We teach our kids right from wrong and good from evil, but mentioning money verges on sacrilege. Many of us have trouble talking to other adults about money, why would we discuss it with our kids? How else are they going to learn otherwise? Here are three things that you must teach your children about money.
- Delayed gratification is a financial necessity. Yes, your child wants a new iPod. You putting on your credit card teaches them nothing, so teach them to save for one. Point out that the price will drop with time and that saving toward a goal is better than incurring debt.
- The best tool for any budget conscious person is comparison shopping. Teach your children the benefits of looking for offers online, taking ads from one store to another to get the best possible price, and the savings that can come from comparing the features of a name brand with those of a generic.
- The greatest lesson you can teach your children is satisfaction. Being satisfied with what you have and can easily afford is an essential way to prevent ”jealousy buying” to keep up with peers.
Personal finance is a part of life that young adults usually fail in. Sadly, that failure can usually be traced back to a silent or secretive parent. Do you really want your children to learn about money after they are tens of thousands of dollars in debt and need to seek out a debt consolidation company in NC?