Teaching kids how to be good with money is a skill that goes beyond simply teaching them to save a portion of their allowance. It’s about helping them understand the value of patience, the importance of planning, and the joy that comes from seeing a project through to completion.

This week, while spending time at home with my son, I found myself reflecting on these principles as we engaged in one of our favorite activities: gardening.

I purchased our home primarily for the large vegetable and fruit garden in the backyard. Gardening, for us, is more than just a hobby; it’s a powerful tool for teaching my son about the deeper aspects of wealth-building.

Most people think that giving kids money for chores or encouraging them to save a small portion of their earnings is sufficient to teach them about finances. However, I believe that to truly teach children how to grow wealth, we need to instill in them an understanding of delayed gratification and the ability to find joy in the process.

Our gardening journey begins long before the first seed is planted. In February, we start by planning which vegetables we want to grow and ordering any seeds we might need. By early March, the seeds are planted and carefully nurtured under a special light. It’s not until June that the seedlings are strong enough to be transplanted into the garden.

This entire process, from planting to harvesting, requires patience, dedication, and a lot of care. It’s a slow, methodical process that results in the rewarding experience of harvesting the fruits (and vegetables) of our labor.

Through gardening, my son learns that effort precedes reward. He experiences firsthand the importance of putting in the work, nurturing his plants daily, and waiting patiently for them to grow. When he becomes a teenager, these lessons will make it easier for him to understand the principles of investing. He’ll know how to think ahead, decide what he wants to grow in his life, and then tend to his “garden” with care and patience, understanding that the rewards will come with time.

This process of planning, working towards a goal, and finding satisfaction in the journey is essential for financial success. The skill of delayed gratification, learned through long-term projects like gardening, will allow children to succeed financially as they grow older.

Here are the four ways I’m teaching my kids the skills to grow wealth:

Long-term Projects: Engage your children in projects that require goal-setting and putting in effort over time before achieving a result.

Gardening, as I mentioned earlier, is a perfect example, but it could also be something like building a model, completing a complex puzzle, or any other task that demands patience and persistence.

These projects teach kids the value of hard work and the satisfaction that comes from seeing a task through to the end.

Saying No: Teaching your kids that they don’t need to say “yes” to every impulse is key. Just because they see something they want and you can afford it, doesn’t mean it should be purchased.

I practice this by occasionally saying no when they ask for candy at the checkout line or when they request an item they don’t truly need. This helps them understand that not every desire needs to be immediately fulfilled, reinforcing the importance of saving for more meaningful purchases in the future.

Wish Lists: When my kids ask for something that isn’t a necessity, we add it to their wish list. When special occasions like Eid or a birthday come around, we review the list and decide what they really want to purchase.

This process helps them think critically about their desires, make informed decisions, and often realize that something they wanted weeks earlier may no longer seem as important. It’s a great way to introduce them to the concept of prioritization and thoughtful spending.

Shopping Lists: Before we head to the grocery store, we make a shopping list at home based on the meals we plan to cook that week. Once at the store, we stick strictly to what’s on the list.

This practice not only helps with budgeting but also teaches the kids the importance of planning ahead and sticking to a plan. It instills in them the discipline to buy only what’s necessary, a valuable habit that will serve them well as they manage their own finances in the future.

Overall, teaching our kids about money is fundamentally about instilling discipline and patience. By helping them build these skills, we’re setting them up for long-term financial success.

They’ll grow to understand that true wealth comes not just from earning, but from the wise management of resources, the ability to delay gratification, and the discipline to stick to their financial goals.