The best time to teach your children about money is the day they are born by making sure you are setting the best example.
- As soon as they become aware that people trade money for things, it’s time to explain where the money comes from.
- As soon as you realize they think money comes from banks and ATMs, it’s time to show them that mommy and daddy trade their time and energy for that money and that they should start thinking of ways to make money themselves.
- As soon as they are able to make a little money themselves, make them responsible for things they want and some of the things they need.
I wrote a whole book on this called The Ultimate Allowance:-).
Thanks for asking…
I’ll never forget the field trip my second grade class took to the bank. The whole class got to stand in the vault and listen to the manager talk about money! It was really exciting! At age 13 my mom took me to that bank and I opened my first savings account with $35.00 of my very own.
Most kids remember this trip, which is why we include it in our field trips for our longer Camp Millionaire programs. Just imagine if every kid had a basic savings account by age 10 or even earlier and were taught the simple act of saving part of all the money they get, make from little jobs and business ventures. What a different adult world that child might grow up to be.