We all want what’s best for out children, we want them to have every edge over the other kids in their class, so we try to teach them our wisdom and instill them with morals. We would all like our children to do very well with money and become very rich someday. One of our duties as parents is to teach our children basic life skills, and one of these important skills is learning about money, but it is often ignored and overlooked, and children are handed money and do not know how to use it, so they end up blowing it on something useless.
Quite often we hear from people that their parents never taught them about finances, and we really should not repeat this mistake with our children. If you are lucky enough to have a home business, or business elsewhere, let your kids be involved in some of the inner workings with the business, where the money comes from, how its spent, give them some chores to do. This will help them understand how businesses work.
If you are not lucky enough to have your own home business, perhaps you can encourage your children to be entrepreneurial in other ways. A coworker recently told me that her daughter had setup a lemonade stand, and I know another couple of young men who are barbers in training looking forward to the day that they can charge people for hair cuts. Perhaps someday they will create their own barbershop, rent chairs in a weekly basis and collect the money as it comes in.
If you know anyone who happens to be a banker or investor, ask them if they would be willing to give your children a tour and perhaps teach them a little bit about investing. Often times this will excite your children into wanting to learn more about investing. You can also motivate them with some money to invest. If your children get good grades and have a slight interest in investing, consider giving them some money to invest with at a basic trading side such as ShareBuilder. Show them basic investment guides on the internet, help them with some of the basic terms, help them research companies and mutual funds and explain what each of the symbols mean. If they learn that before they leave home, you are giving them perhaps the best training in investing anyone could ever receive.
Do whatever you can to invest in your children’s education of money. It might not work the same for everyone, but teach your children the entrepreneurial spirit, so that they might be enabled to become very wealthy someday.