Teaching Kids About Money – Progression
Kids learn at different ages and different stages. With that being said, one important lesson every parent should teach is the power to be in control of money. According to CNBC.com eight out of ten people are in debt in the United States alone. Moreover, wouldn’t it be amazing if your kiddo was one of the two out of ten that are not in debt?
“Mighty Oaks from little acorns grow.” anonymous proverb
If you teach your child basic money lessons through-out all stages of development, he or she will then be able to handle finances as an adult. Therefore, starting early is the key! Plant the seed and your child’s money IQ will grow. You can begin a solid money foundation with your child. This will be in your best interest because they will not ask you to borrow money!
How early is too early? Children can understand the concept of money at a very young age. My two-year-old knows that we have to pay for items when we go to the store and he helps me hand our groceries to the cashier upon checkout. Nonetheless, I was just telling my four-year-old son how much money I have in my retirement accounts and he asked me if I had interest and investors. Kids are little sponges and they soak up what they hear mommy and daddy talking about. I’m not saying my son really understands what investing is, but he will one day. Start those conversations and be open about money with your kids.
As you continue reading, this post will give you ideas on how to begin teaching your child about money. You will find age-based examples to help guide you in your money-teaching quest. Furthermore, I am a former teacher and if there is one thing I love, it is teaching kids real-life skills.
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