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Nathan's monthly newsletter is designed to help you think, talk and teach about money using the Share Save Spend philosophy. Printing and posting the column in a visible place like the refrigerator door, office or classroom can be a great way to stimulate money conversations with your family and friends.
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| Share Checks: A New Family Tradition |
Let’s face it; there are lots of reasons to feel blue these days.
It seems that almost everywhere we turn there is more challenging economic news. It would be easy to go down the ‘ho, ho, hum-bug’ path, but not today. Now more than ever we need a reason for hope. So hang with me for a few minutes while I take you on a journey of hope and new habits.
It was a brisk fall afternoon back in 1994 and I was a young financial advisor in Philadelphia, PA. Little did I know that I was about to experience a life-changing conversation with my good friend Bill.
Here’s the gist of it. Bill shared with me over lunch that day that his in-laws, Trudy and Sam, had been struggling with how to manage the gift-giving extravaganza that had overtaken their all-family Christmas celebration.
“I mean, at some point most children reach a saturation point,” exclaimed Bill who also shares his in-laws concerns about the hyper-consumer focus of the holidays.
Trudy and Sam’s solution; counter the “it’s all about me” holiday focus with a simple act of gratitude. So what did they do? In addition to one gift, each grandchild also received a share-check. Here’s how it worked. The share-check was a $25 check from Trudy and Sam with everything filled-in except the “pay to the order of”. That line was intentionally left blank. The goal was for each grandchild to give the money away to a charitable cause they were passionate about.
The best part – it worked! The family has been using this idea for years and now the grandkids use their own money along with the share-checks to make an even bigger difference in the world. The only requirement of Trudy and Sam – the grandkids have to tell them what they did with the money.
I’ve told that story to thousands of people around the country and each time the reaction is the same ‘wow, what a simple and powerful idea!’ I agree.
On a recent trip to Seattle, Steve told me how he and his wife have given share checks the past two years to their kids and their nieces and nephews. “Not only is it having a significant impact on the next generation, but it has also given us an opportunity to have more meaningful conversations when we gather at the holidays,” said Steve in a decidedly enthusiastic tone.
Give it a try – it works!
One Share Save Spend Idea:
I’ve already given you the idea for a share-check, but here are a few specifics:
1. It’s good for children, youth and young-adults. (ages 7 and up)
2. If possible, have the young person give their share-check in person. It will mean more than sending it through the mail as well as give them a first-hand look at the charity. And don’t forget the camera.
3. Ask the charity to acknowledge the young person in the ‘thank-you’ process.
4. Make sure the young person circles-back to tell you what they did with it.
Money Talks: One question for teaching about money
How will using the share-check benefit a person in your family?
Gotta Have It Now WOW!
Americans are projected to spend upwards of $480 billion during the 2008 holiday shopping season.
Source: National Retail Federation
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