Kids today are the leaders of the future, and we can’t have leaders that are not aware of how to lead or take care of their own lives and financial responsibilities. That is why it is a good idea to teach out kids financial literacy now to give them a good start in life. As parents and adults it is our responsibility to educate our kids so later on in life they don’t end up in financial trouble. To many young people these days don’t seem to understand the value of a $$ or how it is earned. You will hear all kinds of questions from kids about money. Genworth Financial has great help for all your financial needs.
I remember when my sister and I were little and we would go shopping with our parents. We used to beg for things.. mostly barbies. We loved our barbies. At the time I remember my Dad was laid off and I remember oh to well how my Mom would get tired of us begging and just give in. Now, I don’t think that is right at all. When I was younger I thought it was great!! My Mom never really shared with us about their financial problems as she was a proud person and didn’t want to worry or burden others. So, as I got older it took me many years to finally figure out how to correctly manage my money. So, now I have been trying to teach my son how to manage his money. It is not as easy as one would think. Life is so busy and there are so many temptations these days to spend money on that it is hard to try and teach someone just starting out in life how to correctly manage his income and outgo of money.
I do believe it is a good idea to have a child open up a bank account when they are young. Teach them how they can save money and earn money by having money in an account. As they get older, maybe helping them borrow money for something they want. For my son it was a snowmobile. We cosigned a loan, but he was working and was responsible for the payment. He struggled some months as there were other things he wanted, but he always made his payment. Once he graduated high school and got a full time job we talked to him about how important it is to put money in a savings account every payday. And, it is a good thing we did because he got laid off and now he will be ok till he finds another full time job. So, these are a few life lessons we have taught and he has learned.
It is important to start when your kids are young teaching them things so they can become independent and financially set for life.
Disclosure ~ Article written using Genworth Financial Educational Resources