Even if you’re not a financial pro, that doesn’t mean your kids can’t be.
I like to imagine I was raised to be financially intelligent (thanks ma and pa) but now that I have a kid of my own, I was curious what an expert had to say about raising kids to be good with money.
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I write about personal finance and money, so you’d hope I have it together — and for the most part, I think I do ?. I owe my love of saving money and my abhorrence of debt to my parents who set me up with a bank account at birth, had me get a job as soon as it was legal, and made me save up for the dumb plastic toys I thought I just had to have.
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Sometimes you’ve gotta pull out the big guns.
Start talking about money early on.
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There’s a lot of shame, stress, and worry surrounding money, so it makes sense that many parents shy away from the topic. But Kobliner says that to raise financially intelligent kids, you’ll want to start talking about money early on.
“And not only should it be early, but financial education also needs to be ongoing. Here’s why: A study out of the University of Wisconsin showed that by age 3, children can grasp basic economic concepts such as value and exchange. And a University of Cambridge survey found that by age 7, many of the habits that help kids manage their money are already set.”
Show them how money works and teach them the difference between wants and needs.
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The act of trading money for goods and services will be completely foreign to them. They may literally think money, and the things it buys, grows on trees.
“It sounds obvious but young kids also need to know that you use money to buy things. So pull out some coins — don’t forget to discuss how …….