Give Kids the Edge on Money - Ignite their Entrepreneurial Spirit

kids and managing money with the entrepreneurial spirit
  • The average high-school student thinks they will make $145,000 a year.
  • Only 34 percent of teens understand credit card fees.
  • The bankruptcy rate among 18- to 24-year-olds has increased by 96 percent over the last 10 years.
Shocking! You probably agree that we need to start teaching our kids about money. Why don’t parents teach this important subject to their kids? Could it be that they don’t want their children to know that they, too, are in financial trouble?

In this changing economic environment, it’s critical that we teach our children not only how to handle their money, but how to earn it and what the benefits of being an entrepreneur are. Teaching kids financial responsibility takes practice, but it can also be fun.

Here are ideas that can help ensure that your children become money masters, not slaves.

Have Your Kids Pay Your Bills.
Our kids are with us when we spend our money—“Just charge it, Mom!”—but they are not typically with us when we are earning our money or paying the bills. Involving your kids in paying the bills is a great first step to helping them understand the living expenses we face each month and how credit cards work and their role in our lives.

Turn a Simple Trip to the Store into a Business Road Trip
The next time you are at a store or fast-food restaurant, start a conversation about all the ways the business makes money and what their expenses are. This is a great way to create a fun dialogue about what is involved in a business, from advertising to paying employees, as well as the phone and electric bills.

Let Them Work and Create for Things They Want
So often, parents just give their kids what they want. Next time they ask for something, have them write out their goal, post it around the house and discuss ways they can earn extra money to achieve that goal. Have them create ... read more.

Volunteer with Your Kids and Teach the Importance of Giving Back
True understanding of money often comes from helping people around you. Your children will ... read more.

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