We all want our children to have a better life than us.
This is especially true of their handling of money, as we’ve all had our share of financial blunders (some more than others), and as parents, we certainly don’t want to pass our less than useful money habits onto our children.
After 30 years in Financial Services (11 of these advising clients as a Financial Planner) and as a keen student of human behavior and neuroscience, Leanda Kayess is sharing what she has learned about money and people in her books.
In ‘Money Bags’, I'm really excited to bring you a new approach to managing money as well as some tried and true methods in teaching your younger children (from age 3 – 12) about this vital life skill.
Teaching your kids about money doesn’t have to be boring!
You will discover fun and easy activities and exercises that you can do with them including how to set up the "Money Bags Allowance System" covering 6 essential needs we all share as human beings. You’ll also learn how to decide how much to pay them, what they could do to earn it, and at what age.
As parents, you enjoy a certain status in society, that you have earned through setting your own goals, then working hard to achieve them. I call this your self-leadership potential. Your kids need to learn about their own self-leadership potential, and they can learn this with money.
We all spend money on those we love and there are plenty of ways to demonstrate our care for others without over-spending. Teach your kids to set aside money to spend on or with their loved ones now and in future.
It’s Never Too Late - Children have the huge advantage of time on their side. An early start will mean that they will not have to allocate as much throughout their adult lives for their future financial security. What if you had put away just $20 per month since you were 5? At age 65 (invested at 5% after tax) you would have more than $91,000! This is one of the simple but important concepts in ‘Money Bags’ to teach to your children in a way they will understand.
Happily, there is no right or wrong way to work with the "Money Bags System", except to ensure your children learn to allocate the money they earn to each of our 6 essential needs. If these are covered off by the time they reach their late teens/early adulthood, you will have done a great job of setting them up for a life of financial freedom, power, success and happiness.”
Also by Leanda Kayess “How To Talk Money With Kids”.
About Leanda Kayess Dip FP
See more books from this Author
Published January 2, 2014
Business & Economics, Education & Reference, Parenting & Relationships.