Old Habits Die Hard, Teach Them Today - P.
Finances are an important aspect of our lives. Kids pick up bits and pieces from their parents, friends, shows, but unless your child sign up for an elective in high school, the foundation for their financial futures will not be there. The good news is the opportunity still remains to create a foundation of good habits.
Teach by Example
One of the oldest sayings out is: “You reap what you sow”. It doesn’t matter what you implement into their lives if you aren’t leading by example.
Encourage Summer and after-school jobs
I remember my first job after coming home from school my first-year in Connecticut. I was a delivery driver for pizza place and to this day my girlfriend will give me a hard time for it. The thing is I still beam with pride when I say I worked there because it was my first real bout with adult-like responsibility. Having a job at an early age that you have exchange your free time for cash is an invaluable lesson in hard work. In athletics, people say the multi-sport athlete is the most equipped because of the benefits to playing two sports. This concept applies to kids balancing work, school, and sports. They will be more prepared to handle the stresses of financial adulthood.
Open a savings account
They will thank you later for this, but establishing a savings account teaches them to live below your means from a young age.
Guide them with goal setting
We all jump immediately at contributing to our 401 (k) if our company is promising an incentive match for contributing. Why not implement the same with your children? I do know for a fact if Tim had offered me an extra $10 for cutting the grass I wouldn’t have drug my feet as much.
Mistakes are a part of life
You have to let your kids make mistakes, it’s inevitable that they are going to, just think of yourself at that age. Help them learn from these mistakes and push them to create better habits that doesn’t lead them down the same path.