In a growingly complex economic environment, kids of today need to develop financial intelligence early enough and the best way for them to do this is with the family.
And just as Parents provide educational training for their children, it is important that they also take into account – Financial Intelligence aka “money training.”
A sound financial intelligence training not only ensures that your children avoid major money mistakes as they grow, it also helps them to manage the wealth you have created better.
Here are four building blocks to help you raise financially aware kids
Teach them about the nature and value of money
When you teach your kids the value of money, you help them understand what they can do with money and how carefully they should handle it.
With this knowledge, kids become more aware of the notes in their hands as much more than just sheets with numbers written on them.
Let them know about Budgeting
Does your child know how to account for how much he/she should spend everyday?
Work with them to understand how to plan their spending even before they begin to receive their pocket money.
Teach them the art of Making Money
Teach kids how to make money? Of course!
Contrary to what parents think, kids are not too young to take certain responsibilities.
Understanding how to make money will open up their minds and help them to make better financial decisions in the future.
Teach them to set aside funds for the future
It’s not uncommon that when kids get money, all they think of is how to spend everything at the moment.
A financially intelligent child must be able to set aside some money from whatever he or she has “earned.”
It doesn’t matter how little he or she is able to set aside, the act alone is able to improve the child’s financial abilities.
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