Teach your children about money from "summary" of The Barefoot Investor by Scott Pape
You may think that teaching your kids about money is as boring as watching paint dry. But as a parent, it's one of the most important things you can do. Because if you don't teach your kids about money, who will? Certainly not the school system. And definitely not the credit card companies, which are spending millions of dollars to get your kids hooked on debt. So, how do you go about teaching your kids the value of a buck? You start by setting a good example. Kids learn more from what you do than what you say. So, if you're always splurging on expensive toys and gadgets, they're going to think that's the norm. But if you show them that you're saving and investing for the future, they'll learn that money is something to be respected. Next, involve your kids in the family finances. Let them see how much things cost and how you budget for them. Give them a little pocket money and encourage them to save up for things they want. This will teach them the value of delayed gratification and the satisfaction of achieving a goal. Finally, help your kids understand the difference between needs and wants. In our consumer-driven society, it's easy to get caught up in the latest fads and trends. But if you can teach your kids to distinguish between what they need and what they want, they'll be less likely to fall into the trap of mindless spending. Remember, the lessons you teach your kids about money today will stay with them for the rest of their lives. So make it a priority to instill good financial habits in them from a young age. Your future self – and your kids – will thank you for it.
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