Most Adults do not have the education, skill or understanding of how money really works that is ok that is not your fault cuz you were never trained in that subject but it is not too late to teach your children about Money, I want to help all parents or expecting parents how to Teach their kids about money, a lot of the things I am going to share with you are going to be worth the time and effort this way they do not make the same mistake we have a lot of studies say to start at age 5 but i have seen kids as young as 3 years old start this training, Listen parents I am going to give you an Assignment that you must complete just like the Homework your going to give your kids unlike our school system you can use these lessons for life , when we stop being scam by money we can do better scam being Still Confused About Money that is something you do not want your Children to be,
Ages 3 to 6 working & understanding for money. The best most Opportune time to start talking to your kids about money is as soon as they start to say “I want” or “I need” then you ask “How do you plan to pay for this?” “Where does money come from”? “How does Mommy or Daddy get Money” How much will you need” these questions are Important cuz it makes the kid think and gives you a sense of were their minds are at, Never give your kids an Allowance most Allowance is a set payment kids get for not really doing anything do they just expecting money by giving them chores or jobs were they can make money. setting the table, feeding, the pets helping with groceries helping folding the laundry washing dishes, clean the bath tube so fourth and so on, If you can buy Voucher online with the fix amount of money so after they are done they can trade the Voucher in for real money, now that they are making money we have to teach Children how to save & plan things out will makes the kid feel like they are power and control over their spending and will teach them to consider when to spend how to spend. each kids should have their own money saving place, now start off with 50 Cents all the way to $3.00 dollars. now they have saved 100 dollars take them to the bank and have them open a savings account. a great thing to do is to sit with your kids and help them make a spending wish list and make sure they organize what they need first over what they want.
Ages 7 to 10 Charity & Taxes. As your kids get older things get much more expensive so you can give extra work for more money this is also a very good time to start teaching them about charity and taxes once your kids piggy bank is full take the money and teach them about helping others by giving to charity it can be something simple as to buying a homeless person a meal from Wendy’s or giving to animal shelters or buying toys for clothing for people who have nothing this sends a message to the kids like I have money i want all these things but theirs other people who have nothing so i can help make their day better and i can wait a little longer to buy that thing i want, the message is this is for me but it is also for other people, and that will make them feel good, now their are times when children do not want to do anything so but not paying them for not working make sure you are letting them know your giving them a deduction and why. Start taking taxes what they have saved it will prepare them for life, example let us say your kid Made $150 you show them to put $75 in the bank take $15 for taxes $5 or $10 dollars for Charity and the rest let them keep the rest to buy stuff they may need. this will instill a sense of i need to budget so i can make better spending choices, Do you remember the spending wish list by helping your kids sort and organize what is needed over what they want you are teaching them how to prioritize and killing that sense of entitlement and instant gratification most kids have today if that continues it can turn to be an Very ugly habit, make sure you have a day every 3 months for charity or donations.
Ages 11 to teens Investing & Entrepreneurship. Now that your kids have been saving and working for some money it is a great time to introduce them to Investing or doing their own business if you do not know how to go any of that stuff their are plenty of things online that can help. You might be thinking that is a young age however if we do not teach our kids these things then Society will Indoctrinate them in the wrong way, if you live in the suburbs and all the houses has mail boxes your kid could make a business by offering to paint those mail boxes Example $20 Dollars per mail box painted and 30 mail boxes = $600 that’s not a bad payday or wash peoples cars cut grass or even bake healthy snacks and sell them or if your in your teenagers baby sit or help younger kids with homework. instilling a sense of hard work and accomplishment to your child so they do not grow up to be a lazy fucks when they are adults but to be business minded will be the best things for their futures, and if some of your kids friends also want to help or join that is a good thing cuz now u can teach more if you get their parents ok, Investing look up companies that kids are in to Like McDonald, or toys r us or even a video game company or Disney and what ever they have saved u can match it in order to buy a few stocks but remember it has to be something the Child is excited for their are also a lot of penny stocks they can invest in to as well so have them pic 3 stocks on companies they like then in the penny stocks how them pick particle things like ink and toner, toothpaste, Toilet paper things of that nature, and also invest in gold and silver and oil when ever you can, this will help grow their accounts Btw I do have a message if you teach your kids about money at a very young age then when they grow up and turn 18, or 21 or 26 they will start to make better financial Choices.
Other tips. Discount Shop we as adults can mostly buy what we want when we want plus we do about discounts and coupons a suggestion would be is when you see a toy or item that one of your kids want buy it and keep it somewhere that they cannot get to it when it is time for them to go shopping u can pull out the items and run your own home store it will be cheaper than the normal store if they cannot make up their minds take them to the real stores and have them see the prices that you have and the store has and it will help them decide, and if they want something from the real store make sure they themselves gives the cashier the money. this tells them I really bought this with the money I worked for,
Insentive, Do you remember when I said to start taking 15 dollar in taxes it may not seem fair but you are preparing your kids also prepare them for tax refund except my version is much more fun and different make a deal with your kids If they save more than what they spend then you will help them put more money in their accounts now you do not have to match it but recycle the $15 dollars you took in taxes or deducted when they didn’t want to work, and put that money in to the account this is make them work harder and thing about more things,
Color coded & Jar System, I cannot take full credit for this my adoptive sister in the Philippines Crizia Who I read some of my stories to she took my color system I use when I create characters and stories and made her own money saving system with it she was 11 years old at the time now she is 17 and still uses this system, and I am going to share it with you, she has 6 plastic pen holders and jars for her expensive. she puts all the bills in the plastic pen covers with a print out of what it is for and the jars of the same color she has a bunch of coins in them. she is Extremely good at having her accounts even she makes money by drawing for people and what ever money she gets from chores and when aunts uncles grand parents are around when Crizia finds out one account has more then they others she spends hours making them even she told me that only one Account is allowed to have more than the other is the Blue cuz that is what she uses to make more money to put in to the others I am very Proud of her for that, i am also honored she took something i use and made it better, Blue=Wealth you use this money to make more money in stocks gold silver or start a business. Red=Niceties buying the items you need soap clothing lotions Exct. Purple=Education language, collage, martial arts, dance classes. or instrument. Green=FUN You Can use this what ever you want. Yellow=Angel its for charity and helping those who has less than you do. White= Trips/Vacatiosn cuz you need money when you go away.
Final Message. If you want you kids to have a better financial money management skill then us my system or if you like look online and combine the things i am telling with something else that could help you and your kids better i just this newer generation out their to be better with money than most adults i know today. I am also going to Address the Elephant in the room while i was training a few moms with my system I was asked a very wonderful Question ‘Children should so chores because they are a member of the house hold so why should we pay them?” its a good question and I agree were and how else are you going to Educate you kids? now if you follow my advice make sure you let your kids know your only paying them on a temporary basis as soon ass they hit 11 years old do not pay them to clean their own rooms or wash their own clothing or walk the or clean after the pets or take out the trash, they are a part of the house hold so they need to help out around the house to teach them responsibilities. if you been reading my article you will know that age 11 your kids will be making money in other ways.
For all of you Adults that want to learn more about money i own a Financial Fitness Company were myself and My business partners Educate people about money How to lower your debt, how to make money through investing and trading and how to keep more money from Taxes, Contact me & follow me on Instagram @CJRWG