the millionaire mind intensive program by T harpaccher. I highly recommend that. Okay?

[00:18:32]
Genecia Alluora: So one of the things that I learned is the six Jars, okay? So earlier on I talked about the Financial Freedom fund and that's 10% and there is a necessity fund that's 55% and there is a 10% which is the play fund and then there is also the education fund that is also 10% and then they have a gift fund. This gift fund means that the amount of pocket money when your children receive of the amount the 5% goes into the gift fund where they can give away to charity, they can use it to help somebody. And then the last one is the long term savings fund and that's 10%. Try these six jars, okay?

[00:19:24]
Genecia Alluora: I think it's going to be super cool to guide them at a young age about how to put their money into the different jars and as they're growing up they will see how they can use the money in their life.

[00:19:40]
Genecia Alluora:So, yeah. Like I said, you don't have to be perfect and you can just tweak as you go. This six jar is something that I picked up and I just feel that if I could teach my kids at a young age and get them started like I said, we are not perfect kid. But you know what, we can really just work this through now you can also onboard your partner to do this together. So both husband and wife, both of you are on it. Also I just want to highlight is that the language part I think the language part is really super important.

[00:20:14]
Genecia Alluora: Like early on I did say I mentioned slightly but I want to go a little bit more like you should bend sentences like we cannot afford it or we have a lot of bills to pay. Money grows on trees. When they see a typical rich greedy person you say that, oh that person. You got to ask them what do they think about rich people? Then you see how you can guide them to think in the correct way or people who charge premium pricing instead of we unknowingly sometimes call them a human face.

[00:20:48]
Genecia Alluora: You are a money face. You're money minded. So you kind of create the environment of negative connotation to having rich in life, to having more money in their life. So you don't want to go that direction of saying that if you charge premium pricing, you're charging a certain amount if you raise the prices, you are money minded. The government's lousy when you tell them all these things, to a certain extent these messages go into them because they are like a sponge, right?

[00:21:19]
Genecia Alluora: Of course, this is not to shield them about the realities of money, that's for sure. I mean, social media is such rampant these days and more importantly is to reinforce positive messages and of course spend time with them and ask them what they think about money. Talk to them about what things cost and how budgeting is a responsible things to do. So again, you got to think back what you heard your parents say that eventually caused you to be who you are today. That caused you to make up stories about money and that became your reality.

[00:21:55]
Genecia Alluora: And then we take so much effort to clear them, right? We take so much effort to delete them from our system, isn't it? Because of the exposure that we had from young. So, think about it all the time because these are positive lessons from growing up with little money. And when you justify them to yourself, I mean, then you don't want your kids to be rich spoiled brats just because also you have the money.

[00:22:22]
Genecia Alluora: Because now it's the next generation. We are more comfortable than our parents, right? So we are all forging new territory. I have a lot more money than my parents did. I did have to work through a lot of blocks.

[00:22:36]
Genecia Alluora: And this is something that I feel that we all have to do as a group conscious effort. Okay? And last but not least, I think it's going to be super amazing if we also teach our children gratitude. A beautiful ritual would be to introduce a nightly gratitude practice.

[00:23:03]
Genecia Alluora: You can ask them what they are grateful for and tell them what you're grateful for. You could also use the lucky language. You can say we are so lucky to live in this country. We are so lucky that we've cleaned air to breathe every day and we got fresh water to drink. Ask, why do you feel so lucky today?

[00:23:23]
Genecia Alluora: Maybe you'd be surprised that what comes out, right? So today I'm really very proud of this lesson because I am really excited for our children. One day in the future we can do soul rich woman retreats and conferences around the world where we can bring our children together. The Soul Rich Children Club or the Soul Rich Kids Club and celebrate our collective f words life, fabulous freedom, financial independence and happy family.

[00:24:00]
Genecia Alluora: So hopefully I've given you some fun ideas today. But my final message is this. There is a really simple way for you to help your children with their money mindset. And the very best thing and the very best gift that you can give yourself to them is to be a role model. Yes.

[00:24:24]
Genecia Alluora: Because your children will hear what you say and they'll remember what you do and how you make them feel. Working on your own money blocks and learning to be empowered around money is the greatest gift you can give your kids. Show them that it's possible to make money and love your work. Show them the passion and boundaries and setting smart money goals. Show them what a rich woman looks like.

[00:24:49]
Genecia Alluora: Show them what a soul rich woman looks like. That's you. As always, you can always ask for support. You can drop me an email at hello@soulrichwoman.com and you've got ideas. If you've got ideas on what has worked for your family, please share them as well so that we can all raise our next generation of girls and boys to love and embrace money.

[00:25:18]
Genecia Alluora: It's so cool that we get to do this together and you are doing an awesome job and your children is so lucky to have you and I'm really proud of you. This is your time and you are ready for the next step. Sending you my love and I'll speak to you soon. Bye for now.