Passing on Financial Values: Father to Sons

Personal Accountability

Alan wants to teach his sons that they are in control of reaching their goals, not someone else. “This is one of the most critical pieces of the plan. We need to understand that we are in control of our destiny.” Alan says Maxwell already understands that there are things he can do to control the outcome of a situation. “He knows what he can do to get extra tickets. If he wants to reach his goal faster, he understands that he is empowered to do so.”

Strive for Excellence

Alan says that the ticket system also rewards behavior for unplanned instances of personal excellence outside of school and, as a result, he is training his sons to be better citizens in their community. “Because the benefits of this are not always immediately visible to our children, I try to create something that represents a more immediate return on that investment.” This can be a surprise trip to a toy store or a spontaneous ice cream treat after dinner.

He also says that failure is a part of the process. “I don’t mind if they fail at doing something. However, I am very disappointed if they don’t try. By teaching him to strive for excellence, we are teaching him to tackle the hard problems.”

Alan says this particular trait is something he has observed in people who have financial success. “They embrace challenging problems. They attack difficult situations. They strive to do their absolute best in all cases,” he says. “The successes they experience tend to place them in a position to reap financial and other rewards. I want to give that gift (the strive for excellence mentality) to my children.”

–written by Dayvee Sutton