There are four main areas of money your kids need to learn: 1. Work. Money comes from work, not from other people, the government or dumb luck. From an early age, your kids need to feel the connection between work and money. That’s why Sharon and I paid our kids commissions, not allowances. You work, you get paid. You don’t work, you don’t get paid. That’s true for adults, and it ought to be true for kids too. 2. Save. Teach your kids early how to save up for things they want. If they learn how and why to save for a toy today, they’ll understand how and why to save for a car or a house tomorrow, without debt. 3. Spend. Let your kids have some fun with their money. They need to experience the satisfaction of buying something they want with money they saved. If you make them keep every dollar in the piggy bank and never let them enjoy it, they’ll either grow up to be miserable old misers or rebel and become crazy with money and debt when they get to college. 4. Give. Giving is the most fun you can have with money. Nothing beats making a waitress’s day with a $100 tip out of the blue. But make sure your kids are giving their own money. If you hand your kid a dollar to donate, she’s just a courier for your money. She needs to know what it feels like to give from her own pocket. Learning these four things, especially giving, gives your kids a depth of confidence and character they won’t get any other way. #parentingtips #moneytips #raisingkids
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