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: http://debt-elimination-4u.com

  


MORE RESOURCES:

ABC News

The 'Free Range Parenting' Debate
ABC News
Daniel Alexander may teetered Marilyn started national debate on parenting. The so called free range parent investigated and their crying. Letting their time in six year old children walk a mile home from a park without adult supervision the team's ...



What exactly is this whole 'free-range kid' thing?
Washington Post
What is free-range parenting, exactly? What I've been fighting against for the last seven years is a culture that believes children are in constant danger. When I started the blog and put my little mission statement up there, it was that I believed in ...
Kids, Go Ahead and Talk to Strangers: Lenore Skenazy in The Washington PostReason (blog)

all 4 news articles »


Huffington Post

Raising Risk-Takers: An Upside of Free-Range Parenting?
Huffington Post
Here in the Washington, D.C., area, there's a story that has generated a lot of attention: The case of the free-range parents. A Maryland couple has allowed their 10- and 6-year-olds to play outside and walk home from a park, unsupervised, and they've ...



Yahoo Parenting

Once 'Father' and 'Son,' Now a Married Couple
Yahoo Parenting
“When we moved to Pennsylvania, we had both retired and we were of the age where one begins to do estate planning,” MacArthur tells Yahoo Parenting. “We went to a lawyer who told us Pennsylvania was never going to allow same-sex marriage, so the ...



wreg.com

Push to get more families into parenting centers
wreg.com
MEMPHIS, Tenn. — The doors at the parenting centers are open, and about 100 families have gotten help so far. A number the centers want to grow. So the folks who helped set up the parenting centers came out to let the public know this is a judge free ...



Yahoo Parenting

Meet the Couple Who Just Welcomed Their 100th Grandchild
Yahoo Parenting
The Zangers didn't set out to have a family that could be dubbed 100 grandkids and counting, Donna Lane, Leo and Ruth's daughter, tells Yahoo Parenting. But after getting married at ages 19 and 16 respectively, the couple had a hunch they'd produce ...
'We could start our own town,' joke granny and granddad who welcome their ...Irish Independent

all 228 news articles »


TIME

How to Find a Parenting Balance in the 21st Century
TIME
(Drink Tab and Lock Us Outside),” Jen Hatmaker argues against the “precious” treatment of children in the 21st century and in favor of a more “free-range” style of parenting. Hatmaker discusses the levels of stress that mothers in particular create for ...



PGH City Paper

A CMU professor's new book on "parenting for technology futures"
PGH City Paper
But he does sketch out some suggestions in his new book (part one of a planned two-parter), Parenting for Technology Futures. Broadly, the self-published, 60-page book ($5 on Amazon) advises that assuring that your kids are technologically "literate" ...



Coaching is his career, but parenting sick son is Roberts' hardest job
The Virginian-Pilot
His body might have been in Brooklyn this spring, getting his football coaching career under way at a junior college, but Dyrell Roberts' mind was never far from Virginia. The former Virginia Tech wide receiver's infant son, Dyrell Jr., has been at ...



Dear Crabby: Parenting skills and unnecessary interjections
Yakima Herald-Republic
The get-tough brand of parenting, designed to put those tykes in their place, probably works pretty well for some people. Appending “OK?” to the end of commands works for others. Like you said, I'm not a parent. I can't pretend to tell people how to ...


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 CanadaSEEK.com - All Rights Reserved.