You’ve got the time to form a financial habit

We are all struggling to adapt back into the world. So many questions remain unknown, yet we are eager to move forward.

I heard someone say back in February that the way to survive during challenging times is to observe, not absorb. I have carried this with me throughout these past few months and it has worked. And now, I find myself observing so much, particularly when it comes to our children. We were running our lives in complete chaos! Waking up at 6:30 a.m., going to school, going to practice or games, getting home at 7:30 p.m., stuffing food in our faces, finishing homework, showering, going to bed — wash, rinse, repeat. Not a moment to just simply be.

If we were running at 150%, we are now running closer to 50% and now that school is over, dare I say, 30%? When running in chaos, we wanted a moment to breathe, but never had it. Now, we have the time, and immediately this raises concerns of kids with too much time on their hands — hanging at Refuel, playing on the Xbox — kids wasting away. Our kids have this gift of free time, a gift many of them, particularly teens and college age, will never get again in their lives. Consider that: They may never again in their life have this time of unstructured, unplanned time. So, let’s give them the space they need to think and permission to dream. Let’s not only give them the space and permission, but let’s help them achieve what they dream.

Writing my book, “Money Minded Families How to Raise Financially Well Children,” I did a great deal of research about WHY certain people are successful at being financially well and others are not. The research did not come from finance journals, the research came from some of today’s and yesterday’s most successful thinkers and influencers. They ALL had the same thing in common — creating habits that led to their desired behavior. Good habits that connected them to their goals. It is a widely held belief that for habits to become new behaviors, that is for a habit to become absorbed into who we are and how we live our life, it takes     66 days. 

Take a look at your summer calendar. If it looks anything like mine, it’s been wiped clean. Camps are canceled, sports are questionable or canceled, vacations are changing and generally our kids are left with ample time to form some wonderful new behaviors. Guess how many days we have between June 1 and the start of school?

About 77, for most kids. What will you and your kids do with that time?

I challenge you to ask your kids about their dreams, then help them formulate a plan, a simple plan, to do something every day to help them get closer to achieving it. In my book we talk about what, why and how — What is your dream? Why is this your dream? How will you accomplish it? The “how” involves the habits.

Try this simple exercise with your kids. They not only have the time and space to dream, they have the time and space to achieve their dreams.

Stephanie W. Mackara, JD, CDFA, is president of Charleston Investment Advisors LLC. For more information, go to CharlestonInvestmentAdvisors.com.