7 Things To Teach Your Kids About Money

Did you know that many people retire broke?

It's true. After a lifetime of hard work and having earned literally hundreds of thousands of dollars, they end up with nothing.

So where did all their hard-earned cash go? The answer is, it passed right through their fingers.

While schools are great at teaching algebra, calculus, and geometry... how many of us learned about the basics of personal finance and creating financial security for ourselves?

The truth is, the earlier you learn to handle money, the more likely you are to manage it properly and live a prosperous life.

So why not provide a little home schooling for your family and teach them the basics? Here are 7 important lessons to instill in your kids about money:

1. Save something of what you earn

Acquiring the savings habit is one of the smartest things you can ever do.

If you're reading this now as a middle-aged parent, imagine how much you'd have in the bank today if you'd saved 10% of everything you'd ever earned.

(It's almost scary to think about, isn't it?)

Teach your kids to save a little of everything they earn.

2. Don't borrow what you can't pay back

Debt is one of the greatest social diseases of our time. The price to pay for the "have now, pay later" philosophy is that you certainly will pay later.

Debt imprisons you in a job you don't like, creates stress and anxiety in your life, and erodes your wealth creation program.

You will never become rich while you're in debt. Period.

Teach your kids the value of delayed gratification. "If in doubt, go without".

3. To give is to get

Managing money doesn't mean hoarding it and locking it away in its own purpose-built high security jail. It simply means being careful, spending wisely, and acquiring a regular savings habit.

Teach your kids that donating money to worthwhile causes is a noble thing to do, and that the money returns to you in more ways than you can imagine.

4. Money isn't evil

"Money is the root of all evil" and "filthy lucre" are phrases you'll hear banded around.

Ignore them.

Money actually brings enormous good into the world. For example:

- Creating wealth helps create jobs for others

- Investing in business helps to bring solutions into people's lives by way of innovative products and services

- Acquiring a great fortune allows you to donate more money to charity - or even start your own trust fund

Teach your kids that money is neither good nor bad - it's what you do with it that makes the difference.

5. If you don't spend much, you can't lose much!

One of the oldest wealth-creation maxims is, "It takes money to make money".

Unfortunately, it also takes money to lose money.

Teach your kids the value of caution when entering into financial affairs. And let them know that many self-made millionaires started with literally nothing.

6. Get the best price for everything you can

Your financial health is really the difference between how much you earn and how much you spend. It therefore makes sense not to pay any more money for something than you have to.

Teach your kids that bargain-hunting doesn't make you a "miser" - just a sensible individual.

7. The fast buck is your last buck

Sooner or later everyone gets offered a "surefire" method of making a fortune, whether it's the three-card trick, a once-in-a-lifetime investment plan, or some time-limited business opportunity only available to a select few...

Don't fall for too-good-to-be-true scams.

Teach your kids that wealth creation is a simple and timeless process based on common sense.

If you had learned the above principles when you were 10 years old, and had applied them every day of your life, would you be financially healthier today?

You betcha!

Teach your kids the timeless truths of acquiring and keeping wealth.

Knowledge truly is the most precious gift you can give.

About The Author

Paul Davis writes for Debt Elimination 4U, showing ordinary people how to get out of debt and stay out! Visit the site at: http://debt-elimination-4u.com

---

Parenting Your Teenager: Are Sleep Overs with the Opposite Sex OK?

Q. Our 17-year-old son wants us to let his girlfriend spend the night at our house in his room. He has two beds since his older brother left for college. He says nothing... Read More

Stay at Home Mom You Need to Raise Cowboys

Now I know that is not how the song goes, I have had cousins from central Texas drag me to Gilley's to listen to that song live and they sang every word without... Read More

Say No to Mealtime Mayhem: Eating Out With Your Baby or Toddler

Many parenting books advise against eating out with young children. Their short attention span and need to be involved in everything will mean a nightmare for you, they say. They're wrong. We eat... Read More

Top Three Reasons To Get Involved At Your Childs School

You may think once your child has gone off to school full-time (officially a First-Grader) that he/she no longer needs you... You could not be more wrong... Just consider the following three benefits... Read More

Sanity Savers For Busy Mums Page

Question 1 "How do I get more time to play?" Answer: Schedule it in. Why? Because if you don't schedule it you will generally let other things have a higher priority and put... Read More

Parents Demand Dumbed-down Tests:An Unintended Bad Consequence of the No Child Left Behind Act

The No Child Left Behind Act of 2001 is making the problem of cheating, low academic standards, and public schools lying to parents, even worse. Under this Act, the Department of Education now... Read More

Power Foods for a Powerful School Lunch

There isn't a school day that goes by that I worry about my son's lunch. Of course, I ask myself the usual questions: Is he eating what he has in the bag? Will... Read More

Teach Your Kids to Cook Well, Eliminating Excessive Health Care Needs in the Future

We are all aware of the child obesity epidemic that has not only attacked the United States, but internationally as well. To keep our children healthy and keep health care costs down, we... Read More

Marriages May End But Families Are Forever

It was at that time when our marriage was falling apart and we completely hated each other when we needed to work constructively as parents, as our child's world was crumbling too.I have... Read More

Monitoring Your Teens for Drug Use Without Appearing to be Spying

Even if your teenagers do not use drugs, you still need to keep an eye on them. It is much better to realize that things could change, and anticipate that your teen COULD... Read More

The Metamorphosis of The Brain: Raising Your child to be a Brainiac

The human brain never actually stops developing. Beginning formation in early prenatal life (just 3 weeks after conception), the brain's development is a lifelong endevour, endlessly under construction, constantly reshaping and redefining itself... Read More

Wholism and Materialism

Perhaps I could make a lot of money by founding a Thinker's Anonymous organization. It surely is the rage to eschew thinking.Helping people achieve great things is worthwhile to your SELF.If you do... Read More

Motherhood is a Perfect Adventure

How often do you think of family life as an adventure or delightful experience? If you and your children are having a good day, then you might buy into this idea. However, many... Read More

Tips For a First-Time Dad

So you're going to become a father. Now is not the time to panic. You've got lots of time to get used to the idea, before that new life you helped create, arrives... Read More

What Values Are We Giving Our Children?

On a bright Sunday morning, a couple of weeks ago, I went to South London to receive a message sent from Nigeria. As I entered the lift, I saw a couple, apparently in... Read More

Single Parents: Give Yourselves Credit

Single parents are not often thought of as good parents.I became acutely aware of this fact when my children were young and I was dealing with the challenges of being a single mom.... Read More

Ten Helpful Little Tips For New Parents

The Greatest Gifts in Life, which are always created for free, but never come with instructional guide, are your children. The following suggestions may help any new parents feeling blessed by the birth... Read More

How Effective is Attend in Helping Children with Attention Disorders?

In 1996-97 we were contracted by VAXA International of Tampa, FL to provide clinical, "real world" information on the effectiveness of their product called "Attend." Their product was a homeopathic nutraceutical medicine, meaning... Read More

Teaching Respect And Values In Todays Society

The girl's jaw dropped in horror as the police officer spoke these words:"Don't go there. Have you any idea how many kids have been stabbed in the past year? They'll kill you as... Read More

Facing the Homeschool Super Mom

I know this Mom. She homeschools her 5 children, plus she tutors several other children that are dropped off at her house. AND she's a Pastor's wife. AND she's working on fixing up... Read More

Childhood Friendships

Childhood friendships are as special as they are a necessary part of growing up. While some of our children will maintain these friendships into adulthood, many will not. Kids move away or they... Read More

Summer Survival

Summer Survival The summer season is here and along with it comes summer vacation for the school-aged kids. Moms are now responsible for coming up with... Read More

Babys First Month at a Glance

Congratulations on your new baby! You have just brought your baby home and are pretty excited about everything. Perhaps you don't even mind the fact that getting a good night's sleep is getting... Read More

Parenting Your Adolescent: 3 Powerful Steps to Being an In-Charge Parent

Q. How do I overcome the 16-year-old who does things only on his time frame. For instance, when I ask him to do something, he intentionally takes his time just to upset me.... Read More

What Makes a Good Evaluation for Attention Deficit Hyperactivity Disorder?

So you have just returned home from your third meeting with your child's teacher. She tells you that your child is not getting his work done, he cannot sit still, and he is... Read More

Using Diet, Counseling, and Attend to Overcome ADHD

When it comes to the treatment of Attention Deficit Hyperactivity Disorder or with problems of Attention, Impulse Control, Over-Activity, or Learning Problems in "the real world," there are a number of approaches to... Read More

Twin and Multiple Births are on the Rise

Did you know that the number of twin births have more than doubled since the early 1970s? Today, about one of every 35 births in the United States are twins. Even more significant... Read More

Where to Look for Affordable Baby Clothes

Once the newness has worn off a little, you will realize that your baby grows very fast. So fast, in fact, that he may need new clothes on the average of every two... Read More

How Public Schools Lie to Parents and Betray Our Children

Under the "No Child Left Behind Act," public schools whose students consistently fail standardized tests can now be shut down. To protect their jobs, teachers and principals are now under intense pressure to... Read More