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A place for Get Rich Slowly readers to ask questions
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It is currently Wed Jul 23, 2014 2:29 pm




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 Post subject: Re: How can we teach our kids early about managing money?
PostPosted: Sun Sep 02, 2012 7:02 am 

Joined: Wed Aug 29, 2012 8:04 pm
Posts: 4
If you are good at managing your finances, then you should lead your child by example. Maybe what you can do is you can start by not giving extra money if your child finishes her/his pocket money for the day? Then they will learn the importance of saving up and not to splurge anyhow they want.

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 Post subject: Re: How can we teach our kids early about managing money?
PostPosted: Thu Nov 15, 2012 7:11 pm 

Joined: Sun Sep 30, 2012 7:17 pm
Posts: 4
As a child, I loved games, and I think that we underestimate the educational benefits of games as adults. I used to play Lemonade Stand for hours on the computer and really got into the process of ordering, marketing and distribution through that game. I also loved puzzles and card games which has been invaluable for problem solving as an adult. As a teacher of mathematics I used games like Yahtzee and variations of Bingo to get kids to do multiplication and addition. And getting kids to develop their own games was a great exercise for learning compound interest and taxation.

I agree that we need more resources to teach kids about money. It frustrated me that there were only limited units on this in Mathematics and only for select kids. For that reason I am writing a series of books to help students learn about personal finance and to give parents something to refer to that is written for teens.

You can see more suggestions on my blog and access my books here: http://michellecroner.blogspot.com.au/p/my-books.html

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 Post subject: Re: How can we teach our kids early about managing money?
PostPosted: Sat May 18, 2013 4:19 am 

Joined: Thu May 16, 2013 4:06 pm
Posts: 5
Teaching kids about financial stuffs right from their school time is essentially crucial as they will learn the value of money and manage their time between studies and making money well. These kids can learn multitasking fast and make better people as they grow up, becoming independent adults


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 Post subject: Re: How can we teach our kids early about managing money?
PostPosted: Wed Jul 31, 2013 9:07 am 

Joined: Tue Jul 30, 2013 10:00 am
Posts: 1
I was raised to understand the value of money. Like any other practical skill in life - teaching kids early about managing money is very important. Kids should realize that money is given to them is hard earned money.


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 Post subject: Re: How can we teach our kids early about managing money?
PostPosted: Thu Aug 15, 2013 1:13 pm 

Joined: Fri May 04, 2007 8:14 pm
Posts: 1748
T Rowe Price has just started a new Web site teaching financial literacy to kids. There are sections for teachers, parents and kids; you don't have to be a T Rowe Price client to use it. The kids' section includes financial games that were developed with Disney.

https://corporate.troweprice.com/Money-Confident-Kids/Site/Home

Frankly, I know a few adults that could benefit from this site, never mind kids.


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 Post subject: Re: How can we teach our kids early about managing money?
PostPosted: Fri Aug 16, 2013 2:06 am 

Joined: Fri Jul 19, 2013 3:57 am
Posts: 16
Location: California, US
Kids of today don’t need to understand how money can be spent, but they need to know how money works.
For parents to have a kid who is money-wise is a boon because it makes those save or splurge decisions easier to handle. There’s no right age for having that money talk with your kids. If he or she can spend or borrow, they sure can learn to save and invest.


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 Post subject: Re: How can we teach our kids early about managing money?
PostPosted: Sat Jan 18, 2014 11:05 am 

Joined: Fri Dec 20, 2013 6:36 am
Posts: 15
Should be you great at coping with your financial plans, then you must direct your kid through example. Probably your skill is you can begin through not necessarily giving extra cash should your kid completes her/his pocket income for the day.


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 Post subject: Re: How can we teach our kids early about managing money?
PostPosted: Tue May 13, 2014 7:21 am 

Joined: Mon Apr 07, 2014 4:46 am
Posts: 13
Believe it or not, you and others are already teaching your children about money. Their meaning of money starts before they begin handling it. From their early experiences, children slowly build their attitudes and knowledge about money. Children's influences - family members, friends, neighbors, television - all factor in to what they learn about money. But the most powerful influence is the family.

A marketing professor at Texas A&M, Dr. J. McNeal, studied how children under the age of twelve learn to use money. His research showed that how well children spend their money has little to do with the amount of allowance they receive. It has more to do with their parents' behaviors. "There is a very clear relationship," McNeal said. "If the parents are wise consumers, the children become wise consumers."

Children can learn about managing money at different ages. Their early years provide the foundation for learning. Before children enter school, their concepts of numbers and time are limited. Yet they are curious about the process of buying and selling. Some activities they like are: setting up a play store at home with play money and empty food containers, helping to make purchasing choices at the grocery store, and saving coins in a piggy bank.

School-age children can: buy grocery items for the family such as milk and bread, open a savings account, and receive a regular allowance. An allowance is an important way kids can learn basic money management skills. It helps them learn to budget and make good spending decisions. Be consistent with the allowance. Children can also do small jobs for family and friends to earn extra money.

The allowance amount varies by children's ages. The timetable for receiving allowance expands as children get older. For small children, once or twice a week works best. Older school-age children can receive their allowance once a week; teens can receive it twice-monthly. If your children overspend, don't hand over more money. Parents who consistently give their children money are doing them a disservice. Kids who squander their allowance can learn from their small mistakes.

Teenagers are capable of longer term planning, such as saving for a future trip. They should become informed on the effective use of banking services, investments, and insurance. Although earning money will become more important to teens, it should not interfere with their schoolwork and education.


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