The 4-Step Money Mistake Mantra Every Kid (And Parent) Needs

Published 16 days ago • 2 min read

Money-Smart Monday

with John Lanza

Hello, friends,

I'm back from a hiking trip to Olympic National Park, just north of Seattle, with two buddies from high school. The saying is true: You can't make old friends.

You also can't buy the joy of standing atop Mount Storm King with those old friends while Canada Jays literally eat out of your hand. (Just don't tell the National Park Service.)

But enough illicit bird feeding. It's time for my promised money-smart ideas on this Monday.

Do your kids receive too much birthday money?

If you missed my recent conversation with Barbara Coloroso, now's a great time to catch it on Apple, Spotify, our site or YouTube.

Like a great book, Barbara drops wisdom on almost every page. One gem: how to handle those oversized birthday checks kids sometimes receive. Her clarity helps you act on what you know is right without guilt or second-guessing.

Watch the YouTube short.

Own it, fix it, learn from it and move on.

Mistakes aren't failures in an allowance system—they're the point. Slip-ups provide kids with the real-world practice they need to develop lasting money-smart habits.

Barbara shared this mantra from her book and, by extension, her life that she uses to address mistakes:

Own it—"Nobody made you buy that."
Fix it—Sell it at a garage sale.
Learn from it—"I did that impulsively."
Move on—Enough said.

The rhythm makes it memorable. But the real value is something Barbara emphasizes throughout her book kids are worth it!: We want to raise our children with their dignity intact. Scolding or shaming erodes dignity. Frameworks like this one build it.

A question I'm pondering

This past week, I was struck by the following passage:

"You think that you have to travel to some foreign region like Bali or see some interesting movie to find people interesting. No, that salesperson at Rite Aid or whomever—they actually have a really deep, rich inner life. They are fascinating. You're just not realizing it."

—Robert Greene, The Daily Laws

It reminded me of this one:

"We can find a retreat at any time by looking inward."

—Ryan Holiday, The Daily Stoic

(Interesting side note: Holiday studied under Greene.)

I love to travel. You probably do too. But these quotes nudged me to ask:

Am I traveling to fill a void I create by not paying enough attention to the richness of my daily life?

More ideas I found interesting

➡️ Every element of the Periodic Table explained (#nerdalert)
➡️ We try to convince ourselves that alcohol is awesome. It's not.
➡️ John Mayer & Steve Miller perform "The Joker" together

Until next week, enjoy the journey!

John,
Your Chief Mammal

📗 Get The Art of Allowance (for parents)
📚 Get the "Share & Save & Spend Smart" series (for kids)
🫱🏻‍🫲🏽 Become a partner or book me to speak (for businesses)

P.S. Please consult with a financial or investment professional before making any decisions that might affect your financial well-being.

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