How to Help Your Kids Be Financially Successful

Tervor Bolin, the author of Take Charge and Change Your Life Today, shared tips parents can use now to help their children have a financially sound future.

1) Have weekly meetings about the importance of budgets and savings.  Even if you are just starting to get your finances under control, this is an excellent time to work through issues as you help teach your children.  Base the 2012 numbers on their 2011 numbers as far as amount of money for birthdays and Christmas or other holidays.  Teach them to pay themselves first, including the money that is put away for savings.  This gives them something they can aspire towards in terms of savings for certain materiel objects.  Human nature tells us if we want something bad enough, we will figure out a way to achieve it.  Through savings, our children learn this is the fastest, easiest and safest way to accomplish that.

2) Teach them to set goals.  This is the time of year everything in the media is going to be about New Years resolutions.  Resolutions for the average person are what goals are for the over achiever.  Start teaching them to know how they can control their entire life by doing simple easy to follow goal formats.  This includes savings, vacation time, school grades and everything else that kids are working towards.

3) Play games that will teach them to learn about finances – monopoly, for example.  The importance of expanding their knowledge outside of what a regular school curriculum may teach them.  Don’t bore them, or try to get them to understand things that are too deep for them, play games that will help them to learn about finances, money, real estate and other very important real world issues that they see mom and dad deal with everyday.

4) Be open and honest with kids about money, work and the future.  Don’t be negative - be pro-active.  Our kids hear us talk about money and sometimes hear the things that we don’t want them to.  Times are tough in the world today and thats an excellent way for them to learn the mistakes that we have made.  What we teach our children today, we are teaching our leaders of tomorrow.  We have the opportunity in front of us right now to be able to take charge of not only our financial futures, or children’s financial futures…but our countries financial futures.’


 

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