Teaching kids about money will help them become financially free and independent
and able to help others at any moment because of the time and money
freedom that financial freedom allows. Not to mention the relationship
stability that is created. Lack of money is the number 1 cause of
fights between partners so if we eliminate the cause by creating
financial independence and understanding at a young age we also lower
the reason for the marital fights.
We are taught to
work, but we are seldom taught how to prepare for our retirement. We
are taught to save, save, save, but we are rarely taught exactly how
much we will need to save for our retirement, and of course we will
never know exactly how much we will need or how long our retirement
will be. That is why teaching kids to build up passive recurring income
at such a young age will give them so much future benefit. Kids learn
easily when they are young and can build up great money habits which
would take a long time for us to learn as adults.
problem is that generally we are
always raised in our families and our schools to believe that we need
to work hard for money. But in reality the richest and happiest people
in the world do not work hard but rather work smart for their money.
They have had the advantage of learning early on that we all have only
so many hours in a week and can only do so many things by ourselves. By
teaching our children how to leverage their abilities and their time we
will be teaching them how to enjoy more out of life and how to be rich.
By teaching them how to delegate their efforts onto other people they
will be able to learn how to have more time in their lives. There is a
great saying by Napoleon Hill I believe that says, "I's rather earn 1%
of 100 people's efforts than earn 100% of my own efforts." This is the
philosophy that I would like to teach to kids. Change their thought
patterns at a young age so they don't get stuck into the traditional
thinking that they need to do everything themselves.
What age is the
best to start
children about money?
is so important that there is really no set time for when they are
ready. Kids are amazing, I starting having my daughter separate her own
money into three different piggy banks, one for saving, one for
investing and one for charity at the young age of two years. By
starting out so young, they learn good money habits that seem so normal
to them and don't need to try desperately to learn about money when
they grow up. They will be one step ahead of the rest of us.
How do we teach
money and how do I
highly recommend you make it fun and make sure you put a lot of
emphasis on giving to charity! When your child sees how his/her money
can make an incredible difference in the lives of other people,
animals, the earth, etc. they naturally develop a long-lasting desire
to help and that will increase their emotional well-being.
on the age of your kids you will want to tackle it differently.
kids under the age of 5 years, I would just have them set up three
piggy banks, one for saving, one for investing and one for charity.
Kids under 5 love to give presents. So why not figure out a way for
them to earn some money to then be able to donate to their favourite
charity, animal centres seems to be a recurring favourite among the
young. And have them go shopping with you to a dollar store for example
and choose something that they would really like to have. Then go home
and think together about ways that they could make the money to be able
to go back to the store and buy that item.
years, still make sure they have at least the three piggy banks I
explained above. Have them decide what their favourite charity will be,
have them cut out pictures from magazines or print off photos from the
internet of things that they desire to own, then sit down together and
plan a way that they can earn the money they need. This is also the age
when they can start to think about not just earning money but creating
businesses of their own like a cookie baking business or the old tried
and tested lemonade stand. Have them put the money from their saving
piggy bank back into their business so they begin to learn that they
need to reinvest.
For kids from 9-12 years have them
go through the 7 day mini-course on "50
Easy Ways for Kids to Make
and get them to brain storm, maybe in groups with their friends of ways
they can set up their own businesses and hire on other kids to be their
staff giving them more opportunity to expand their endeavours through
the efforts of others.
Does it work
for adults too?
absolutely, the advise is very similar and the same rules apply.
Where can I get
much do they cost?
Resources come in
from absolutely FREE to thousands of dollars.
What I recommend
is finding the resources that will help you the most, what feels true
to your heart. Don't spend thousands when you are starting out. Or you
will just discourage yourself and give up and that's not what you want.
can start by signing up for the 7 day mini-course on "50
Easy Ways for Kids to Make Money"
the main reasons I decided to write my ebook,
"The Insider's Secrets to
Teaching Children About Money" was so that parents like myself
could have access to thousands of dollars worth of information about
kids and money at a very low cost, so they can get started faster! (available Here)