The importance of teaching kids about money is to help avoid the risk of raising yet another generation of financial illiterate children who are capable of teaching the same silly thing to their own kids as well. How do you prepare your kids for financial success? What strategies do you have in place on teaching kids about money? Don’t you think you are teaching your kids the wrong ways to make money and how to manage it?
This is practically not about ways to raise financially smart children; rather, it is an in-depth focus on the wrong things you may have been teaching your kids about money as well as those you aren’t teaching at all.
Generally, we prepare children for numerous challenges of life which money plays the major and vital role to see them come through, but do you actually know you may have been dragging your kids along the wrong path towards understanding the role of money?
I wouldn’t want this to be lengthy as other posts on the blog, so I will just drive straight into the wrong things you need to stop teaching kids about money in order to help them grow into becoming a financially-free adult.
With money, you can have whatever you want (even at the detriment of others)
If you had the power to turn the ground into gold and make your child walk through it, I’m sure you won’t hesitate to take the chances. I understand you love your child and want the best of everything for her – I do too. Different strokes for different folks though, but I refused to sleep in a dirty room so my child can solely enjoy all the luxuries in the world at the detriment of mine. Why should I look tattered because I want my child to look expensive in designer clothes? Forget about playing the instance here, but I won’t allow my child feel it’s okay for others to suffer so he can look good – never!
With money, instant satisfaction for all you need is guaranteed
When it comes to spending money – speaking of a hard-earned one, I don’t want to make my child grow the impression of spending them lavishly on anything buyable. You can start shooting me here but I’m a very terrible person on taking a swift decision on things. I don’t go around splashing money on everything I see, even if destiny says I’m unknowingly a twin brother to Mayweather.
If you are the kind of parent who has suddenly become a fan of giving your child all the treats they want at all time, then you probably have been sending an unfair signal; teaching them that impulse control is never attached as a factor of spending money.
Budgeting is unnecessary – Broke folks do that
Budgeting as at today is for the smart ones. If you think there is something wrong about making plans on how your money would be spent every month, then being poor is starring at you right from the other side. Budgeting is one of the best principles to teach your child. It helps them plan for their future wants.
Point is, kids, grow up to take after their parents most time. I don’t believe one should be comfortable raising his/her child in any of the ways stated above. But who knows, after all, I don’t expect you to raise your kids to grow like mine. If you’re sure your child is being led the right way, then it’s all good.
This article is all about helping your child make better decisions with spending money as well as finances generally. As a parent, I have to challenge you to invent all that’s necessary towards preparing your child to be successful with money.