3 Financial Tips On Money And Your Kids

I’m going to share with you 3 Financial Tips on Money and Your Kids.

#1 Your Kids Mimic You

Your kids look to you to learn how to talk, how to walk and how to handle money.

If you are great with money then your kids will learn how to be great with money.

If you are not very good with money, well, your kids will also not be very good with money.

So the best thing you can do is change your own money habits and beliefs so that you feel good about money, and you handle money well.

This isn’t always easy, but, if you want to influence your kids.

#2 Your Kids Make Market Economies in Their Classrooms and Social Circles

My son just bought an infinity cube from one of his classmates for $4 this past week. He’s real excited about it because it has 2 colors. His other classmates who only got 1 color for $3 are now all envious.

We had a discussion about why he paid first before getting the merchandise. In the end I felt it was alright because I knew his friend’s Mom, and he’s a good kid.

His classmate and friend has a 3D printer at home and can make them himself.

His older brother is selling them too in his class, but one of his classmates took the merchandise and didn’t pay, so now their both upping their prices by $1.

My point is, kids learn about commerce, and have their own market economy.

Don’t underestimate your children and their understanding of markets and commerce.

Learn, understand and respect their world. This is where lessons are learned.

#3 Give Your Kids Financial Tools

To succeed financially, kids need financial tools like bank accounts, wallets, purses and so on.

I had a discussion with one of the Moms at the local playground we go to. Her son got a $100 bill for Christmas.

She felt that it was a waste to let him keep it, because he would just lose it.

She’s right about that, but I explained to her how I trained Jordan to use his wallet.

The first lesson was keep it in a safe place where you can retrieve it easily.

Everytime he got money, I had him go get his wallet and put the money it.

I also taught him how to organize his bills…$1s together, then $5s, etc.

I showed him how to fold his money neatly and take care of it.

Once he mastered that, now it’s ok for him to keep a $100 bill, because he knows how to handle it properly.