Help Kids Set Clear Goals

Whether your kids want a new bike, a better math grade, or a higher batting average, it's important they learn that things don't just "happen."

Teaching children how to set and achieve goals is a lesson that they will carry with them for the rest of their lives. And once they understand how to structure a goal so that they can make steady progress towards it, they will have the confidence and resilience to face any challenge and, eventually, set their sights even higher.

Talk your child through these three steps to help them create their own dependable, and repeatable, framework for achieving any goal.

1. Choose Their Own "Big" Goal.

When kids set their sights on something, the most deflating thing they can hear from you is, "No."

Or, "That's not realistic." Or, "You'll never stick with that."

Or, perhaps worst of all, "Here's what I think your goal should be."

Kids should be encouraged to think big before the realities and pressures of the grown-up world start bearing down on them. Besides, even a truly pie-in-the-sky goal, like becoming a professional athlete to starting a billion-dollar company, is probably rooted in habits, skills, and activities that your kids will feel motivated to develop.

Also, a goal that comes from mom and dad isn't going to feel personal. It's going to feel like a chore or homework. If your child doesn't feel a strong connection to their goal, then they won't go through the process of achieving it.

So have a fun chat at your favorite restaurant. Set out some blank paper and a new box of markers. Make lists. Plot out timelines. Draw pictures of future success. Help your child see what they want to do and get them excited about doing it.

2. Create Clear, Actionable Steps

Here's where you can narrow down that dream of playing in the NBA into something a little more realistic, achievable, and beneficial for your child.

The key question to ask them is, "How?"

How are you going to become a pro basketball player?

"By getting better at basketball."

How are you going to get better at basketball?

"By practicing more."

How are you going to practice more?

"I'm going to shoot 50 free throws in the driveway every day when I come home from school."

Bingo!

Your child probably won't go pro. But if that big goal keeps them practicing, they will get better at basketball, which will help them achieve other things, like making local teams, staying healthy, and growing their friend circle.

"How?" is just as effective at helping kids define actionable steps towards more achievable "big" goals. You can help them break a long-term savings goal down into monthly deductions from their allowance, or academic progress into nightly study targets. And as they hit small milestones – like 50% of their savings goal or an improved B that's on its way to becoming an A – celebrate with a night out or a favorite dessert so they learn that every step along the way matters.

3. Give Them Permission to Fail

Just as important as celebrating wins is helping kids learn from failure. A bad test grade, a costly turnover, or a spur-of-the-moment purchase that throws off a budget isn’t the end of their goal.

It’s just a misstep.

Once again, ask, “How?”

How can we learn from this?

How can we lower our odds of slipping in the same way again?

How can we improve our process to generate stronger forward momentum?

If your kids are working towards any goals that could affect your Life-Centered Financial Plan, let’s talk about adding some points on your $Lifeline that could help you plan ahead and achieve some complementary goals of your own.

At LI Wealth Management, we believe helping children set goals is about more than teaching them how to achieve something. It is about building confidence, resilience, and healthy habits that can guide them throughout life. Visit our website or book a free session today. Together, we'll review your Lifeline and create a Life-Centered Financial Plan that supports your family's goals and the future you're building together.