School’s out (or about to be), and soon your kids will be asking for money to go to the movies, hang out at the mall, or buy a new bike. While many parents dread talking to their children about money (some avoid it altogether), the summer provides a great opportunity to teach your kids important financial lessons.
What your children learn at an early age serves as the foundation for the rest of their lives. Parents are the primary creators of their children’s belief systems and therefore should consciously and carefully craft every belief they pass on — especially when it comes to something as important as money. The irony here is that the average family unconsciously passes down the same limiting beliefs about money from one generation to the next, and it’s these beliefs that have kept families at the same level of financial success or failure for hundreds of years.
The middle class maxim: Get a good education, find a job, get married, have kids, and be grateful for what you have. It’s not bad advice, but it’s also not going to set any child up for world-class success.
The most financially aware parents, on the other hand, teach their kids the truth about money, starting with how misunderstood it is. They teach them that it’s right to want to be rich, and it’s possible for anyone who thinks big. These parents never manipulate their kids with money, lest the child learns to see it as a tool to lord over others. They educate their kids on how to make money by solving problems and enhancing the quality of other people’s lives. This way the child learns to see money as a positive, productive force for good instead of a weapon of the few to use against the many.
To be as financially aware of a parent as possible, here are 7 things you should teach your kids about money.