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Money lessons to teach your kids
From: dr. phil          Published On: August 27, 2013, 9:56 GMT
 
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Money lessons to teach your kids

It all begins n the home, your child is never too young to understand money issues, here are realistic money lessons you can teach your kids.

1. Put Skin in the Game
It is important to give children hands-on interaction with money from a young age. Let them earn it, spend it, save it, donate it and invest it, so they can learn to respect money.

All day long, children will be able to spend your money, but there is a very special thing that happens when they have their money in their hands. This means children will think twice about spending their own cash.

2. Look in the Mirror
Parents need to see what kind of role model they are when it comes to spending money. If you want to know how your children are going to act with money, you have to take a good look at yourself.

If your finances are organized, teach your children a similar system. If your money is a mess, get your finances in order.

3. Find Money Mentors
Children are inclined to listen to another adult, like a grandparent or other family member, more than their own parents. Interaction with such people makes them realize what you are teaching them is right. Make sure they are good money mentors.

4. Teach Children Good Things Come to Those Who Wait
In a world of instant gratification, teaching children to wait can be difficult. Nevertheless, when kids ask for things, it is a parent's job to say no.

Help your children plan for what they need and want. Parents must establish times when their children will receive money, like holidays and birthdays. The more time in between their cash gifts, the more successful they will be at patiently waiting for their money.

5. Help Children Understand Tough Economic Times
If your family is suffering through a challenging time financially, it is important to have a family meeting to discuss expenses in the family.

Writing down the wants and needs and making a priority list will help children see a new perspective. Realize that saying no to your children is much more difficult for you to do than for your child to hear.



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