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:

Waiting for the Bat Signal: The Passing of a Parenting Legend
Huffington Post
But Cahill, along with the other founders, envisaged not just a boob-help-hotline, but a community of mothers guiding and nurturing each other through their parenting journeys. I've called LLL twice. But I've asked average LLL mamas innumerable ...



Present Moment Parenting in the 21st Century
Huffington Post
If you are, or will soon be, a parent, congratulations! You are on a wild and wonderful ride full of ups and downs, ins and outs and a whole lot of trial and error. Parenting has always been this way, and yet, we live in a time like never before. Our ...



New York Times (blog)

Parenting and Heart Attacks
New York Times (blog)
Private Lives: Personal essays on the news of the world and the news of our lives. “Anything I should know before I go home?” I asked the chief cardiologist, trying not to sound terrified. “Just don't lift stuff over 10 pounds for a few weeks.” “My ...

and more »


People Magazine

Jenna Bush Hager: What My Mom Taught Me About Parenting
People Magazine
The new mom says her parenting methods may differ from her mother's. “I was a teacher, so I'm creating structure and discipline. I'm a little bit more of an enforcer,” she says. But, “When the time is right I hope I can sit back and allow Mila to ...



Unequal Societies Give an Incentive for Pushy Parenting
New York Times
That is the conclusion of a pair of European economists who set out to study something more nebulous than interest rates or deficit reduction: parenting styles, and specifically the rise of so-called helicopter parenting, a topic endlessly discussed in ...

and more »


The payoff for strict parenting
Washington Post
I bristle when I hear people talking about “helicopter parenting.” Yes, some parents are a little too manic about the success of their children. I was part of a group of mothers once in which one woman was fretting about how far behind her 3-year old ...



The hidden economics behind strict parenting
Washington Post (blog)
The rise of helicopter parents like Amy Chua, whose 2011 book "Battle Hymn of the Tiger Mother" brought attention to an increasingly popular parenting style emphasizing hard work and strict child rearing, could be less of a cultural phenomenon than a ...



'This Is How We Do' Parody Is Two Minutes Of Parenting Truth
Huffington Post
Who says multi-tasking is impossible? Brenna Jennings, of Suburban Snapshots, knows that is just how moms gets sh*t done. Her new parody video, set to Katy Perry's "This Is How We Do" (natch) goes out to "all the ladies in last night's makeup... at ...



PsychCentral.com

Parenting Style Probably Does Not Raise IQ in Children
PsychCentral.com
New research explores if a parents interactions with their child can help boost the child's intelligence. For example, does reading bedtime stories, engaging in conversation, and eating nightly dinners influence a child's intelligence later in life ...
Expert claims good parenting has little effect on a child's IQDaily Mail
Child's later-life intelligence 'not influenced by parenting'Medical News Today
'Parenting' plays little role in child's IQ developmentABP News

all 19 news articles »


Grandparents find themselves parenting once again
Washington Times
The Smallwoods are among the growing number of grandparents and other relatives who are finding themselves parenting the second time around. Kansas has 35,274 children living in households headed by grandparents or other relatives, according to the ...

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 CanadaSEEK.com - All Rights Reserved.