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

---

How Much Water are You Wasting?

Are you being smart about water conservation? Do you consider... Read More

What Do You Want To Be When You Grow Up?

Q. "What do you want to be when you grow... Read More

Help Your Child Do Better in School

1. Create... Read More

Ready, Aim, Achieve! - Become An On-purpose Family Through Goal Setting

Successful families don't just happen. They take time, talent and... Read More

Secret Of Your Genuis Child

Here is a top secret to make your child genius... Read More

Top Ten Reasons to Hold Family Meetings

1. Make stronger connections among individuals and, therefore, creates a... Read More

Youth In A Changing World

IntroductionChildren are the gifts of God to parents. That young... Read More

Teaching Reading: Part One

One of the biggest milestones in our children's education is... Read More

Parents --- Your Childrens Report Card May Be Rigged

Under the "No Child Left Behind Act," public schools whose... Read More

Achieve Success At School - Parents, Help Your Kids Easily Be Top, Honor-Roll Students!

With the beginning of the new school year coming VERY... Read More

Creating a Memorable Travel Journal Using A Stuffed Animal

You may remember The Red Couch Project, a book by... Read More

Things To Teach Your Teenage Driver

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

Tips for Keeping Packed Lunches Fun and Interesting

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

Parenting Your Teenager: Responding to a Poor Progress Report in School

Q. We just got our daughter's progress report, and it... Read More

Why have children? DINCs, This is For You!

First there were Yuppies (Young Urban Professionals). Then came the... Read More

Friendships - Helping Children Develop Friendship Skills

Reasearch into children's friendships shows that those children who are... Read More

Will My Child Ever Out-grow His Attention Deficit Hyperactivity Disorder?

If your child has Attention Deficit Hyperactivity Disorder then at... Read More

Top Five Ways To Stay In Touch With Your Child

Once your little boy/girl goes off to school, you may... Read More

The Metamorphosis of The Brain: Raising Your child to be a Brainiac

The human brain never actually stops developing. Beginning formation in... Read More

What Do Chinese Water Torture and Arguing with Children Have in Common?

Imagine yourself lying flat on your back, totally strapped down... Read More

Child Communication Skill: Do You Really Know What Your Child Is Saying To You?

Here's the scene of communication with your child: your three-year-old... Read More

Teach Your Kids to Cook Well, Eliminating Excessive Health Care Needs in the Future

We are all aware of the child obesity epidemic that... Read More

5 Ways To Tell If A Preschooler Is Living In Your House

1. You reheated the same cup of coffee three times... Read More

Parenting Your Teenager: The Power Struggle

Q: My husband and I are at a loss as... Read More

Authoritarian Parenting, Permissive Parenting, or Loving Parenting

Angie was brought up by rigid, authoritarian parents who kept... Read More

Personal Responsibility: What It Means and Whose Job is It?

"How many times do I have to tell you to... Read More

School Issues: When Should an ADHD Child Be Held Back In School?

This can be a very complicated issue, so I don't... Read More

How to Take Charge of the TV

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

6 Tried & True Fun Ways to Educate and Entertain Your Preschooler

1. New Word of the DayIntroduce your preschooler to a... 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

Best Investment

Every week I write something about the stock market -... Read More

Parenting Your Teenager: 4 Traps to Avoid

4 traps to avoidTrap 1 - Parents need to realize... Read More

Monitoring Your Teens for Drug Use Without Appearing to be Spying

Even if your teenagers do not use drugs, you still... Read More