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

---

Reading, Writing, Rithmetic -- and Recess!

Recess has begun disappearing in states all around the country.... Read More

Building Your Childs Self-Esteem

According to researchers, most children enter school with a good... Read More

Americas Public schools --- Deteriorating Like They Did In Ancient Rome

The citizens of the early Roman Republic enjoyed an education... Read More

Effects of Jealousy on Childs Personality

Dear friends here we will charge up our mind with... Read More

Influencing Adolescents - Guided Democracy

You need to smart to be able influence adolescents. You... Read More

Tips for Keeping Packed Lunches Fun and Interesting

? Let the child choose his or her own lunch... Read More

You Goofed? Hip, Hip, Hooray!

Certainly we all want our children to excel. But it... Read More

How To Teach Your Children Social Skills

As our children grow, they will be going to schools... Read More

Every Mom Worries

Sitterphobe "I never have a second to myself," this mother... Read More

How Public Schools Coerce Parents Into Giving Mind-Altering Drugs To Their Children

Despite the potentially dangerous side-effects of Ritalin, public school authorities... Read More

How to Take Charge of the TV

Many children enjoy TV, and they can learn from it.... Read More

Beginning the Special Education Process

Like anything else in life, there's a method to the... Read More

Child Safety at Home

Maintaining a safe home environment for your childrenAs adults and... Read More

Breastfeeding, Its My Right

My name is Duncan and I'm 2 years old. I... Read More

Anorexia Nervosa Alert - is Your Daughter Dying To Be Thin?

Anorexia nervosa is a serious medical disorder that is statistically... Read More

Preventing Obesity in Young Children

Do you have a young child whose weight or eating... Read More

How to Cope With Colic

When my oldest daughter was born, I walked the floor... Read More

Muscle Pain And Children Do Not Mix

I am in pain. I've been in pain all day.... Read More

A Mothers Way

Dear MomOn this day set aside to honour "Mother's" let... Read More

Vouchers --- Parents, Dont Depend On Them

Vouchers, which give tax money to parents to pay for... Read More

Educational Jigsaw Puzzles, How Educational Are They?

Many companies advertise their products as being educational. How much... Read More

Income that PAYS Your Child Support WITHOUT Increasing Your Child Support

Child support is defined as that part of your income... Read More

Things To Teach Your Teenage Driver

Is it hard to communicate with your teenager about issues... Read More

A Call For Fathers

Dads, please let me encourage you to change some things... Read More

Develop Your Childs Genius - Developing Leadership Qualities

Often I have heard that leaders are born, not made.... Read More

How to Stop Bad Behavior Before it Starts

Coping with a child's bad behavior, perhaps more than any... Read More

Parental Internet Control Tips

The Internet is one of the greatest inventions of all... Read More

Being A Mum - It?s About Them And Not About You!

So you want to be a mum? Every time you... Read More

Fundraising For Your Preschool Or Daycare Center

Most day cares are non-profit organizations that must operate within... Read More

Your Child?s Self-Esteem is in The Cards

Research has shown that the present generation of children worldwide... Read More

Am I Really A Stroller-Monger?

I was reading "A Modern Infant Armada", a humor column... Read More

Marriage, Divorce, and Kids

Are men to blame for the divorce problem in this... Read More

Books Around the House Make A Difference in Literacy Rates

We need a grass roots campaign targeted towards parents to... Read More