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How To Teach Your Kids About Saving, Debt and Investing
Written by Scott Barclay One of THE most important life lessons we can teach our kids, we don't - investing, debt, money and saving are not taught in school and most often times, not taught at home either! |
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Kids learn habits early. This is why we read at night to them when they are young. This is why we enforce good study habits. This is why we routinely remind them about being a friend and being polite - all starting at a young age. So why do we, as a society, leave personal financial education to be learned somewhere else, by someone else, sometime in the future? Facts are that kids need to learn good financial habits EARLY TOO! Give them a leg up, an advantage that you never had, teach them about savings, debt and investing even if you aren't the most savvy investor yourself, even if money is tight in your family and especially if your family is very fortunate. "How To Teach Your Kids About Saving, Debt and Investing" is a breakthrough book. The book is very thoughtfully laid out by a former stockbroker and father of two in a step by step, age appropriate guide. I was out shopping with my son not too long ago and he asked for a toy and I said no (sometimes you actually have to say no - even if you can afford it). He asked why and so I used that as a teachable moment. I said that toys cost money and that Mom and Dad work to build up a pile of money and that everything we spend money on takes away from that pile. He said then I should just use the credit card! It dawned on me right then and there that kids these days see us use our credit or debit cards (and not cash) so they don't really have a chance to witness and make the connection between spending and cash. I suggest that we parents use CASH occasionally to buy stuff to show the kids that stuff costs money and its not some magical process of swiping a plastic card and getting stuff. |
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