Prosperity4Kids Inc. Offers 12 Tips to Improve Your Child’s Financial Education
Kids need a Financial Education more now then ever before, check out these easy to do 12 tips in teaching kids about money.
Agoura Hills, CA, April 08, 2009 --(PR.com)-- Lori Mackey founder of Prosperity4Kids, Inc. an award-winning author and creator of Money Mama, has 12-tips for parents, which teach how to explain money concepts in ways that kids and parents can understand and practice in their daily life.
1. Engaging Kids Early About Money is Key. Schools introduce concepts like sharing is caring, ABC’s and 1,2,3s in Kindergarten how about introducing the concepts of money? Creating good habits early with money is key to healthy financial futures.
2. Kids can Earn Profits way before Wages. This is a perfect time for some spring-cleaning. Help your kids identify items throughout the house, garage and even outside. You can sell just about anything; your junk is another’s treasure.
3. Re-Use-Re-Think- Recycle. The world and resources will last longer if children are taught to use items till they no longer work or have use for, not because Joey down the street just got the latest and greatest. Take a moment and think about every purchase, and make the effort to recycle everything that you possibly can.
4. The Smarter Way to Pay an Allowance, When? Why? & How Much. Allowance can teach children responsibility, independence and the value of money. Allowance can create good habits, break bad habits and change behavior. Determine allowance on family income and expenditures not age and rank.
5. Never Spend the Whole Dollar. Give 10%, Invest 10%, Save 10% Live from 70%. The sooner children apply this the better, Adults have proven, it’s impossible to create wealth by spending 100% of your income. The 10/10/10/70 concept… teaches children how to pay themselves first.
6 Research, Compare and Delay. Children have grown up in an instant gratification world, between texting, the Internet and fast food; children today have little experience in delayed gratification. By teaching kids to research items, compare price and read the comments and ratings, children will start to understand how to make educated decisions and better choices.
7 Watch What You Say, about Money. Money is a piece of paper; it’s your attitude, belief and habits about money that determine your success or failure in money management.
8 Talking About Money, Eliminate F’s in Finance. Children are graduating with below failing grades in basic money management, states Jump$tart Coalition. The financial crisis could have been lessened if more people understood money and finance.
9 Master Cash before Credit. Kids believe it’s easier buying with credit then with cash, states a Charles Schwab teen and money survey… it hurts to give someone $100.00 bill and get no money back, but there is no pain in giving plastic.
10 - Set Goals As A Family. Surveys prove people who write goals down have a higher achievement of success. Why… because goals are a plan, teaching children to set goals, take action, and work for results is essential to a child’s future success.
11 - It’s the Little Things that Add up to Overspending. Where did all the Money go? No one likes a budget, but everyone needs to know where money goes. Teach kids young to keep track of their money.
12 - Let Your Kids Make Money Mistakes. When they are Young children like earning money, let them spend their 70% on what they want as long as it’s in alignment with the family values.
Apply all or any of the above tips and this will change the financial direction of the next generation habits, beliefs and attitudes about money.
Lori Mackey is an award-winning author, speaker and coach who creates fun financial education products for kids; she is founder of Prosperity4Kids, Inc. and is recognized as a leading expert on kids and money.
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1. Engaging Kids Early About Money is Key. Schools introduce concepts like sharing is caring, ABC’s and 1,2,3s in Kindergarten how about introducing the concepts of money? Creating good habits early with money is key to healthy financial futures.
2. Kids can Earn Profits way before Wages. This is a perfect time for some spring-cleaning. Help your kids identify items throughout the house, garage and even outside. You can sell just about anything; your junk is another’s treasure.
3. Re-Use-Re-Think- Recycle. The world and resources will last longer if children are taught to use items till they no longer work or have use for, not because Joey down the street just got the latest and greatest. Take a moment and think about every purchase, and make the effort to recycle everything that you possibly can.
4. The Smarter Way to Pay an Allowance, When? Why? & How Much. Allowance can teach children responsibility, independence and the value of money. Allowance can create good habits, break bad habits and change behavior. Determine allowance on family income and expenditures not age and rank.
5. Never Spend the Whole Dollar. Give 10%, Invest 10%, Save 10% Live from 70%. The sooner children apply this the better, Adults have proven, it’s impossible to create wealth by spending 100% of your income. The 10/10/10/70 concept… teaches children how to pay themselves first.
6 Research, Compare and Delay. Children have grown up in an instant gratification world, between texting, the Internet and fast food; children today have little experience in delayed gratification. By teaching kids to research items, compare price and read the comments and ratings, children will start to understand how to make educated decisions and better choices.
7 Watch What You Say, about Money. Money is a piece of paper; it’s your attitude, belief and habits about money that determine your success or failure in money management.
8 Talking About Money, Eliminate F’s in Finance. Children are graduating with below failing grades in basic money management, states Jump$tart Coalition. The financial crisis could have been lessened if more people understood money and finance.
9 Master Cash before Credit. Kids believe it’s easier buying with credit then with cash, states a Charles Schwab teen and money survey… it hurts to give someone $100.00 bill and get no money back, but there is no pain in giving plastic.
10 - Set Goals As A Family. Surveys prove people who write goals down have a higher achievement of success. Why… because goals are a plan, teaching children to set goals, take action, and work for results is essential to a child’s future success.
11 - It’s the Little Things that Add up to Overspending. Where did all the Money go? No one likes a budget, but everyone needs to know where money goes. Teach kids young to keep track of their money.
12 - Let Your Kids Make Money Mistakes. When they are Young children like earning money, let them spend their 70% on what they want as long as it’s in alignment with the family values.
Apply all or any of the above tips and this will change the financial direction of the next generation habits, beliefs and attitudes about money.
Lori Mackey is an award-winning author, speaker and coach who creates fun financial education products for kids; she is founder of Prosperity4Kids, Inc. and is recognized as a leading expert on kids and money.
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Contact
Prosperity4Kids, Inc.
Lori Mackey
8189915764
www.Prosperity4Kids.com
818-424-9723
Lori Mackey
8189915764
www.Prosperity4Kids.com
818-424-9723
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