Here are 10 money lessons that financial experts say may help improve kids' knowledge from an early age through high school graduation and beyond.
Here are 10 money lessons that financial experts say may help improve their knowledge from an early age through high school graduation and beyond:Start to introduce some basic concepts — such as what money is used for, how we earn it and how much items cost — when children are in kindergarten, or even earlier.
Making "money talks" part of everyday conversations will help make it easier to talk about finances with your kids, spouse and other adults, too. And, "not shying away from conversations, when they are interested, will help kids establish a positive money mindset," Seitz saidAt the supermarket, explain how you should think about using money responsibly by spending money on needs first, then wants.
Send your child or children to a specific aisle to grab a handful of items — including some of their favorites. Tell them to keep the items under the budgeted amount, and look at the "unit price" to make sure you are getting the most cost-effective items to get the best deal. "The secret to building wealth isn't so secret — it's investing," Seitz said. "The longer investments are earning returns, the more money they can earn."Encourage teens to start flexing their savings muscles by working a summer job and setting up a savings account or a retirement account.
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