I find it very sad that we go through elementary, junior high school, high school, and college learning nothing about money or managing our finances. Unfortunately, my parents didn’t teach me anything about finances either so I had to learn everything on my own as an adult.
This what the lack of education does for you.
- You go to college and accrue college debt
- Open up lines of credit, apply for credit cards, and build other kinds of debt
- Make poor financial decisions
- Spend all your money
- Ruin your credit
And now you’re a financial mess. At this point you have to start from the bottom, learn everything about money on your own and start building your credit again. It shouldn’t be this way if our schools provided some courses on how to manage your money.
Being that the school system won’t do anything to educate us on the most important topic, we have to take into our hands and educate our kids at home. We have been teaching my son about money since he was 2. It started with a piggy bank, now we are teaching him how to earn money and save it, and when he’s a little older we are going to teach him about investing. Just recently my 4 year old son invested in some toys and is reselling them for profit on Amazon. He is flipping $25 Chewbacca Masks and tripling his return. This is something that school never teaches us, not even College.
We are teaching my son at an early age a few money principles that will stick with him forever:
- Work hard for your money. Unless you were born into a very wealthy family, you need to work for everything you want in life.
- Save your money and don’t spend it on materialistic things that will only satisfy your ego short term
- Invest your money in assets that will give you a return
- Be boss, a CEO, or an entrepreneur because that’s the only way you will make the kind of money that will allow you all the freedoms you want in life. More money = more freedom!
Now you may be wondering, how do we teach a 4 year old about money? Simple. Talk to them like if they were adults and show them. You think that kids don’t understand you but they do and they retain a lot of what you teach them. You can start with a few simple steps.
- Get them a piggy bank so they can save their money
- Put together a list of things your kids can do around the house (cleaning, picking up their toys, washing dishes, etc) that will allow them to earn some money and save it.
- After they have accumulated some money, show it to them and tell them what they can buy with that money. I tell my 4 year old that as soon as he saves $500, we are going deposit it into his account. That makes his day!
- Motivate your kids. Tell them EVERY SINGLE DAY that they can be whoever they want to be. This will give your child the confidence and boost they need in life to work hard and make the kind of money they want.
Teaching your kids at an early age about money will determine their success in the future. Yes, money does matter! Don’t we want our children to be successful and live a free and happy life? Let’s help our children be money savvy by teaching them these basic principles at an early age.
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