Hi, in my previous articles I disclosed the necessity to give kids financial education. Yes, they really should be able to use financial planning in their everyday life. Now I want to continue. I hope you haven’t missed anything from my previous articles on this matter.
To cut a long story short your kid should have certain abilities to be financially educated. Let me enumerate these abilities. I’d like to start with the ability to talk about money. Ask your child to talk with you why he needs money. Never be afraid to say: “We can not afford it.” Or “ I want to spend our money in the different way.” and then explain why.
It goes without saying that one of the most important financial abilities is the ability to live within one’s means. Consider a program to issue pocket money, explaining to the child that it is not salary, but it’s one of the exercises which should be tried to manage finances. Explain your child that it’s not advisable to spend all his money quickly because in this case he’ll have to face bad consequences in this case.
Of course it’s also advisable for your child to have the ability to invest funds efficiently. Perhaps this sounds taking into consideration your kid’s age. But I repeat that your kid should be ready for this. You should invest in your kid’s future. Maybe it’s high time to start putting money aside for a college for example. Tell him about different kinds of investments. Tel him: ”We will be equal partners in the sale of lemonade.” Explain that you’ll give money to buy sugar and lemons, and he should do his work. Perhaps this is the beginning of the future serious partnership. I hope you’ve heard about efficient family partnerships.
It’s advisable to be able to run business. The earlier your kid grabs the basics of this the more benefits he will get. Encourage him to take part in different business projects such as selling lemonade, selling cards with heroes of children’s television series and so on. Help your child to determine the prices of goods and services. Praise the child for his good results in those business activities mentioned above.
Of course the ability to return money is also welcome in this case. Help your child to join a library and explain that taking books in the library is almost the same as using your credit card. You pick up a book and it noted in your card, you acquire knowledge and if you fail to return the book in the library you’ll have to pay. That’s the example of your explanation. Teach the child to return the debt and not to run into them. Then show how you use your credit card in reality. I’m sure that your child will be grateful to you in the nearer future.
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