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What Do Your Kids Know About Money Skills?
Now could not be a better time to teach your kids about money skills. With financial chaos in our future for the next few years, kids need to understand how money works and as their parents let them have the opportunity to do just that.
Today's kids have a problem called "instant gratification syndrome." The definition of this term is; I get everything I want and I want it now whether you can afford it or not. I'm sure this sounds familiar to you. By teaching your kids about money through basic learning skills your child may avoid the type of economy facing adults today.
For the past 2 generations this problem has grown enormously. In past circumstances kids were taught to work for extra income. Most kids from that era respected money. The majority of people dealt with cash instead of credit cards so debt was not as big a deal. Today's kids don't respect money. They have a sense of entitlement. They don't want to work for it because it's easier to beg you.
Start a program when your child is very young, emphasizing where money comes from, how it's earned plus a course on savings. By doing that you won't have the money issues that plague parents today. Kids need to understand that they don't get everything they see. You will reap the benefits each year down the road by teaching your kids about money.
In some cases, parents are still giving money to help their adult children. This usually works because the adult child spent his/her money recklessly and is in a bind. So they "borrow" money from mom and dad and never pay it back. This teaches your child that you're the bank. They will never learn to prioritize their finances. So prepare to be the bank for many years.
Because the economy has devoured a lot of people's savings accounts and their finances are upside down, this could be the perfect time to teach your kids about money. Let's teach kids where money comes from. When they are old enough, help them learn money management. If they want something special, make them save for it. By teaching your children to earn their own money, they will appreciate and take better care of their belongings.
When they are older still, teach them that money is an exchange for a job well done. If you continue to let them just dip into your wallet they may never understand the work ethic your parents and your grandparents knew.
It would be wonderful if a whole new generation could live without debt, live without credit cards and live within their earning capacity. Our children will inherit the debt of today's society. So, teach your kids about money now. Someone has to change this.
About the Author Hi, my name is April. I'm a personal financial consultant. In today's tough economic times I believe it's important to teach kids about money. If you would like more information, please visit my website at www.savemoneysavetimenow.com |
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