Teach your children to be good with money

As the parent of a child, you have many huge responsibilities. You influence how your child will see this world and how much he will think of himself. It is not an understatement to say that a child’s confidence and competence in many areas of their life will be a direct result of how they are raised.

One of the areas that even great parents struggle with is teaching their children money management skills, and yet this is one of the areas of life that most of us spend a great deal of time trying to master. Do well.

Teaching your child the concept of money management and investing is one of the best gifts you can give him. Obviously, the younger you can start teaching them the better, but this doesn’t mean you should stop trying if they are teenagers.

Here are some tips on how to raise children who are financially literate and good with money.

• Explain to your children what money is and its value. This must start within a year of when they are able to count. This should be done on a regular basis and should be turned into practical steps where possible. Many business tycoons talk about how their parents encouraged them to start small businesses from home at a very young age.
• If you decide to give your child pocket money (which can be a great idea when done right), it’s important to encourage them to save their money. You can encourage this in many ways, including matching any money they save (or a percentage of it in case you have a mini Bill Gates)
• Before you give your child the assignment, make sure he works for her. This builds the right mental connection of working to get paid money. They are more likely to save this money and spend it wisely knowing that they have to work for whatever money they get in the future. In case they help you with additional work that is not usually part of your duties, increase your salary for that week and see how much they will help around the house, as well as build the right bridges in your mind regarding work.

Consistency is the key to almost anything in life. Everything you are good at today is because you spent time learning and perfecting. That’s why it’s important to be patient when teaching kids about money. Almost all children need to be constantly taught about money before they appreciate its value, but the good news is that once learned, they will have a valuable skill that they can take with them to any part of life.