Friday

The Two Most Important Financial Lessons To Teach Your Kids

If you read this blog or others or you get a copy of my book, there are hundreds of awesome lessons to teach your kids about money, finance, debt and investing.

But if you boil it all down to the two most important financial lessons.  If your kids are like most and want the bottom line please and then leave me alone to play video games then it's these;

  • Live beneath your means
  • Stay out of debt

Instill these two super important lessons and you will have done them the biggest favor you can.  I don't care how wealthy you are and how much you leave to your kids, if they haven't learned these lessons, they are doomed.  We all hear about kids inheriting millions only to end up bankrupt.

Look out for teachable moments regarding living beneath your means.  It's ok to say, we cannot afford that and if we did buy it, here is the problem that would create.

Teach them about debt, when, not if, but when they come to you when they need something that you agreed would come from allowance but they've already spent their allowance, allow them to borrow money from you at 15-20% and enforce this next allowance, they will quickly learn that borrowing money is money down  a hole that they'll never see again.

Teach them that instead of borrowing at 15%, that they could save at 5%, the difference is a massive 20% and use any online calculator to literally show them what it means to them, they will get it.

Tuesday

What To Teach Your Kids About Money And When

We all know that teaching kids about money is important.  We all get busy, soccer, baseball, hockey, lacrosse, next thing you know it's another season and a few months and you haven't sat down with your kids to discuss money, debt, saving or investing.


You must make time.

Kids learn about money as early as age three.  You need to be the person who teaches them the value of money, how it works, how interest works (either for you or against you) and all about saving and investing.

Kids have questions, make sure you know what to say.

Check out my book, on sale now for $9.99.