Teaching Your Kids About Money

by Patrick Liew on November 22, 2011

Parents are the best persons to educate kids about financial management. They need to teach kids, like any critical skills, how to manage money.

The best way to do it is to improve their financial literacy and set an example of good financial habits as kids very often learn by imitation.

One of the first skills to inculcate is delayed gratification. It promotes discipline, self-control and perseverance – qualities that will enhance financial intelligence.

In the process of carrying out their daily affairs, parents can highlight the value of money, not just the prices of goods. They can involve kids in developing a household budget to help them appreciate the value of earning, saving and investing money.

For example, make the kids work to earn their pocket money and teach them how to enhance the joy of work.

When kids develop effective financial habits, they will be more inclined to adopt it throughout their lives. They will grow up to become responsible and useful members of society.


I hope this message will find a place in your heart.

By the way, I have also recorded other reflections.

Please go to ‘Notes’ found below my profile picture.

Visit my Inspiration blog at http://liewinspiration.wordpress.com/

Visit my Transformation blog at http://hsrpatrickliew.wordpress.com/

Please read them and continue to teach me.

Life is FUNtastic!



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