If you want to have extra money and financial security when you are older, you should learn about and save money as soon as you can when you’re young. While this might be intuitive to some, most of us learn how to navigate life by learning from our parents.
The sooner you teach children about the value of money, the more likely it is children will make better decisions and learn financial independence. Saving up money for something a child wants is empowering for them, especially when they start to seek new opportunities to make more money to save. A 12-year-old with a lawnmower and a neighborhood of potential customers can be well on their way to healthy financial future and respect for work and money.
At what age do you teach children about money?
As soon as your son or daughter is old enough to want things, they can learn the concept of earning something. When a toddler wants a toy or treat you can teach incentives by positively rewarding behavior and extra things a young child can do to help mommy or daddy. As a child grows older and understands the concept of saving money for something, try starting with a piggy bank or glass jar in which a child can watch their pennies stack up.
Consider this article in Parents magazine that offers and age-by-age guide to teaching your child about money.
When children grow into young adults there are many more chances to help your son or daughter find the right information they may need to make good decisions with their first significant salary or with their own booming business. Of course, everyone will make mistakes with money and that is how we all learn.
A teenager with a mower and a truck
Kids who grow up cutting lawns to earn money can turn their local income generator into a considerable small business when they have a pickup truck. After earning some new customers through word of mouth, junior can load the push mower in the bed of the truck and make new money. Eventually junior has enough new money to buy a trailer and start a website a social media pages. With advertising and even more new customers the kid with the pickup and the website can finance or purchase a much larger mower and can earn much bigger and better paying projects.
With years of experience in divorce practice, Wichita Falls attorney, Richard Sutherland, knows how much parents are concerned with their children and whether they will be smart and responsible with money. There are lessons to earn at any age and people can always improve their financial health. For information about divorce and family law matters including the preservation of income and wealth, contact the Law Office of Richard Sutherland by dialing (940) 691-2100.