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...
Continue Reading...

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...

Continue Reading...
Close

50% Complete

Awesome! 

Just fill out your information below and I will take care of the rest...