There are a lot of good reasons for teaching kids about money. For one, you don't want your children repeating your own financial mistakes. Also, if you raise financially shrewd adults, chances are they won't someday be asking you for money. By helping them, you're helping yourself. Teaching your children about money is also simply the right thing to do.
How to Teach Your Kids About Money As you can imagine, there are many approaches to teaching your child about money. Some parents believe in allowances; others don't. Some companies market debit cards to elementary school children, and some parents think that's an insane age to be learning about a debit card, no matter how many parental controls are instituted. Talk to your kids about money Mitchell Kraus, founder of Capital Intelligence Associates in Santa Monica, California, echoes what many experts say: "The best way parents can teach their children good financial habits is by discussing the money decisions that they make." For teenagers Leak is all for teenagers learning about investing. And at some point, if you think your kid should get a part-time job, that's not a bad idea, many financial experts say. "As a young teenager, you can babysit, mow lawns or referee sports. As they get older, there are opportunities to work in retail or hospitality," Cohen says. For elementary school kids Games are a fun way to impart financial lessons. "As funny as it sounds, Monopoly is a great game to play with children to begin the concepts of money," says Aaron Leak, founder of ECL Private Wealth Management in Rockford, Illinois. He says older elementary school kids can handle more complicated financial transactions, as long as you're leading the way, of course, and monitoring their finances. "In my experience, debit cards are not very useful in teaching young children about money because the card is only an abstraction and looks the same regardless of how much money is in the account. With any luck, if you really teach your kids well about money, someday your child will make a lot of the green stuff and be able to support you in your old age. See, what did we tell you? By helping them, you're helping yourself.
0 Comments
Leave a Reply. |
AuthorHi! I am Tim Connolly and I am providing help to parents to bring up their children in a healthy environment. I am working in this profession from last 5 years, if you have any query regarding this please contact me. Archives
June 2021
|