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Who
Will Own Our Children?
Finally the NSBA is going to
get this education into our schools, but it is to late for
our children, we must teach them on our own and make sure
they graduate from school and start their young adult life
with the financial education necessary to succeed in life!
Educating students about personal
finance-from the basics of savings to compounding interest-
should be a national priority!
NASBE
Americans do not have the knowledge and
skills to properly manage their finances even as more fiscal
control-and risk- is being shifted onto them. This
fundamental disconnect is putting the economic security of
families and the country at grave risk, and is prompting a
national call for states to establish financial education as
a core academic subject in all grades – from Kindergarten
through graduation – by the National Association of State
Board of Education (NASBE)
Eight Common
Mistakes Parents Make
With Kids and Money
It's hard to teach
the concepts of money if you were not taught anything about money
yourself, but kids need to know the basic skills about money now
more than ever before. Kids are moving back home in record numbers
being dubbed the “Boomerang Generation.” The cause of this is record
high educational costs, lack of financial education, and credit card
debt. Children today have the highest debt in US history, and are
being dubbed the “Debt Generation.” Information on what not to do is
as valuable as information on what to do. If you change, any or all
of these mistakes below you will change the financial direction of
your child’s future.
1.
Not Talking to Your Kids About Money
Money beliefs and habits start extremely young. The
sooner you instill good money habits in your children the better and
the less it will cost you in the long run. We all know how tough it
is to break a bad habit. Instill good money habits in your
children even before they fully understand them, and they will adopt
and live by these habits for the rest of their lives. Foundations
and principles you set early in your children’s lives will endure
the test of time and outside influence.
Money is all around us; Money
determines where we live, what we eat, what we wear, what we
drive and what we have. Money controls how we feel and sad to
say how others look at us.
Money does not buy us
happiness or love. The only thing money can give you is freedom,
security and choices. You have the freedom to live, eat and work
where you want. You have the financial security to take care of
emergencies should they arise. And you have the choice to make
you own decisions.
Talk freely about money to
your kids, allow your kids to dream of all the things they want
out of life. Then teach them to go out and get it. If you are
going to dream of the life you want, then dream as big as you
can, because even if you only get half way there you will still
have more than you have right now.
Many times we dream of all
the things we want, and then life gets in the way and we decide
to settle for what we have and shrink our dreams.
Dreams are free so dream big!
Talking about money to your
kids will help them understand what money is and how to use it
to their benefit, when your children start to understand money
they will start to have control over money verses money
controlling them.
Research shows we talk more
about sex and drugs than we do money in our homes. Have
conversations about money often, so your children will be
comfortable with asking questions about money.
Involve your child in the
process of saving money, investing money, giving money and
spending money.
Many adults save money for
their children, but never involve their children in the process.
Adults fear that when their children find out about the money
all they will want to do is spend it. If you teach your child
how to save their money from an early age it will become a
natural habit that your child will do throughout the rest of
their life.
The sooner your child can
experience and handle money, the sooner your child will
experience the benefits, good, and bad with money. Allow your
child to make mistakes with their hard-earned money, because the
more they make when they are young the less they will make when
they get older.
Your children will always do
what they know and understand to be true. If your child always
takes a dollar and spends a dollar then they will always live
paycheck to paycheck. If your child always saves a portion of
their money, they will create a secure financial future and
understand the habit of paying themselves first.
By changing this habit, you
open up a world of possibility for your child. Your child will
be comfortable with money, they will know how to use money
verses money using them.
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Who
Will Own Our Children?
