Isn’t it every parent’s dream that their child will be financially secure in their life? Children learn their financial habits from their parents, but many adults today struggle financially. Why? They never learned how to manage money, and they don’t have the know-how to teach their kids about money. And so the cycle continues.
The economic crisis has underlined the need for everyone to be more financially savvy. The best time to start is in childhood. If kids are taught at an early age about how to earn, save, invest and spend money wisely, they will develop lifelong habits that will help them avoid financial catastrophe as adults.
Recent news reports have headlined the public’s growing concern about the school system’s limited curriculum on financial matters. Schools prepare students for the world of work, but it is left up to the parents to teach kids how to manage the money they will earn.
I started to teach my son Max basic money skills at age of 5. Three years later, the results show: Max is more sophisticated about money than other children his same age. And he is now nine years old. Saving and managing his money is part of his life. He is interested in learning how to invest and grow the money so that he could fund his college education by himself.
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