I’ll have to fess up – I don’t actually have any kids myself, but I do have 4 nieces and a nephew – and of course, was a child once upon a time myself! Here are some great ways to encourage kids to learn to be financially responsible at a young age:
- Be a good role model. Your kids will be better with money if you’re good with money!
- Teach them to seize opportunities. Yes, some folks in life are luckier than others, but being prepared, and willing to seize an opportunity when it presents itself goes a long way!
- Teach your kids about persistence as a financial planning to. They need to learn to think about both the short term and the long term.
- Get a job! Kids (like anyone) appreciate things a lot more if they earned them. I know that working several years to help pay for my first year of university made me appreciate it a lot more – no way was I going to flunk out and waste all that money. It also helps you learn good work either, how to cooperate with others, and usually, how to interact with the public.
- Teach them the joy of compound interest. The earlier you start, the more it can do for you!
What’s the best financial lesson you’ve taught a child or were taught yourself as a child?