Tuesday, 13 September 2011

Teaching your kids about money? What’s your plan?

“If you are planning for a year, sow rice; if you are planning for a decade, plant trees; if you are planning for a lifetime, educate people.” Chinese proverb 

It’s September, that busy time of making plans for the new school year. As parents we are in that unique position of being our children’s first and most important teachers. 

When it comes to helping them learn about money management and becoming financially literate the information and opportunities are everywhere. We know in today’s world, this is a fundamental part of their education. 

The challenge becomes, with all the information out there, how do we teach them? What do they need to learn and what do we want them to know? How do we talk to them about money? 

Financial education happens over time so we “start as we wish to continue”… with a conversation or better yet a series of conversations. By encouraging our children to talk about their hopes and dreams; how they plan to achieve them and what they think the costs will be, we are giving them the message that money is not a taboo subject. It's good to talk about and in a positive way. 

As parents we make all kinds of plans for our children’s education. Making one for teaching them how to manage their money is a very good place to start. It all starts with a conversation and a plan. 

“Planning is bringing the future into the present so that you can do something about it now.” 
Alan Lakein 

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