Teaching Kids About the Values of Money
By Laurie Tam
When I was growing up, the only thing my mom ever tells me is to save as much money as you can. However, there was one other formula which I found out many years later is to invest your money. My mom was right about half of it on what to do with your money and thanks to Robert Kiyosaki’s book called “Rich Dad, Poor Dad,” I got smarter by learning on my own and slowly get what he meant.
And since I have kids, I am planning to teach them of what I know because I want them to be smarter than when I was their age. And even though I thank my mom for telling me half of the formula which is one of the two ways in order to get rich, I would be able to pass on the knowledge on to them. I want them to be financially successful as well. But if they were not meant to be, then I would still love them.
However, since I am one of the many people that have kids, it is important to teach them about the values of money. These days, people spend money like it is going out of style and this compulsive behavior need to stop along with the obese epidemic. Not only are they doing harm to themselves since it would affect others around them. Some of these people resort to borrowing money from their own family and friends which if they do not pay it back, it can ruin the relationship as well.
Kids learn from their parents which is true. If parents have two people that have different money styles, it can clash and ruin the relationship even more because there is no middle ground where they would both agree to it. It is important that as a parent, to talk about finance with each other and the kids too. If you take the time to talk about finance along with the kids, not only will they grow up wiser but more than likely, would become better adults as they get older. My dad never taught us the values of money which somewhat explain about a money habit of mine which started when I was 20. It explains how I get to where I am today which is not too late.
Most kids that do go off to college ended up getting credit cards because they were tempted by getting some free offers and the temptation for free money can cost them in the end. It is due to lack of knowledge and judgement on how to handle money that can ruin their credit unless they are willing to change and learn how to manage their money better. There are many sites for college kids to check out such as Money Under 30 and Wisebread. And these two sites are great for families to talk about since they can be great conversation starters for parents and the kids to talk about money.
What many parents of the rich people do is to talk about money while for the poor, the parents don’t talk about it. However, anyone can change that pattern by talking to each other. And that’s how the rich stay rich which is to talk about money with everyone and it is unfortunate that not everyone are comfortable with it. It was stated in Robert Kiyosaki’s books which I agree and I am sure that many others do too. My parents while growing up, would fight and my brother and I would hear it. And it is a shame too since we were kids
The point about this article is that if you are a parent and you want your kids to be financially smart, you need to wise up by getting started on talking to your kids about money. Your own kids will thank you someday for the financial education that you and your partner taught them while growing up.
Photo credit: arecknor
This article was originally written or modified on . If you enjoyed reading this post, please consider subscribing to my full RSS feed. Or you can also choose to have free daily updates delivered right to your inbox.