A few years ago we made a parenting decision that many people might have all their hearts against-but I still stick with it and I’m glad we did!
What are the parenting decisions? Let me tell you…
It seems like a great deal
One of our teenagers turned their eyes to expensive technology. They saved, searched, and finally found an amazing deal for the items they really wanted. There is only one problem: the deal looks insufficient on a discount site.
Our teenagers came to the excitement of all of us and showed us this site…Honestly, my radar went out immediately. The website feels too good to achieve, some feelings leave. We shared our concerns, but our teenagers are working on making a purchase.
So we took a deep breath and talked about it…and gave them a green light, making it very clear that they could rinse their hard-earned $90 by making a purchase, especially since there is no money back guarantee on the site.
What happened next
A week later, the package arrived and looked legal. Brand, packaging – all seem to be real. But the moment they opened it, the excitement quickly disappeared.
It simply doesn’t work as it should. It’s not clear whether it’s fake, refurbished or just lemon, but it’s obvious: Yes no Valued at $90. Most importantly, the company has no returns.
Ouch. That $90 is gone.
But this is really bought at $90
Are our teens frustrated? certainly. But they learned a very valuable lesson: Just because it seems important, that doesn’t mean it. Just because it looks like the item you want to buy, always do your research and then spend money on it may be too good to achieve.
After this significant disappointment, we noticed that our teenagers began to conduct more in-depth research before purchasing. They read reviews, ask better questions, and ask our ideas and attorneys before making a bigger purchase.
A $90 mistake ended up being one of the most valuable learning experiences they could have. Today, they are one of the most cautious and savvy shoppers I know. “Failure” becomes a lifelong skill.
Why we sometimes let kids learn the hard way
This is why we can make these mistakes when we make them at home. Because now is the time for them to learn – when the consequences are priced at $90, not $9,000.
Real-life money courses are powerful. Books and lectures can only go that far. Sometimes, the best teacher is experience. And, we would rather they take these courses now (we cheer them on and help them with minor mistakes) than when the bets are higher later.
Let experience be a teacher
If you walk with your kids or teenagers when they start managing their money, don’t be afraid to let them fail. Let them feel the sting of a less great decision. Then walk with them through what they can learn from it.
Because these are lessons of persistence. These are lessons that will serve them for the rest of their lives.
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