How to Teach Kids About Money

When we have children, we don’t automatically know how to teach kids about money. Be kind to others…say please and thank you…max out your Roth IRA? Imparting lessons of financial literacy isn’t normally at the top of our parenting priorities.

Today, with children subject to social media, television, games, and friends, it is important that our messaging is heard and valued. One major message for our children should be that they are expected to grow into financially responsible adults. And since most education systems are failing at delivering this message, we parents must succeed.

But, how do we teach our kids about money? Whether our children are five, sixteen, or twenty one, this lesson will help us encourage our children to become capable of achieving Financial Independence.  

Read:

• Raising a money-smart kid  by Doug Nordman of the-military-guide.com
• Generational Wealth Origins – Raising Your Money-Savvy Family by David Q. Baughier of fiology.com
• 10 Reasons Why Talking To Kids About Money Is More Important Than Ever  at gobankingrates.com
• Kids On A Budget  by Doc G of diversefi.com
• Budgeting for Kids: How to Teach Budgeting from Age 3 to 18  by Kalen Bruce of freedomsprout.com

Watch:

• How to Raise Kids Who Are Smart About Money  by Rachel Cruze of PragerU on YouTube

Listen:

• 072R | The Five Most Important Financial Conversations You Need To Have With Your Child  by Brad Barrett and Jonathan Mendonsa of choosefi.com  (content supporting this lesson starts at 34:10 of the podcast)
• Ep 0018 Richer Soul – Raising Money Savvy Kids with Doug Nordman  by Doug Nordman of richersoul.com

Take Action:

• Review Doug Nordman’s post above.  Let that be a starting point for putting you in the mindset of shaping the financial education for your child. Develop, with your significant other onboard if applicable, and implement an initial plan for your child that is age appropriate. This is only the beginning of learning how to teach kids about money. Continuously monitor, measure progress, and introduce new lessons when ready.

Additional Resource:

• What I’m Teaching my Son about Money  by Pete Adeney of mrmoneymustache.com
• Intentional Children: Raising Money-Smart, Mindful Kids of Intention and Purpose  by Kalen Bruce of freedomsprout.com

Quote:

“Though small was your allowance you saved a little store: and those who save a little shall get a plenty more.” – William Thackeray