Teaching Your Kids About Money

Teaching Your Kids About Money

What are the lessons you’ve learned in life about money?  And are those lessons correct? There’s an old Chinese Proverb that says “If you give a man a fish he will eat for a day, but if you will teach a man how to fish, he will eat for a lifetime”.  What are the conversations that you’re having at home around the table with your children? Legacy is more than just living the day-to-day. One of the most important things that you can do for your family is to educate them about finances. Why? Because when you educate your child about finances it will not only last for a year but it would last for a lifetime.  One of the most important things that you can do to your family to show them that you love them is to leave them a legacy of knowledge.

Instilling good money habits in your children is arguably one of life’s most important lessons. With the right approach, your child will learn valuable financial habits.  I only wish that someone had told me as a child the true ways of money. Not to work for money, but to have money to work for you. Given how important financial skills are to navigating life, it’s surprising that our schools don’t teach children about money.  As a parent, however, you can teach your child important financial lessons — and you should. The sooner parents start taking advantage of everyday teachable money moments the better off our kids will be.

We as a society have heard so many things when it pertains to money. From “The love of money is the root of all evil” to ” Cash rules everything around me.” Truth be told many of us learn everything we know about money through the hard lessons of life and unfortunately by the time we have learned real useful information, more time than not we are already in harms way. From the Government fighting on raising the debt ceiling to having enough money to buy food. Money influences all walks of our lives. So if that is the case why don’t we spend more time understanding and learning about money and how it works. The fact of the matter is that a lot people don’t get a semi-firm grip on money until their mid to late forties and some never obtain a solid financial understanding.

I recently came across a book that I read with my daughters “Dad, How Does Money Work?”.  This book is a down-to-earth, easy read of a parent explaining how money works.  The author, Sly Fleming, served as a licensed financial advisor for over a decade. As sad as it is, as a child,  the average individual was normally left out of the equation when it came to being educated and the understanding of money. The larger travesty was that if the parents did not know they were unable to teach it to their children which only continued the cycle of financial darkness when it came to understanding and growing wealth. The book “Dad, How Does Money Work?”gives you more than just the technical understanding of finances and a book of formulas. The book offers you a fighting chance of obtaining knowledge and wealth for your family and generations to come.  “Dad, How Does Money Work?” will help your child understand concepts and begin to build a working knowledge of money.

Learn More:  Dad, How Does Money Work? Volume 1 “The understanding of Money”

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