Teaching kids about money is hard.
The good news is that it isn’t complicated. It can be broken down to four things: The three things you can do with money and how you get some (work).
There are only 3 things you can do with money.
This applies for both children and adults:
It is a fact of life that we are going to spend money. Allow your children to make those purchases that you know aren’t durable or practical. They will eventually learn what you know, that cheap items are cheap
We need to save money. My daughter saves very little but gets excited when she does save because Daddy matches her savings with the same amount.
The coolest think you could ever see your kids do. Giving is taking the focus off of ourselves and is really impressive when they start giving their own money.
And how do we get the money? Work:
You can’t spend, save, or give if you don’t have any money. You can’t get money without work.
A cool online reward system for kids: MyJobChart.com
The website is awesome for teaching kids to work. You can assign a certain amount of points to be rewarded when they complete their tasks. The points can be divvied up between Spending Savings, or giving.
We live in a digital age, so why not entice your children into finishing the job so they get to sign into the website and see how many points they earned? And the coolest thing about MyJobChart.com is your child can place an order for things on Amazon.com! You receive an email showing a reward was redeemed and is waiting for your approval!
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If you are interested in teaching others about becoming debt free then feel free to reach:
Twitter: MoneyPlanSOS (don’t forget the hashtag)
The blogpost mentioned in the show: The First 10 Things To Do When You Become A Millionaire