I will always teach my kids about money as a resource rather than a piece of paper or a digital print which one can see in its digital wallet. Very often we take money so lightly and some people even look at it as a negative thing. I do not understand why people do not see the amount hard work, effort one has put over a period of time to generate that much money. Once people start recognizing that hard work behind the earned money, they will start to take it seriously and that is what I will teach to my kids and as they grow older, they will take monetary resources as resources rather than any piece of paper or any digital print.
Just like other resources are vital for managing our life and also to make our life smooth and comfortable, so as monetary resources and monetary resource is one of the most powerful resource because one can buy almost 90% of all the things which is available. In order to live the life on day to day basis it is an essential. So the kids should learn to understand the all the hard work, dedication , determination, proper decision making behind the generation of wealth and it is equally important for kids to not to follow the short cuts, not to involve in any wrong doings to make money etc as that will disrupt their character building also.
Overall, a consciousness/awareness is also required for the new generation kids so that learn to understand the worth of money and not to make unnecessary expenses and this awareness can be brought about by their parents, society or some sort of awareness program. One thing everyone regardless of the age should learn that resources are always limited, and monetary resources is even more limited, so to make use of monetary resources properly, we need more conscious effort and we have to be aware of its limitation and how optimally we can use it to meet our needs and once the kids understand this, the next generation will be more prosperous than what it is now.
Thank you and Have a great day.
I chosee them to be thrifty in the first, and I think to making money it life would like teach him while time going on. The first I would teach about needs and desires for them. Teaching these two things is important for your child as early as possible. Because this is often a big problem, even for adults. The needs of the child usually include food, school needs and also school equipment while desires are usually like things that make them happy, like toys. Teach the child the expenditure for needs must be far greater than the expenditure for desires. However, that does not mean you forbid the child to fulfill their desires, but how do you teach the child to meet their needs first, then can use money for their wishes.
I would like to Remind them of the dangers of debt, The problem of accounts receivable debt has already occurred among very small children. Unable to resist feeling like possessing an item usually makes the child borrow money from his friends to own the item. Your role as a parent is to warn children of the dangers of debt. Tell them the first debt is a sign of future debts and explain that debt is something that must be paid for and if it is not paid, the sins they get will be brought to the end of their lives.
Teach them how to manage finances, For children who are still in the range of 5-10 years, of course you will give them a daily allowance. However, it is recommended if you don't give too much pocket money, but still try to give them what they want. The goal is to reduce the expenditure of the child to buy goods, or food they should not buy. So, you can choose what items or foods are suitable for your child. However, for children who are over 10 years old, you should give them pocket money in the weekly period. The goal is that children can learn how to use money properly and correctly and control their finances within 7 days.
Teach how to save, Saving is very important in financial terms. Children are very obliged to know the ways and benefits of saving. For example, ask your child about what items they want in the near future but the price is too expensive for their pocket money. Then, my role as a parent is to teach them how to save little by little so that the child can buy the item. That way, these reasons can be a very strong motivation for the child to save from their own pocket money. And that what I was done for one year ago, caused my child still in 4 years old.
Money is not everything, but all need money. Well, we need to prepare children as future generations so that they become smart generation about financial problems.
Teach children about money, instead we give them money, and we give them a lot of money. However, how do we make them understand about money and know how they manage it, and how they can use money in their place (their needs).
Sometimes there are some who have received guidance (saving) about saving money (saving) so that they do not spend their money. For example, when there is a cream ice dealer the boy did not buy cream ice with his money, but because he was a child, he wanted to enjoy ice cream too, so he asked his friend for ice cream. in this context the child understands how to save. it turns out that guidance alone is not enough in terms of managing money. Because it turns out the boy who did not use his money to buy ice cream, then he saw firecrackers, then he bought firecrackers (toys that have no positive benefits). So the child can be said to be not good at managing money because he left buying food to buy toys.
For you as a person, from an early age, you need to introduce your children to money by showing how to buy something useful. And also not wasteful in spending assets.
In addition, you also have to educate your child to save, if there is money left after spending needs, train and familiarize your child to save.
I guess the answer from me. Thanks
It is very interesting to discuss money, according to its function as a medium of exchange that is generally accepted in the community to make payments for the purchase of goods or services.
I have 2 sons, every day I give them pocket money, teach about using money well and discuss money matters casually.
From an early age I taught my child to use money as needed and save money. Set aside a portion of the money I give for savings for later use. Even though he can get a lot of money later, don't forget to save or invest.
Of course not only theory, I apply it also in everyday life when my child wants to shop at a supermarket, to buy products as needed and the rest is stored for other purposes such as: if he wants to buy more quality goods there is a reserve fund, want recreation and contribution social can be taken from money saved in savings.
I do not limit my children to making money, always teaching them to work hard and lead a simple life.
Have a nice day.
I taught my kids to respect the value of money. Once they know how hard it is too make you are less reluctant to just spend it. Everything becomes a decision if and why you need a particular item.
My son used to save his pocket money and buy things he really wanted. my daughter however was the opposite and thought part of saving for something was to scrounge around the house for loose change.
my daughter has since changes and has a clearer understanding now. i think working has taught both my children what it takes to save and appreciate saving. very few of the younger generation are like this as it is an easy come easy go attitude.
I think it's really important to teach kids the art of saving. Usually, only if a person knows how to save then they can have the idea of saving cash then they child can be able to invest their money for future use.
I think the most important thing is that the child should be given a limited amount of cash per week and month to let them understand the importance budgeting and let them feel that money is limited to the abilities of their earnings and encourage them to earn what they can spend.
Nowadays, many parents are rich and tend to give their kids lots of cash per day. This will lead their child to not be able to understand the true meaning how important money can be.
I believe both are necessary
It doesn't make much sense to make so much money and then waste them.
I don't have kids yet, but when I do, I'll teach them to value hardwork, proactiveness and people over money.
Of course, I'll teach them the value of money. Buy I believe money is a by-product. If they learn to proactive, submit themselves to hardwork and value the people around them (friends, family and co-workers), they'll have enough money to live by.
Why? Because they'll be money makers and would also know how to spend money the right way (on important investments and people)
The both, making money is one thing and being economical or proper management is another thing. So I do prefer they hold upon the two knowledge on being hardworking as well as a good manager on finance because without the two knowledge , they may actually make the money but lavish it without a proper management or investment to yield them more coming forth and with the knowledge of management yet not making money is not of any benefit.
Every parent hope their children grow better than they were in wisdom and life dealings, so no knowledge is a waste nor too important than the other, every knowledge no matter how little it may be is power to build one toward success