Hi everyone,
Just a thought….. for those of you who have already started this….
How did you start to teach your kids about investing & business ?
My eldest son is now 8 and I’m keen to start to teach him the basics….. As usual at 8 he still thinks money grows on trees…… [exhappy]
Cheers
You may know the cost of everything…. but what about the value ????
Originally posted by pelicaninvestments:How did you start to teach your kids about investing & business ?
My eldest son is now 8 and I’m keen to start to teach him the basics….. As usual at 8 he still thinks money grows on trees…
Hi Pelican,
I have a 16 year old daughter who thinks the same thing – so when you have the answer give me a call.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping.
It used to grow on trees when it was paper. Tell them it is plastic and they may think it comes from a recycling dump instead.
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdAw come-on people (where is that spell check?),
Children that have an investment in the family (chores I think they are called) will always feel more ownership in the welfare of the family! So doing little jobs on a regular basis is a must and is rewarded with pocket money, extra duties should also incurr financial rewards – after-all that is how it works in real life!
Then you give them the option to manage their pocket money and buy their own ‘extra’ stuff, like they chip in to get the Label jeans instead of the Kmart jeans, etc. If they run out, too bad so sad! After a while they will either budget themselves or allow you to teach them about budgeting.
I believe you need to allow them to invite you in to teach them! Some of us can remember trying to give some-one advice they didn’t want, and how well that went!
It took 8 years for my wife to invite me to build a budget that works for her as well as me – now it works well. Anytime either of us want something outside of our budget – we need to show the other the benefits AND how or where the money will come from. It has been working very well for the past 6 months.Cheers
C@34
Ohh, I forgot to mention….
once in you can use things like ‘The Richest Man in Babylon’ or the ‘Rat-Race’game to further teach; not to forget the wonderful game of Monopoly (try to loose when instructing – it is bound to leave a fond memory in them).
Wots that tehy say…. encourage good behaviour and punish bad…..Did I just say punish your child???????? Soooooo sorrrry! Just give them what they want when they want it!!!!!!
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.Cheers
C@34
at 8 he still thinks money grows on trees….
You mean it doesn’t????[blink]Damn!!! What’s next??? [glum2] First the Tooth Fairy, then the Easter Bunny, followed months later by Santa, and now this……come on, give the kid something to hold onto too!!! [bawl]
Cheers, [tongue]
Jo
I totally agree that children should know how money works and how to budget and things.
That’s why I went looking for that bizworld thingy in my other thread.
I don’t actually have any kids but I firmly believe that if children have some understanding of money and how to handle it, it is a good start for our future CEO’s. I’ll let you know how the bizworld goes in my classroom and I am going to see if I can modify it so that it can be related to property.
Hee hee, all fun and games at school!
Steph.Success is 1% inspiration and 99% perspiration.
A child should be learning about money from day 1? Why because most people work all their lives for it, why shouldn’t they know about it and decide wether they want to do the above.
Anyway Kiyosaki wrote 3 books on it and is doing quite a bit to increase fin. edu in schools:
>If You Want to Be Rich & Happy: Don’t Go to School?
This book is basically about the education systems failings. I read this and it had a profound impact on me (esp. since I was going through school). Thanks to this book I don’t need to work for money.>Rich Dad’s Rich Kid, Smart Kid
This is for parents, and gives ideas and examples that they can use to help their kids about money.>Rich Dad Poor Dad for Teens
I think Rich Dad Poor Dad is better, but worth a look esp. if you have young kids.He’s also got a free game site for kids:
http://www.richkidsmartkid.com/Also he has the egame (and board game) ‘cashflow for kids’. Schools can get the board/computer game for free (at http://www.richkidsmartkid.com)
Rgds.
Lucifer_auThanx big L.
I will be looking out for those!
Cheers
C@34
Thanks all for the great input as usual…..
Will check out the websites mentioned…… Thanks Steph… yours also sounds good
My other son, bless his heart (5) is VERY careful with his money, and, saves all he can……
You may know the cost of everything…. but what about the value ????
I definately agree with Lucifer_au. The “Rich Dad, Poor Dad” series is fantastic for leaning the basics, as well as being very easy to follow!
Small update here !!
I found a kids comic book from Kiyosaki today, called ” Escape from the rat race..”
Bought a copy an my son LIKES IT !!!!
Kiyosaki is headed in the right direction I think…… Preaching to kids as an “adult” will never work…. but at a kids level…. now you’re talkin….
CHeers
Scott
You may know the cost of everything…. but what about the value ????
For all of Kiyosaki’s books:
http://www.amazon.com/exec/obidos/tg/listmania/list-browse/-/2TDSVIMRH08W3/qid=1104937053/sr=5-1/ref=sr_5_1/103-8371976-9569420For the specific one pelican is talking about:
Rich Dad’s Escape from the Rat Race : How to Become a Rich Kid by Following Rich Dad’s Advice
http://www.amazon.com/exec/obidos/tg/detail/-/0316000477/qid=1104937053/sr=5-1/ref=cm_lm_asin/103-8371976-9569420?v=glanceYou get to see the first two pages – it looks pretty good.
Rgds.
Lucifer_auI take my daughter (3.5 yrs) on inspections when my son is a little older, he will come too. When I ask her (Abygael) how many houses she wants to buy she replies “all of them”.
We sit infront of our PC and look at property together (as a family) for hours.
Within our families there are considerable property assets, my kids think everyone has lots of houses.
So incredibe wealth will be normal ie it will be abnormal not to own a property portfolio.
I think that is cool.
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