How to raise financially smart children
Shaila Dani, AP Money & Markets Writer, provides a wonderful, concise set of recommendations to help develop children’s “money-smarts” from the very youngest ages (how about beginning at three years old?).
Among her suggestions:
Under 4 years old Display a savings jar and put coins in it. Teach children to delay gratification by not immediately buying them what they ask for.
4, 5, 6 years old When your children ask for something, don’t give in right away. Instead, have them create a list of gifts for the future even using pictures.
Around 8 years Start an allowance but nominate one expense like candy or another treat your children want to spend money on. Then make a “contract” and sign it together. Also have them earmark some money for saving. Choose a share of a well-known company–Walt Disney, perhaps–and give your children pretend “stock certificates.” Have them track the stock’s performance to teach them about themarket. . . .
Read more on Yahoo! News.
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on Tuesday, March 31st, 2009 at 2:09 pm and is filed under heritage, kids, legacy, mentorship, money.
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