Financial Independence and Your Children – Part 1
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We all want our children and grandchildren to have financial independence. You don’t want your daughter or son not financially independent and struggling with debt or to survive from paycheck to paycheck. But there is more to financial independence than building your own bank accounts and legacy. You need to make your children and grandchildren independent by teaching them the ways to attain financial freedom.
Our new series offers suggestions for teaching children about financial independence for a more secure, personally fulfilling future. The first way to teach your kids about money is to give them an allowance when they are young. Give them some cash to call their own and let them learn from the experience. While it’s easy to ask mom and dad for money for a toy or whim, it’s more challenging to save for it. Don’t be afraid to let your children develop a personal connection with money to learn from their victories and losses.
As children get older, you can even give them a pre-determined budget for necessary items such as school clothing. By giving your children a realistic idea of what everything costs, from essentials to luxuries, they can be better prepared for the future and how to spend their money wisely.
An allowance is a great way to learn about money. It is better to make mistakes about the wrong color shirt or a toy that doesn’t last than to buy a car or stereo as an adult that isn’t a wise purchase. Your children will learn how to protect their financial independence by getting their own weekly spending money and a bit of freedom.
Tags:Financial Freedom Financial Independence
June 25th, 2008 at 3:31 pm
Teaching money skills to our children is one of parents most important jobs. It is not being done in schools so we have to take the responsibility to teach our children financial responsibilities.