Children Don't Automatically Know How to Handle Money. They Need Guidance From the Adults in Their Lives.
By Bonnie Drew
Need help teaching your kids about money and how to handle it? Here are ten basic steps to help you steer your young entrepreneur in the right direction:
1. Attitudes--Examine your own attitudes about money. This will help clarify your own values before you speak with the kids.2. Planning--Involve your child in the family financial planning. This provides good "hands-on" experience with money and budgets.
3. Allowance--Give your child an allowance and let him or her be in charge of spending it.
4. Chores--Expect your child to contribute to family chores. This helps teach teamwork and responsibility.
5. Extras--Provide extra income opportunities for your child in addition to his/her regular allowance.
6. Saving--Teach your child to save regularly and build up a personal "nest egg."
7. Sharing--Help your child discover the satisfaction of sharing.
8. Consumer--Show your child how to investigate product quality and advertising claims. This will help him/her be a wise consumer.
9. Credit--Teach your child a healthy attitude toward credit.
10. Investing--Discuss investments with your children and help them learn the value of wise investments.
Bonnie Drew is the author of FAST CASH FOR KIDS (2nd edition), published by Career Press (1-800-227-3371). She is also the creator of the KIDS BUSINESS software for young entrepreneurs, available from Homeland Publications (713-332-9764).
Drew is also Editor of YoungBiz online magazine, published by Kid's Way, Inc., a company that helps youth prepare for business and the workplace of the 21st century. For more information, write to Kid's Way at 5589 Peachtree Rd, Chamblee, GA 30341 or call toll free 1-888-KidsWay (1-888-543-7929). YoungBiz magazine can be found at http://www.youngbiz.com
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