Teaching Your Kids to Be Great With Money
If you have kids, you will of course want to teach them to become financially successful adults. The challenge is that many schools do not teach financial skills. It’s up to you. Here’s what you can do to get started:
1) Start early. Children can be taught to count currency, appreciate the prettiness of world currencies, and start coin collections. Look for age-appropriate activities you can share with your children.
2) Avoid spoiling your children. A lavish allowance for nothing or tons of toys all the time will not make your children happier – just bored. Giving children too much also makes them value money a little less. Instead, link an allowance to chores (so that children learn the value of earning) and limit gifts and toys to special occasions.
3) Teach your children to save. When kids get an allowance, the first thing they imagine is all the fun things they can get for that cash. Hey, money is pretty exciting. Parents, however, need to teach kids about having even more money with interest and saving up for very exciting, big-ticket items. This will encourage children to become life-long savers.
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