Parenting Information

7 Things To Teach Your Kids About Money

Did you know that many people retire broke?

It's true. After a lifetime of hard work and having earned literally hundreds of thousands of dollars, they end up with nothing.

So where did all their hard-earned cash go? The answer is, it passed right through their fingers.

While schools are great at teaching algebra, calculus, and geometry... how many of us learned about the basics of personal finance and creating financial security for ourselves?

The truth is, the earlier you learn to handle money, the more likely you are to manage it properly and live a prosperous life.

So why not provide a little home schooling for your family and teach them the basics? Here are 7 important lessons to instill in your kids about money:

1. Save something of what you earn

Acquiring the savings habit is one of the smartest things you can ever do.

If you're reading this now as a middle-aged parent, imagine how much you'd have in the bank today if you'd saved 10% of everything you'd ever earned.

(It's almost scary to think about, isn't it?)

Teach your kids to save a little of everything they earn.

2. Don't borrow what you can't pay back

Debt is one of the greatest social diseases of our time. The price to pay for the "have now, pay later" philosophy is that you certainly will pay later.

Debt imprisons you in a job you don't like, creates stress and anxiety in your life, and erodes your wealth creation program.

You will never become rich while you're in debt. Period.

Teach your kids the value of delayed gratification. "If in doubt, go without".

3. To give is to get

Managing money doesn't mean hoarding it and locking it away in its own purpose-built high security jail. It simply means being careful, spending wisely, and acquiring a regular savings habit.

Teach your kids that donating money to worthwhile causes is a noble thing to do, and that the money returns to you in more ways than you can imagine.

4. Money isn't evil

"Money is the root of all evil" and "filthy lucre" are phrases you'll hear banded around.

Ignore them.

Money actually brings enormous good into the world. For example:

- Creating wealth helps create jobs for others

- Investing in business helps to bring solutions into people's lives by way of innovative products and services

- Acquiring a great fortune allows you to donate more money to charity - or even start your own trust fund

Teach your kids that money is neither good nor bad - it's what you do with it that makes the difference.

5. If you don't spend much, you can't lose much!

One of the oldest wealth-creation maxims is, "It takes money to make money".

Unfortunately, it also takes money to lose money.

Teach your kids the value of caution when entering into financial affairs. And let them know that many self-made millionaires started with literally nothing.

6. Get the best price for everything you can

Your financial health is really the difference between how much you earn and how much you spend. It therefore makes sense not to pay any more money for something than you have to.

Teach your kids that bargain-hunting doesn't make you a "miser" - just a sensible individual.

7. The fast buck is your last buck

Sooner or later everyone gets offered a "surefire" method of making a fortune, whether it's the three-card trick, a once-in-a-lifetime investment plan, or some time-limited business opportunity only available to a select few...

Don't fall for too-good-to-be-true scams.

Teach your kids that wealth creation is a simple and timeless process based on common sense.

If you had learned the above principles when you were 10 years old, and had applied them every day of your life, would you be financially healthier today?

You betcha!

Teach your kids the timeless truths of acquiring and keeping wealth.

Knowledge truly is the most precious gift you can give.

About The Author

Paul Davis writes for Debt Elimination 4U, showing ordinary people how to get out of debt and stay out! Visit the site at:



Las Vegas Review-Journal

Educator seeks to guide adults through parenting process
Las Vegas Review-Journal
Individuals participate in a pilot parenting program hosted by Karen Purves of Secure Parenting in this undated photo. The eight-week course is set to teach parents how to build trust and closeness, respond sensitively, communicate effectively and more ...

On Parenting: Meghan Leahy and Amy Joyce take questions about parenting
Washington Post
On Parenting: Meghan Leahy and Amy Joyce take questions about parenting. Apr 01, 2015. Meghan Leahy, a parenting coach with Positively Parenting, joined Amy Joyce to talk about parenting children of all ages. Amy Joyce. Good morning and thanks for ...

Huffington Post

3 New Studies That Will Make You Reconsider All Your Parenting Techniques
Huffington Post
Forget what you thought you knew about nutrition, bedtime and the relationship between behavior and rewards. Read on for the latest wisdom from experts around the world... Broccoli Contains No Nutrients. parenting studies. A group of broccoli farmers ...

Parenting with Pete: Guide children with love, not 'the rod'
With April's first weekend, we welcome the joyous celebrations of Easter and Passover. Christians celebrate the resurrection of Jesus and Jews commemorate their exodus from slavery. April also marks Child Abuse Prevention Month. Prevent Child Abuse ...
Missoula leaders rally against child abuseNBC Montana
Child Abuse Prevention Month – It's Everyone's BusinessDoD Live
Wednesday event to increase awareness of child abuseNew Bern Sun Journal

all 186 news articles »

Chicago Tribune

DeNeal: Parenting breakfast and workshop served
Chicago Tribune
Indiana Parenting Institute will launch its ninth year of observing April as Parenting Awareness Month with "Good Morning! Breakfast is Served," from 9 a.m. to 12:30 p.m. Friday, April 17, at the International Brotherhood of Electrical Workers Building ...

Huffington Post

The 5 Types of Unsolicited Parenting Advice I Find Most Helpful
Huffington Post
Just to be clear, I'm not talking about the friend you talk to most every day or the ones you swap parenting battle stories with or the ones who hold multiple degrees in child development or work as child therapists or are experts in parenting with ...
Four Myths About Raising LittlesThe Federalist

all 2 news articles »

The Guardian

Is this a dark age for parenting?
The Guardian
The month before, I crammed a car seat the size of an armoured tank into our tiny vehicle to protect her on the road. Today, I am trying to ignore a niggling anxiety that her cough is a symptom of something more serious than a cold. Dark days for ...

Huffington Post

Parenting for Powerful Learning: 35 Tips
Huffington Post
The first job of parents as Chief Growth Officer is to make learning a priority (as discussed last week). That means making school and schoolwork a priority. But there's a lot more you can do without a lot of extra effort or expense to make every day a ...

Mother in Rutherford County has parenting rights officially terminated
The mother of a six year old Rutherford County child that lost parenting rights in 2012 has filed an appeal in the state of Tennessee, seeking to reestablish those rights. The case was originally heard before Juvenile Court Judge Donna Scott Davenport.

The Inquisitr

Parents Publicly Humiliate Misbehaving Teens: Is This Abuse Or Good Parenting?
The Inquisitr
Those in the “Pro” camp often cite that public humiliation works as a parenting tool because it serves as an incentive to keep kids from acting out in the future. The “Anti” camp believe that public humiliation can damage the child's self-esteem ...

and more »

Google News

Article List | Index | Site Map
All logos, trademarks and articles on this site are property and copyright of their respective owner(s).
The comments are property of their posters, all the rest is Copyright © 2006 - All Rights Reserved.