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

---

Book Review: The Ring Bear Depicts Turmoil of Becoming A Stepchild

In "The Ring Bear," a picture book by Tigard resident... Read More

Child ADHD - Deciding Where to Draw the Line

The wonderful adaptability of children in dealing with the challenges... Read More

Childhood Obesity

Economist John Kenneth Galbraith has said that more people die... Read More

When Parents Disagree

Moms and dads, are there times you think that parenting... Read More

Is There Any Real Use For A Fun Quiz?

Q. I don't like my children spending so much time... Read More

Parenting Your Teenager: 6 Tips for Effective Discipline and Consequences

A parent writes in, ``We are having a hard time... Read More

ADD / ADHD Children : Being Your Childs Best Friend

Do you live with an ADD / ADHD child? If... Read More

Go Ahead - Make Dads Day

Throughout the year, many days of celebration are tucked capriciously... Read More

Making Internet Chat Safe For Your Children

No matter what you say or do, your kids will... Read More

The Secrets To Improving Childrens Behaviour

Most parents at some stage are driven to distraction by... Read More

How To Potty Train In Two Days

Ah, potty training! Go to a local bookseller and you... Read More

Childs Play: Treating The Insanity of the Mental Health System

In today's mental health system there is a pattern of... Read More

Teaching Problem Solving Skills to Children with ADHD

Even though the "Stop and Think" movement in ADHD treatment... Read More

The Twenty-First Century Parent

John was a 43 year-old sales manager at a large... Read More

The Seven Keys to Child Obedience

Learning obedience is an important part of child development. This... Read More

Vehicle Safety - Following Simple Vehicle Safety Tips Can Reduce Auto Accidents and Injuries

Child Car Seat Safety:We know you love your children, but... Read More

How Effective is the Nutraceutical ATTEND with ADHD?

I really like all natural remedy for Attention Deficit Disorder... Read More

The Truth About Motherhood

What is the mystery of motherhood? I know that when... Read More

Parenting Predicaments

Predicament:My son is 4 1/2 years old. His younger brother... Read More

Fun Things to Do with Your Kids this Summer

10 Fun Things You Can Do With Your Children this... Read More

How to Get a Good Diagnosis to See If Your Child Has ADHD

Your child's teacher says that you need to find out... Read More

Spare the Child, Ditch the Rod

Spare the rod, spoil the child!This philosophy's been around a... Read More

Children - Blessing or Curse

You're trying to catch up on some sleep on a... Read More

6 Ways to Communicate Clearly with Your Teen

How would you like to have a closer relationship with... Read More

The Best Gifts Ever: Life Experiences Every Child Should Have

This past holiday season Canadians spent over $45 billion-with parents... Read More

Back to School Responsibilities Again

It's that time of year when mom and dad look... Read More

Book Review: How to Get Your Child to Love Reading

How to Get Your Child to Love Reading was conceived... Read More

EEG Biofeedback Training as a Treatment Option for ADHD

The popularity of EEG Biofeedback Training continues to grow both... Read More

Parenting Your Teenager: What Parents Say About Teens

What is hard for parentsLetting them learn from their mistakes.Trying... Read More

Avoid Weight Problems In Children

Although, not a well publicized statistic, childhood obesity has more... Read More

Strengths and Weaknesses

All too often, children with learning disabilities are seen through... Read More

Diaper Bags for Dads - Papas Got a Brand New Bag

Today's dads are more hands-on than ever before and their... Read More

Top Ten Ways to Raise Emotionally Intelligent Kids

Having a high level of emotional intelligence in your children... Read More