Money Wise Children
by Bryon Zirker1.Start teaching your children now about money, the
sooner the better.
Children tend to develop a mentality that money grows
on trees. This kind of thinking can carry on into thier adult
years and have dire consequences on their financial lives.
Get them going on the road to handling money correctly now.
Most children at young ages do not understand the concept of
where and how money is made. They think that there is an
unlimited ability of their parents to buy what they (children)
want. Making the connection between work and collecting the
cash is a hard process to teach. It requires a more mature mind.
As far as a child is concerned money grows on trees.
2.When the child learns about the supply/demand life of money
they develop an instictive conservatism.
When children learn that the posession of money equals the
ability to buy things they desire they start to hoard all that
they can get their hands on. Channeling this behavior can
determine the financial management abilities the child will
possess later in life.
3. Plant financial seeds now for good financial fruit later.
Start your children early. Create some small jobs for them
and pay a salary each week. For example a child could feed
a pet twice a week or help with dinner twice a week. Pay
them each week, show them how to divide their income into
savings and spending. Open a bank account jointly with them
and help them make thier deposits.
4.Paying a salary is effective as a teaching tool.
By paying your children a salary for jobs they do enables
them to work at understanding the different aspects of
money management and the fact the money is earned.
5.When your children become teenagers and then enter
the college years they will have more responsibilities.
Teaching our young people about managing money may
help cut down the number of people who retire dead broke
and have to rely on social security for their income. If they
are allready saving and investing they are way ahead of
the game.
6. Start your children investing by opening CD accounts
and or investment account.
Help your children to learn how to invest their cash wisely.
Teach them about the markets and investing in them with
real money. The best way for them to learn is to apply what
you teach them immediately so they can see their money in
action. I would love to of had parents who were a little more
savvy with the principles of saving and growing money.
posted by Bryon Zirker @ 9:54 PM
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