3 Ways Kids Learn Financial Responsibility

With my background in finance and investments I am immediately drawn to thinking about ways to help my sons learn the ways of money. The way I see it there are three main avenues to teaching your children about money:

IMG 4853 300x224 3 Ways Kids Learn Financial Responsibility

Stories. Help bring alive the concept of money, lessons of responsibility and the idea of ‘earning your pennies’. The great thing about stories is that children’s books exist for ALL ages beginning as early as 4 years old.

“Earn It”. The less tangible “earn it approach” or learning via experience by earning an allowance, selling lemonade or baked goods the real way (not simply having mom and dad buy the materials and having the kiddo pocket the earnings, 100% margin but we’ll discuss this later), watching interest compound in a real or fake (of course managed by mom and dad) savings account, saving for a special item (i.e. not simply waking up and finding the item has magically appeared overnight), etc.

Lead By Example. So that is up to you parents. In my experience the best way to teach is through example so if you use yourself as the learning opportunity, the world of money will open up to your kiddo. For example, your family needs a new car. Integrate your kiddo into the process obviously adjusting that involvement with the age.

Thank you for visiting!
Marnie

MyJobChartLogo tm 3 Ways Kids Learn Financial Responsibility

728x90leaderboard 3 Ways Kids Learn Financial Responsibility


Comments

  1. Great post!!

Trackbacks

  1. [...] Noom & Raj Start a Business – The ABCs of Money [...]

  2. [...] Kids about Money: First Two Steps 3 Ways to Learn Financial Financial Responsibility Testing Your Financial Knowledge Lunch Money Savings Lesson Teaching Your Child to Help Without [...]

join the conversation

*

CommentLuv badge
This blog uses premium CommentLuv which allows you to put your keywords with your name if you have had 3 approved comments. Use your real name and then @ your keywords (maximum of 3)