Children And Money: What Financial Skills Every Child Should Learn

Just standing and looking at the bike from the side doesn’t work. Therefore, you need to understand that money is just a tool. While the children are small and do not earn, you should give them away. If they don’t have money, they will not learn how to manage it.

Let them make all the mistakes from 5 to 16, than start making these mistakes from 18 to 30, lose a bunch of millions and tell their fakups at 30. If we want children not to waste precious time from 18 to 30 years old, the sooner they need to be taught. All this will be beneficial.

When wealthy people come to me, they often ask the question: “How can I get my child to clean his room? Pay him for this? “

I always say this: if you are willing to pay someone for this work, then there is nothing wrong with paying the child for it. You either need to show by example that I clean my room, and you please clean yours. Either you say yes, I’m willing to pay you.

They are always tied to the transfer of responsibility. If the child is small, then he has little of it. And responsibility grows with age. And the more responsibility, the more money. By the age of 18, he should have a large salary until he starts making money himself.

Thus it is necessary to stimulate the child to earn money. If this is not done, the child will grow up infantile and will not do anything.

I really liked what you said about values. Of course, everything in the family should be based on values.

I can always afford the child both to pay and not to pay for some household chores. Only because the family has values. And the child always understands what she is paid for, or understands what she is not paid for.

With this it is better to go to a psychologist. You have the wrong interaction with your child if you think it is wrong to pay your daughter or son for help. This is your inner world, in which there are expectations that the child owes you something.

I believe that my child does not owe me anything. And I have to at least: food, education, and protect it until the age of 18. Until the age of 18, he came to this world for another. I don’t see anything terrible if my child does something for free. But if she offered me paid help, why not pay her.

I do not satisfy all her wishes. And the child has a need for money. Therefore, at the level of her age, she thinks: “How can I help?” The main thing is to teach the child to think like an entrepreneur. What can I do and get paid for it. She does not regard this as helping her mother, but understands that it is possible to do this task precisely and I can be paid for it.

In the beginning you give to him every day, because the child cannot distribute the money yet. If you issue a weekly budget, he will immediately spend everything.

When we see that a child is doing well, usually at 8-9 years old, we give him a budget for a week. And when you see that the child is coping with this budget, you give him money for a month.

Your task is to teach your child to distribute the money given out for a week, and from the age of 10 to teach how to distribute for a month. Otherwise, he will not learn to manage his budget.

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