Month: May 2018

Summer is coming…and we need to talk about money.

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We are so close to a glorious summer break, I can almost taste it (yay!). Kids will be home, teachers will be off, and the sun will be out. Summer’s arrival also means many teens, grads, and college students will be starting up their summer jobs. Whether they’re nannying, mowing lawns, spinning pies at the local pizza joint, job shadowing a journeyman electrician, or interning at a law firm, the goal is to gain real life job experience, and of course, make whatever money they can before school starts up again in the fall.

This brings us to an important point. When we think about summer, we usually think about sunscreen, vacations, beach trips, and barbecues. But there’s something we are missing, and it’s… money. Have you equipped your teen with the financial know-how they need to succeed in the real world (and avoid major financial pit falls)? Many parents assume their kids are learning personal finance at high school (or college), but unfortunately, many schools assume the students are learning it at home! It’s a crucial topic that all too often falls through the cracks. And, guess who loses?

As your teen embarks on his/her summer job, you can use this newsletter as a launch pad to build their financial literacy. It’s the perfect time! The principles of wise financial management aren’t that tough to master. You simply need to know the basics and abide by the disciplines and key principles. It pays to emphasize the importance of financial literacy since the stakes are so high. So, a helpful starting approach is to teach them to avoid these eight most common financial mistakes:

  1. failure to set goals and plan/save for major purchases (instead, many load their credit cards with debt, making their items that much more expensive)
  2. failure to set aside an emergency fund for unforeseen expenses (which can lead to panic, more debt, or asking parents to bail them out)
  3. spending more than you earn and failing to budget and monitor expenses (out of all of them, this is probably a top learning priority)
  4. incurring too much debt, including student loans and excessive credit card usage (this can be a slippery slope, and can make buying a new car or home one day very difficult/nearly impossible/far more expensive)
  5. incurring significant fixed expenses relative to your income that can’t be reduced in difficult economic times (e.g., spending too much on housing, cars, etc.)
  6. impulse buying and lack of value consciousness when shopping (make, and stick to, your shopping list beforehand! Last-minute, unnecessary purchases do not bode well for your finances.)
  7. failure to begin saving and investing for the future as soon as possible (and missing out on the compounding of money over long periods of time)
  8. failure to appreciate how the little things can add up (e.g., eating out versus in, paying up for name brands, owning a dog or cat)

Number 6 is an especially common pitfall among young people when working a summer job. They aren’t used to having a surplus of money in their checking account, so they go on spending sprees and end up saving much less than they could. A good rule to learn, especially at this time of life, is save first, spend on “needs” second, and IF there is money left over, enjoy some “wants.”

These financial pitfalls don’t just apply to teens and young people working their summer job…they apply to everyone! If you are a parent or a teacher, you, too, should review how you’re doing in each of these areas. Are you sticking to your budget? Taking on too much debt? Saving less than you could be? When you practice these same financial best practices, you’ll be even better equipped to talk about financial wellness with the young people in your life.  Remember, they’re watching you, so be sure to “walk the talk!” If we can successfully avoid these traps, we’ll ALL be in better financial shape!
Now get out there, get to working, and get to saving! The world (and your bank account) is your oyster.

Oh, and have an amazing summer, too!

 

Can Good Business Principles Make Us Better Parents?

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I know what you’re probably thinking. “Has Dennis gone off his rocker? Business and parenting? Are you kidding me?”

But, stay with me on this. I think you’ll be pleasantly surprised.

As most of you know, I had incredible business experience for some 30 years before founding LifeSmart. Throughout most of it, I worked for a hugely successful company, Russell Investments, that was awarded “Best Place to Work” any number of times. And, I spent 27 years evaluating organizations and leaders—researching and observing the best and brightest. I learned their best practices and applied them to the best of my ability when managing my employees.

During this period, I also became a father of two kids who are as different as day and night—that would be Michael and Lauren. After some time, I realized that what I learned in the business arena could be applied to my parenting… and, what I learned in my parenting could be applied to my management!

So, here goes—six successful business strategies to help you become a better parent!

  1. Adopt a goal orientation: We all achieve more when we set goals. Whether it’s a five-year strategic plan or a daily to-do list, our goals give us focus, direction, and a target to hit. They help keep us motivated, too. And, so it goes with parenting. What if we were to set goals for our parenting? For our families? And, to encourage our children to be consistent goal setters? No doubt about it, we’ll accomplish more. You can find a sample Parenting Mission Statement here which helps us develop family goals: Parenting Mission Statement. So, be as strategic as you can and don’t let the day-to-day busyness keep you from achieving your longer-term goals.

  2. Utilize effective motivational techniques: Whether we’re in the management or parenting realms, we notice that some people are self motivated while others need a little nudge. Researchers have discovered that among the top motivators of a workforce are being: 1) appreciated and recognized, 2) invited into and involved in decisions, and 3) understood by their “boss.” And, so it goes with parenting a teenager, doesn’t it? We regularly hear complaints from teens that their parents: 1) seem to stress their performance rather than the person they are, 2) make all the decisions or minimize their input, and 3) don’t listen to or try to understand them and their world. The parallels are striking, aren’t they?

  3. Empower rather than micromanage: Most of us loathe having controlling supervisors who hover, nag, interfere, and manipulate. We feel disrespected, devalued, disempowered, and distrusted, and rightfully so. And, so it goes with the helicopter parent who employs these same micromanagement tendencies with their teens. Isn’t it interesting that we detest it when it happens to us at work, yet we can fall into this same trap when we parent? But, when we adopt an empowering parenting style, our teens will develop greater self confidence and decision-making skills.

  4. Promote high standards and strong character: As managers, we certainly want our employees to perform. And yet, the most successful leaders stress the importance of upholding high standards of excellence, including strong character and ethical behavior. Qualities like integrity, dependability, initiative, team-mindedness, positivity, self control, work ethic, and resilience are telltale signs of excellent employees. So, when it comes to parenting, let’s remember to honor the great character traits and behaviors in our children, not just their outcomes. It will serve them well in all aspects of life.

  5. Engage in effective collaboration: In today’s more relational workplace, teamwork is highly valued. Being able to work effectively with others with different skills, styles, and backgrounds in a harmonious way produces happier workers and better outcomes. The same is true of families who value one another, work together on family projects and chores, and invest in their relationships. While the teen years can bring extra relationship challenges when children express greater independence (and sometimes appear to devalue their parents’ input), it nonetheless is helpful to reinforce the “family as team” whenever possible. One team, one dream, does pay off.

  6. Commit to continuous improvement: As the world has become more competitive, companies are managing their personnel more intensively. Nowadays, we have to deliver excellent performance just to keep our jobs. So, it’s not surprising that employees who are committed to continuously improve their skills through training, etc. are best positioned to succeed. And, so it goes with our children. By building a growth mindset and a love of learning and self improvement in our children, parents can prepare them for the demands of the real world and help them fulfill their dreams. So, encourage your children to seize those opportunities to sharpen their body, mind, and spirit. It’s huge.

So, taking a page from the business management playbook can actually help in our parenting and pay dividends, too. Give it a try and let us know how it goes.

To better parenting.

 

Happy Mother’s Day from LifeSmart to You!

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Moms of teens, tweens, and little ones; this week’s message is for you! We hope you enjoyed your Mother’s Day with your family and loved ones, and we’d like to continue the celebration by officially honoring you for all of your hard work, dedication, selflessness, energy, and time. Today, we recognize the countless hours you spent helping your child prepare for spelling tests, the time spent helping complete college apps and FAFSA forms, the endless trips you’ve taken shuttling to school, games, events, and study sessions, the thousands of lunches you’ve made, the untold hours healing bruises, illnesses, and wounded spirits, and the million other ways you’ve invested in your children, the next generation. Thank you!

How we raise our kids today will impact them and the world around them for the rest of their lives. After all, we are not only raising children; we’re raising future adults. Putting in your due diligence by modeling and teaching important values such as integrity, resilience, honesty, good work ethic, and kindness, will help your kids thrive in adulthood. It will help them create stronger, healthier relationships, be successful in their careers, and generally have a higher happiness quotient. Why? All because of the foundation you’re laying for them now.

At LifeSmart, we are committed to equipping the next generation to thrive, just like you, moms (and dads)! That’s why it’s so important that parents, educators, and mentors are equipped with tools to help the children they’re guiding successfully launch with confidence. Our goal is to help them hone in on crucial leadership and life skills so young people can excel in independent life, college, career, and beyond.

Parents play an indispensable role in preparing the next generation.  What they do is not easy; in fact, it’s probably one of the hardest jobs in the world. Moms, today we’re looking at you. And we’re here to help support you.

Doesn’t it feel like navigating the world of parenting, especially teens, is tricky? Teens can be completely unpredictable! Some days they burst in the door from school, dying to talk to you, but the next moment they’re moody and aloof! Some days it feels like they won’t stop asking you for things, but then the next moment they completely shut you out. And, sometimes it’s difficult to know when or how to communicate with them, especially when you’re adjusting to your new role as “chief encourager.”Dropping off your recent high school graduate at the freshman dormitory is the beginning of a new chapter for both of you. And for moms especially, it’s fraught with mixed feelings.

Today, as we wrap up a week focused on our appreciation for moms, all of us at LifeSmart want to acknowledge all the different ways that parenting can pull your heart in a million different directions. With that, moms, here are three encouraging tidbits as you begin your new year:

  • When times are difficult or you feel stretched, it’s okay to focus on you. Self-care is one of the most important steps in being a good parent, spouse, and friend. As the dynamic of your life changes while your children become more independent, you may have more time to do the things that YOU want to do. Consider igniting an old passion, picking up a new hobby, and remembering all the things that make you, YOU outside of your role as mom.
  • In the season of “launch time,” find a community of parents who are in the same stage of life. How are they coping? What are they doing to ensure a successful launch for themselves, too? How are they planning for their next chapter? Surrounding yourself with other people who are also parenting older teens will help you feel understood, encouraged, and inspired. YOU DO NOT HAVE TO DO THIS ALONE.
  • Remember, while moving from driver’s seat to passenger’s seat can be hard, you’re gaining a relationship with your new adult, not losing a child! Even though allowing your teen to begin making their own life choices can be a scary thought, they will always have you as an ally. You will forever be their biggest cheerleader and friend. No matter what, you will always be one of the most important voices in their life.

 

Happy Mother’s Day from all of us at LifeSmart. Where would we be without you?

Suffering from Senioritis? We Can Help!

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If you are a senior (as in high school), a parent of a senior, or a teacher of seniors,

then this week’s message is for you!

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se·nior·i·tis noun \ˌsē-nyər-ˈī-təs\: an ebbing of motivation and effort by school seniors as evidenced by tardiness, absences, and lower grades.

Sound familiar? I know at this stage in my senior year I had the worst case of it! It’s likely most of us did. After all, we were on the homestretch, and most of us had made our college or career decisions by now. So, it was pretty easy to rationalize slacking off at school. But, decades later (and hopefully wiser), I can now look back with a different perspective… and challenge this year’s high school seniors to do better than I did!

Why? Because what seniors are currently experiencing is a preview of things to come, and it pays to develop smart habits beforehand. They’ll find themselves in many situations in college and career in which finishing strong after a long and arduous effort will make or break their success (For example: thesis papers in college, landing a big client at your new firm, building your own start-up, applying to grad school, etc.). As time goes on, the stakes only get higher, and none of us want our efforts to go to waste!

In What I Wish I Knew at 18: Life Lessons for the Road Ahead, I describe 109 life success secrets of honorable and successful leaders. One of my pointers, “Plan, Practice, and Persevere to Succeed,” is a true hallmark of admired people. The perfect illustration was the US Olympic Hockey team’s win over the USSR in what is considered the greatest upset in sporting history. (If you haven’t seen the movie Miracle, it’s a must!) US coach Herb Brooks was relentless to the very end, and his rookie team of collegiates delivered.

Yes, there’s a reason I brought up this long-forgotten-to-many hockey story (two reasons, actually). One, is this tremendous victory could only have occurred through careful planning, tons of practice, and dogged perseverance through adversity. Second, the victors knew how to finish strong and never let up. Can you see any parallels with a student’s high school career?

Successful people are committed planners. They set high, but achievable goals that are measurable. They accomplish great things because their goals instill motivation and focus. Encourage your seniors to compare their daily productivity with and without a “to do” list and they’ll soon see what I mean. Trust me, they’ll be setting lots of goals in college and career! It can only help.

However, goals can only be achieved through practice, discipline and effort. If college is your student’s next step, this involves developing great study habits. College academics are much more rigorous and the competition is tougher. My 3.8 high school GPA quickly became a 2.85 in my freshman year of college! Finally, I figured it out and would later become Valedictorian of my MBA program at the UW. Same brain, different study habits! I devote an entire chapter of my book to this study method so that readers can adjust easier than I did.

Finally, we all need to persevere through adversity (including the apathy that comes with senioritis!). This can involve physical, emotional, and mental challenges that affect our outlook and performance. Everyone experiences it, but the question is how we weather it—will we keep the faith, believe in ourselves, and grow from it through relentless determination? Or, will we slow down right before the finish line and allow someone to pass us from behind?

Your teen is about to enter the most amazing six months of change in his or her life. They will be saying, “Hello” to their future with more freedom and responsibility than they’ve ever experienced.

High school seniors: This is your time! With planning, practice, perseverance, and patience, you’ll knock it out of the park. It’s there for the taking. Our world needs exactly what you have to offer. And, we can’t wait to see you soar.

 

Best wishes and blessings!

 

 

 

 

 

 

 

 

 

 

 

Parenting “To-Do’s” for Parents of High School Seniors: May

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achievement-cap-celebration-262485.jpgTime is flying by! It’s now May, our college selection is complete, and it’s time to relax, at least a little bit. Now, our students need to focus on finishing strong while also enjoying the various senior activities and events (graduation parties, prom, senior outings, etc.) that will happen throughout the rest of spring. There may be a couple of forms to complete for their chosen university (IF that’s their next step), but for now, it’s time to let your graduating student soak up these final weeks of high school and friends. Are they lacking in motivation for their studies? For sure! It pays to remember we were too.

Of course, we all hope that our teens will be the responsible ones, the ones who choose not to participate in underage drinking, irresponsible partying, or any other activities that may harm their reputation. May is an incredibly timely month to bring up the topics of reputation, values, and their personal brand. Few things are as important (and fragile!) as our reputation. Why? Well, it’s very difficult—nearly impossible—to fully recover from a damaged one. In your teen’s first year away from home, his or her values will be tested like never before, and many of today’s (or tomorrow’s) decisions will have long-term consequences. And, graduation season offers many opportunities to get derailed.

When we stay true to our core values and strive to be a person of admirable character and integrity in all circumstances, we will have less stress, a clearer conscience, and fewer regrets moving forward. If you want to take “inventory” of you and your teen’s most important values, try going through this values checklist. (Or you can find it here: http://dennistrittin.com/resources/Positive%20Traits%20and%20Values.pdf .)

It will be a great conversation starter for the whole family!

The month of May should also be a time for you and your teen to really connect as you develop and strengthen the new dynamic of your relationship. As you begin to discuss the issues of reputation and values, here are some other “conversation starters” to get fruitful, meaningful talks started:

  • Review the types of upcoming situations where their values may be challenged, and how they plan to approach them (prom, parties, senior sleep-outs, senior skip days, etc.). When they’re in a high-risk situation, what will their plan of action be?
  • If you haven’t done so, create a “rescue plan.” Agree on a code word or phrase that your teen will text or call you with that indicates a problem situation that needs immediate attention and rescue. This may sound overly protective, but it can be a life saver!
  • Have them consider the various influences in their lives, such as family, music, movies/TV, friends, social media, organizations and clubs, etc. Help them be able to determine which influences may be positive, which may be negative, and which are neutral. Encourage them to avoid negative influences at all costs.
  • Share some realistic scenarios (maybe from your own personal experience) of the college lifestyle (including but not limited to parties, drugs, alcohol, hook-up culture, cheating, etc.) and discuss ways to handle them. Prevention is always the best medicine, but impromptu decision-making skills are essential, too!

Enjoy your time with your soon-to-be adult as the school year comes to a close. Remember to be open and honest with them, as they are much less “kids” these days as they are maturing young adults. Stay tuned for next month, when we will talk about focus points for June!