Raising Money-Smart Kids - part 1
Reaching adulthood with the insight and incentive to be a good money manager does not just happen. It takes a commitment on the part of parents to raise their children with the knowledge, skills, and motivation to maintain control of their financial resources. For raising money smart kids, try the following tips:
Start early to teach children about money. As soon as a child begins to ask about money, begin teaching. Pay your child to do specific tasks around the house. If the child does not do them, then payment should not be made. If a task is not done well suggest that in the future they will need to redo the task in a satisfactory fashion. This will help them to learn the relationship between work and money and the quality of their work and keeping a job. Do not pay for all of the work which is done around the house. Some of the tasks should be required of children without them expecting payment. It is important to learn that it takes effort from everyone to keep a family going.
Source: "Raising Money Smart Kids," Carole Prather, CFE State Specialist, adapted from: Eleven Tips for Raising Money-Smart Kids.
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