“Parents do a great job teaching kids good manners and how to be safe, make their beds and be culturally savvy,” says Mary Hunt, personal finance expert and author of recently released Raising Financially Confident Kids. “But so very often parents neglect the most important thing of all — to prepare them to be financially astute.”
Sometimes it’s hard to really pinpoint how to teach financial truths to your kids, especially when so much of those so-called truths don’t seem to work. When you are struggling with debt or paying the bills each month, it may seem difficult to imagine providing valuable insight regarding money. Instead of focusing on what you may or may not feel you know about money, let’s instead focus on a few commonalities between kids (and adults!) who are savvy with their saving and spending.
An excellent place to start is to simply involve your kids in the process of planning, saving, and spending. Learning by doing (and even failing) teaches lessons that last a lifetime. Turn to our Q and A to read some examples of how Tardus clients are actively engaging their family in their Income Snowball.
2 Financially Savvy Kids are Grateful
Kids who have an appreciation for what they have are inherently more prepared to use their finances in smart ways. They know that they must work for the things they want, whether through effort, strategy, or a combination of the two. They also know that it is worth the time to care for the things they have, which ultimately leads to financial responsibility. Wastefulness is one of the true enemies to wealth and financial freedom.
3 Financially Savvy Kids are Generous
When kids grow up actively involved in earning and using money, and you pair that with a mindset of gratitude for what they have, the natural outcome tends to be generosity. After all, when our members reach financial freedom and find that they don’t have to work for every penny or scrimp and save for their necessities, the first things they do are turning to their loved ones and communities and giving back. Kids are no less generous than that if the mindset of abundance as been cultivated and proven to them over time. One of the strongest points of Tardus membership is when their relationship to money becomes one of ease and enjoyment rather than stress and fear.