Good parenting skills is training your kids when they are small in gaining financial knowledge. This is because they will never forget even when they become adults. That is why if you want your children to be financially responsible, you have to start teaching them money basics like saving. Get a nice looking jar and teach the kids to be putting aside some cash and throwing it in the jar instead of spending all of it on toys and sweets.
After the money has accumulated to some amount do not take it from them, open the jar together with them and let them use the money to buy something of their choice. This will make them see the importance of saving money. They will realize that keeping money aside pays.
When they are a bit bigger, you can set up a business together with your children or child. Let them work in the business and earn money. It can be just a small thing, like starting an ice-cream stand, selling lemonade, sweets or making something and selling it.
When you get the profit (of course you explain that this is the cash you get after subtracting all the cost), split it and let the kids have their share. Let them understand that though you might be a partner, the business is ultimately theirs. These are parenting skills that ensure children learn how to better their personal finances thus achieve financial empowerment.
Train your children to save and invest some of the money you give them as pocket money. Challenge them to start some business projects with the cash they have managed to save up and watch how creative they can be. What ever you do though, be careful not to kill their personal dreams. Support them in what they want and not force them to do what you think is best for them.
the article is spot on.most people never received traininkg on money when they were young nd thus why financial freedom continues to avade many.
ReplyDeleteYour post is great, but you should polish your writing skills. For instance, the heading is grammatically incorrect, too long and there's a lot of repetition!
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