Home
>
Parenting
>
7 Things To Teach Your Kids About Money

7 Things To Teach Your Kids About Money

Did you know that many people retire broke?

It's true. After a lifetime of hard work and having earned literally hundreds of thousands of dollars, they end up with nothing.

So where did all their hard-earned cash go? The answer is, it passed right through their fingers.

While schools are great at teaching algebra, calculus, and geometry... how many of us learned about the basics of personal finance and creating financial security for ourselves?

The truth is, the earlier you learn to handle money, the more likely you are to manage it properly and live a prosperous life.

So why not provide a little home schooling for your family and teach them the basics? Here are 7 important lessons to instill in your kids about money:

1. Save something of what you earn

Acquiring the savings habit is one of the smartest things you can ever do.

If you're reading this now as a middle-aged parent, imagine how much you'd have in the bank today if you'd saved 10% of everything you'd ever earned.

(It's almost scary to think about, isn't it?)

Teach your kids to save a little of everything they earn.

2. Don't borrow what you can't pay back

Debt is one of the greatest social diseases of our time. The price to pay for the "have now, pay later" philosophy is that you certainly will pay later.

Debt imprisons you in a job you don't like, creates stress and anxiety in your life, and erodes your wealth creation program.

You will never become rich while you're in debt. Period.

Teach your kids the value of delayed gratification. "If in doubt, go without".

3. To give is to get

Managing money doesn't mean hoarding it and locking it away in its own purpose-built high security jail. It simply means being careful, spending wisely, and acquiring a regular savings habit.

Teach your kids that donating money to worthwhile causes is a noble thing to do, and that the money returns to you in more ways than you can imagine.

4. Money isn't evil

"Money is the root of all evil" and "filthy lucre" are phrases you'll hear banded around.

Ignore them.

Money actually brings enormous good into the world. For example:

- Creating wealth helps create jobs for others

- Investing in business helps to bring solutions into people's lives by way of innovative products and services

- Acquiring a great fortune allows you to donate more money to charity - or even start your own trust fund

Teach your kids that money is neither good nor bad - it's what you do with it that makes the difference.

5. If you don't spend much, you can't lose much!

One of the oldest wealth-creation maxims is, "It takes money to make money".

Unfortunately, it also takes money to lose money.

Teach your kids the value of caution when entering into financial affairs. And let them know that many self-made millionaires started with literally nothing.

6. Get the best price for everything you can

Your financial health is really the difference between how much you earn and how much you spend. It therefore makes sense not to pay any more money for something than you have to.

Teach your kids that bargain-hunting doesn't make you a "miser" - just a sensible individual.

7. The fast buck is your last buck

Sooner or later everyone gets offered a "surefire" method of making a fortune, whether it's the three-card trick, a once-in-a-lifetime investment plan, or some time-limited business opportunity only available to a select few...

Don't fall for too-good-to-be-true scams.

Teach your kids that wealth creation is a simple and timeless process based on common sense.

If you had learned the above principles when you were 10 years old, and had applied them every day of your life, would you be financially healthier today?

You betcha!

Teach your kids the timeless truths of acquiring and keeping wealth.

Knowledge truly is the most precious gift you can give.

About The Author

Paul Davis writes for Debt Elimination 4U, showing ordinary people how to get out of debt and stay out! Visit the site at: http://debt-elimination-4u.com

same day cleaning service Des Plaines ..

In The News:

Amazon Ring's new facial recognition feature sparks privacy controversy as Electronic Frontier Foundation critics argue the AI upgrade expands surveillance risks.

New Android banking trojan Sturnus steals credentials, reads encrypted messages and controls devices.

Denmark's 3D-printed student village proves automation builds 36 apartments faster than traditional methods. Skovsporet project shows housing future.

Discover Android's new Sound Notifications feature that alerts you to smoke alarms, doorbells, and baby cries even when wearing headphones.

New SantaStealer malware reportedly threatens holiday shoppers with password theft. This Christmas-themed info-stealer targets browsers and crypto wallets.

The Christmas season brings a surge in Netflix phishing scams targeting shoppers with fake emails. Stacey P received convincing scam but verified account first.

San Francisco Giants invite Jamie Grohsong to throw ceremonial first pitch at Oracle Park after he learned to play baseball with a bionic hand following an injury.

FBI warns cybercriminals are stealing family photos from social media to create fake proof of life images in virtual kidnapping scams targeting victims.

Instagram's new 'Your Algorithm' tool lets you control your Reels feed in real time. The app now gives you power to customize what videos you see.

Major Marquis fintech breach exposes 400,000-plus Americans' data through unpatched SonicWall vulnerability, with Texas hardest hit at 354,000 affected.

Free up iPhone storage fast by clearing large photos and videos from Messages app. Simple steps for iOS users to delete attachments without losing chats.

Scammers are flooding inboxes with fake tracking alerts that mimic real carriers, exploiting the holiday rush to steal logins and personal data.

The Fox News AI Newsletter brings you the latest news on AI technology advancements and the challenges and opportunities AI presents now and for the future.

Texas family reunites with missing 11-year-old cat Grayson after 103 days using Petco Love Lost's AI photo matching technology and community help.

Tired of AI customer service loops? These insider tricks help you escape "frustration AI" and get real human help when you need it most for urgent issues.

Unlock richer audio from your streaming apps with simple tweaks to volume normalization, equalizer settings, and quality preferences for cleaner sound.

Scammers are sending fake Facebook settlement payout emails that mimic legitimate notices from the privacy settlement administrator to deceive users.

Holiday shopping scams surge as fake refund emails target distracted consumers during Black Friday and holiday seasons, costing Americans billions annually.

The AI-powered IRMO M1 exoskeleton features four modes, including turbo, eco, training and rest for hiking, running, cycling and sports with eight-hour battery life.

OpenAI announced upgrades for its ChatGPT Images platform on Tuesday, saying the program can now make more precise edits and produce images more quickly.

Chrome for Android now turns web articles into AI-powered podcast conversations. Get hands-free browsing with Google Gemini's natural audio summaries.

LastPass faces $1.6 million fine from U.K. regulators after 2022 data breach exposed 1.6 million users. Password manager failed proper security controls.

Petco disclosed a data breach exposing customer Social Security numbers, financial account details, and driver's license information due to a software error.

Baseball teams can now analyze complete swing mechanics in normal training environments using Theia's markerless AI system that processes standard high-speed footage.

Smart home hacking fears overblown? Expert reveals real cybersecurity risks and simple protection tips to keep your connected devices safe from hackers.

7 Things To Teach Your Kids About Money

Parenting