3 Things That Parents Should Do To Teach Their Kids About Money

Who do you think is responsible for teaching your kids about money?

The parents.   

It is funny that as parents we teach our kids a lot of skills, but we fail to show them something as essential as managing money.

 Today I am going to share with you three things that you can do to help your kids understand the concepts of Money. 

 Children start deciding about money as early as three years old.   If you don’t think so, ask yourself, who chose the cereal or the juice at the grocery store.

  • Give them a budget allowance.

Typically, I suggest to give them a week allowance base on their age. 

If your child is 7, then $7,  6, $6, 5, $5 and so forth. 

  • Make sure to take out 10% for taxes, 10% for giving at least 10% for savings or investments.

This will give them a sense of reality and teach them good habits for then on. 

  • One way to show them the concept of money is to let them spend the money on what they want, but once...
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Ask Your Kids Where Do They Think Money Comes From

Have you ever asked your kids where do they think Money come from?

Believe it or not, your kids start to make financial decisions at a very early year, even 3 years old. 

If you are not sure about this, ask yourself, who chose the cereal and juices in the Household?  Where do they choose to buy it?  At the grocery store, right? They are pointing out what they want.

Most kids don’t understand where the money is coming from, but they assume that all they need to do is ask and it is given.

If you want your kids to learn the correct concepts about money from a very early age, then they need to be clear about where the money is coming from.

You can also give them tasks so they understand that money is an exchange of value.

Teaching them to have their own business at an early age will also teach them the path of entrepreneurship.

Have them read kids books about money. 

When you start teaching your kids numbers and how to count, instead of paper or marbles, teach...

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Are you house rich but cash poor?

Do you know anyone that is house rich and cash poor?

Most people are just paying their mortgage and that’s it.  They are not contributing to their retirement plan, they have no savings, no emergency fund. They cannot go on vacation unless they get into debt.

Why?  Because they bought a home that is too expensive for their personal situation. In other words, they bought a house that the couldn’t afford.

Here are some of the reasons people are trying to pay off their mortgage.

You should not be paying off your mortgage as fast as possible, making extra payments, or getting in shorter terms, or be participating in a bi-weekly plan. 

Why? Because the goal in life should be to create wealth. 

Why carry the long-term mortgage?  The only answer is liquidity and wealth. 

Paying off that debt will not necessarily give you wealth.  At this moment, your home is increasing in value on its own.

This is why the longer the term, the lower the payment...

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7 Steps To Financial Freedom

Since we are little we have been imposed to get an education, then get a job, fill our lives with depreciating things and then retire and die. 

However, at some point, we realized that is not financial freedom.  That is not what we had in mind when it comes to time freedom either.

What is Financial Freedom?

Everybody has their own definition of what financial freedom is for them.  But in the end, it comes down to the same thing.  We want the opportunity to keep the lifestyle we desire without worrying about how and where the money is coming from. 

How can I reach Financial Freedom?

Today, I am going to show you 7 steps that you can take immediately, that will help you to achieve financial freedom.  No one said that it is easy, but it is possible.  

Here are the 7 Steps To Financial Freedom: 

  1. Live like you are broke.  What this means is to stop living above your means.  If you live above your means, most likely you will be...
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