Teaching Kids Financial Skills: Here Are 5 Things Children Need to Learn About Money by juniorCEOs
Parents, our kids need to learn financial skills! Here are the top five things kids should learn about finances:
- The Importance of Future Planning: Future financial planning involves several money-handling skills that students should be exposed to at a younger age. Learning how to save money for predictable and unpredictable events can help them avoid a few problems. For instance, debt, foreclosure, bankruptcy or other financial pitfalls in the future.
- Budgeting Personal Finance and Chores: Budgeting conversations at home can start at a fairly young age by defining wants vs. needs. Teaching children how to manage their own finances will affect their spending habits in the future.
- Investing in Long-term Gains: A riveting, hands-on lesson can be comprised of investing fake money and using real stock-market data to measure results.
- How to Pay for College Without Loans: Students need to know that there are more ways to afford the rapidly rising cost of higher education than with high-interest loans. Options like work-study, financial aid applications and scholarships could help students pay for college without much debt.
- Entrepreneurship: Kids that start or help a small business or charity may think outside the box and exercise their creativity.
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