Teaching Kids Some Cents, Part 1
Arguably the most important survival skill for children to learn these days is not taught in schools, and most parents don't even know or care enough to teach it either. It's the one skill that can make or break your children's ability to have a better life than you – and isn't that at least part of every parent's dream?
You know what skill I'm talking about – money management. But how do you make a good example, how do you teach your kids something that you might not be too keen at yourself? The good news is they can learn it all on their own – you don't have to be a financial pro, you just have to teach through a few basic methods.
All you really have to do is reverse-engineer the fundamentally bad financial ideas. I have detailed a few already – !!! (will link to previous entries) unhealthy uses of a credit card, not thinking ahead, buying more than you really need, and the stupidity of saving for retirement.
Those bad ideas are mostly a matter of teaching your children to make a budget, ask themselves some questions before making a purchase, and perhaps a bit of role playing. When all is said and done, they should have an excellent grasp on the key concepts of good money management.
It may take a lot longer than you think, but don't give up, and don't let these lessons fall on a back burner. By the end of this series you will be better prepared to help them live financially independent – instead of living with or off of you until they're 40.
Hopefully, at least.
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