Knowing how significant monetary skills are is important in putting direction in life. It is not surprising that schools today do not teach kids about money. However, as parents, you can communicate and teach your kids essential monetary lessons. This is a must.
But before jumping off and getting on with the nitty gritty details of financial 101 with your kids, parents please take note of this: According to The Experts, composed of an an elite group of thought and industry leaders who involve in detailed online deliberations of topics they see and notice in the field, when teaching kids about spending and saving money, it is actually what the parents do that get retained in the minds of kids taken cared of and not just what is taught to them.
The group is composed of a board of financial academics, advisers and investment professionals. Recently they have weighed in some issues about teaching kids money lessons.
So what are their expert advice about teaching kids money lessons? Take a look.
Henry "Bud" Hebeller, one of the elites and president of Boeing's aerospace division, said that parents should teach and show their kids how to save, invest and save money wisely. Most importantly, show and teach the kids the necessity of emergency reserve for any unexpected things.
Eleanor Blayney, a CFP Board Consumer Advocate, said in UK Yahoo, that while monetary reward can inspire proper behaviors and teach kids the "value of work", it might now work. With this notion, kids might learn and put money perspectives in their heads as an outcome of evaluation that money is available anytime. This is wrong. Instead, according to experts, teach the children to do the chores not to get paid but because they must be done.
In a report published in the WSJ.com, Wesley R. Gray, the CIO and CEO of Alpha Architect, shared that parents must be aware that their behavior towards invest will most likely have a great impact on the approaches of investing seized by their kids.
It is never too late to begin teaching and showing children to make upright decisions with money. As children grow, they will be prepared for more difficult lessons regarding money, but these are advices from the expert that you can begin applying today.
