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Children grow up to be adults. The lessons they learn as children will be carried with them as they become students, employees, husbands and wives, parents and grandparents. If they learn the lessons when they’re younger, the mistakes in adulthood are less frequent and less disastrous.
Some of those lessons learned in childhood relate to love, work, and values. You teach your child the things that are important to you and the lessons you want them to learn to be successful, happy, and productive.
Unfortunately, one lesson that’s often neglected is the lesson of money. Whether it’s because parents don’t feel confident talking about money or they don’t think it’s important, many children grow up without money skills.
This isn’t a lesson that you want to learn when you’re an adult. The consequences are too significant. They include financial stress, which can cause illness. Other consequences are debt, no savings, living paycheck to paycheck, and a life that’s more difficult than it needs to be. As parents there is a responsibility to teach your child to be money smart.
What does it mean to be money smart?
There are different components of being money smart. They include the concept of saving, of goal setting, and making your money work for you. Money smart means knowing that instant gratification isn’t always as satisfying as it might be, and saving for something you really want can pay off in ways that you just cannot imagine.
Teaching your child to be money smart means teaching them:
• About saving money
• About the importance of financial goals (long term and short term)
• How to invest their money and make their money work for them
• How to budget and allocate their money so they can pay for what they need and want
• How to leverage technology and systems to stay in control of their money
• That they’re the only person who can make decisions about their money
• About the practice of giving or donating to help others in need
• How to decide if they are going to spend money now or save it for later
• How banks work
• How to earn money and achieve their financial goals
These are some heavy lessons and in many cases they’re lessons that need to be learned over time. However, when you spend the time and energy teaching your child to be money smart, they will grow up to be confident with their money. You can trust that they’ll be able to go out into the world and stay out of financial trouble.
Why Teaching Your Child about Money Is So Important
How often do you feel stressed about money? Whether you’re trying to pay bills, save for your child’s college or your own retirement, money stress is a common problem amongst American households. There are probably steps you wish you’d taken and mistakes you wish you hadn’t made. And there is a good chance that you also hope that your child has it easier.Other Details
- Ebook (DOC, TXT), 13 Pages
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