In this series, I want to share lessons I’ve gleaned over the years to offer some perspective to co-travelers on life’s journey, because learning from others’ experiences means avoiding unnecessary pitfalls, and charting more fulfilling courses for ourselves.
This one is about not only avoiding the missteps of those who came before you but also about empowering those who come after you. As adults, we underestimate the importance of teaching kids about money because we assume they will naturally learn about money as they grow up, instead of actively instilling financial literacy from an early age.
We’re talking more than just saving loose change here. We’re talking about laying the foundation for a lifetime of responsible financial habits.
By introducing them to concepts such as budgeting, saving, and investing, you can empower them to make informed financial decisions as they grow older. So, neglecting to educate them at a young age can have far-reaching consequences.
Financial literacy is a fundamental life skill that affects every aspect of adult life and by equipping children with the knowledge and skills you set them up for success and financial independence later in life.
Some smart ways experts advise we can use to start teachings our kids about money and they include:
- Start frequent “money talks” to introduce basic financial concepts.
- Discuss needs versus wants and responsible spending.
- Help kids find ways to earn money and start saving toward goals.
- Encourage charitable giving to instill the value of helping both.
- Encourage teens to save and invest earnings, possibly offering to match their savings.
- Explain how taxes work and the impact on earnings.
- 10. Help young adults obtain and responsibly use credit cards to build credit history.
Don’t make the mistake of overlooking the importance of teaching kids about money. Make financial education an essential component of preparing them for the challenges and opportunities that lie ahead.
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This post was previously published on medium.com.
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From The Good Men Project on Medium
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