Family
7 Things To Teach Your Kids About Money
D
17
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?
The answer is, it passed right through
their fingers.
geometry... how many of us learned about the basics of personal finance and creating financial security for ourselves?
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:
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
Teach your kids to save a little of everything they earn.
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".
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.
"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.
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.
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.
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.
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You betcha!
Teach your kids the timeless truths of acquiring and keeping wealth.
Knowledge truly is the most precious gift you can give.
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
