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Introduction
Up until they start earning a
living, and sometimes well beyond that, kids are apt to spend money
like it grows on trees. This lesson will help you put your children
on the road to handling money responsibly.
Long before most children can add or subtract, they become aware of
the concept of money. Any four-year-old knows where their parents
get money--the ATM, of course. Understanding
that parents must work for their money requires a more mature mind,
and even then, the learning process has its wrinkles. For example,
once he came to understand that his father worked for a living, a
five-year-old asked, "How was work today?"
"Fine," the father replied. The child then asked:
"Did you get the money?"
Instant gratification aside, once
they learn they can buy things they want with money -- e.g., candy,
toys -- many children will begin hoarding every nickel they can get
their hands on. How this urge is channeled can determine what kind
of financial manager your child will be as an adult.
It's important to work on your
child's financial awareness early on, for once they're teenagers,
they less likely to heed your sage advice. And besides they're busy
doing other things -- like spending money.
Next:
Top 10 things
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Money Managing
Finding the
right place to put your family's money isn't an easy
decision. With such a stormy market, is it best to play
it safe and put your money in the bank, or is now a good
time to get into the stock market and hang on for the
ride? This is a decision that you will have to make based
on your family's money situation. Are your willing/able
to take a risk or do you want to settle for something
more traditional, almost risk-free? We have provided you
some articles about the basics of investing below. By
reading and learning about investing and money managing
your family's finance is already in the right tract. Keep
learning and managing and Good luck!
-The
ParentsDirect Team
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