10 thoughts on “Teaching Kids About Money

  1. As a homeschool teacher, I have taught my teens about money issues and how to be prepared for their future when it comes to banking, credit, college, savings, etc… If you don’t teach them while they are young, they will not understand the concept of being financially free and using your money wisely.

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    • Parents put too much faith in the education system. Banking, credit, investing etc… are not covered in math class. It is sad that many university grad students don’t realize that credit card interest of 1.5% charged monthly equals an annual rate of 18% on unpaid balances.

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      • Have you ever heard of the Uncle Eric Book Series by Richard J. Maybury? It is all on economics for kids and teens and they offer a study guide, activities, essay assignments, thought questions and exams. Many kids/teens like the series because it is in Q/A form. His first book was called, Whatever Happened to Penny Candy? He has other topics too but I started reading them from his first book that we love. My husband has bought many of the books and gave them away because that is how much he loved them.
        Richard J. Maybury is the publisher of U.S. & World Early Warning Report for Investors. He has written several entry level books on United States economics, law, and history from a libertarian perspective.
        Anyway, his books are part of what I taught my kids in school. My oldest daughter hates credit cards and my youngest who is 16 is not into money believe it or not. Now maybe if they had been boys I might have had a problem. LOL!

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  2. Thank you for this! I have 3 young kids (under 7) and I definitely want to teach them about money and saving as I was not taught by my parents growing up and I suffer as an adult with a poor relationship to money. A healthy relationship to money can be such a deal breaker in the quality of ones life.

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    • You are welcome, when my daughter was 8, she wanted to take horseback riding lessons. I lied and told her we couldn’t afford it. She came back with the want ads of our local newspaper. “Dad, can I make enough money delivering papers to pay for lessons”? I lied again and said YES! Too be fair, I paid for the lessons, took half her monthly pay and put it into a savings account. I let her keep the other half. She thought that she was paying for half the cost of the lessons and I was paying for the other half. When she graduated form university, I gave back all the money she gave me over the years for things that she wanted to buy!

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  3. Great ideas, again!
    I give my kids some money each week so that they will learn the value and use of money. I call it their “sharing in the family wealth”. It is the benefit of being part of the family. Correspondingly, I tell them that they also have to “share in the family responsibilities”, which involves their house chores.
    I have not started them on saving for something, but will do so soon.
    I like to avoid saying that I won’t buy them something on the grounds of not having the money for it, but would rather explain that I have other priority uses for the money.

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