What Children Need to Know to Have a Better Financial Live – Part 2
Yesterday we talked about how important it is for parents to teach their children different things that will make it easier for them to take control of their financial future. Now, let’s continue with that list and learn more things that you can teach children right now that can help them be far more comfortable financially when they grow up.
7. Teach them to be patient – yet again:
While we all definitely would like for each and every one of our investments to double overnight, if we had learn as children about patience and the importance of knowing how to wait, we’d know that’s not possible. In addition to that, knowing that things just don’t happen instantly will allow us to better tell the financial scams from the real deals that many people sadly rush to invest on.
8. Teach your kids how to entertain themselves:
You remember how you used to play when you where children? How you didn’t need iPods, computers or any kind of video game? Well, it is time to teach this to your children. Kids can have amazing fun coming up with game ideas that they can later build and spent hours on. Not only this can save you from some expensive vacations, but your children will also use their imagination and learn creative ways to have fun when they grow up.
9. Teach them to help the ones in need:
Do this not only because it is the right thing to do and will teach them extremely important values, but also because it will help your children to better deal with financial struggles in their future and build their character. How you ask? Well, when facing a hard time, knowing that they are not alone will help them tremendously. and will make facing any challenge something much more bearable.
10. Teach them that sometimes “no” is an acceptable answer:
One of the biggest problems with people nowadays is that they seem to be unable to cope with rejection. This all comes from their childhood if you think, so if you raise your children teaching them that receiving NO for an answer is ok sometimes, they’ll be far more prepared and won’t be disappointed when their bank rejects their application for a loan or their boss says no when they ask for a raise.
11. Even children can learn about compound interest:
If you teach your children how to save and value the money they get, they could have a fortune over time. If, however, they miss that important lesson, they risk not being organized in their finances and incurring in a lot of debt, including the dreaded credit-card debt, which will make them struggle with compound interest.
12. Teach them to solve problems by themselves using their thinking:
Being able to analyze and solve a problem, to consider potential solutions and to then solve it successfully can create an incomparable sense of accomplishment in your children ,all the while boosting their self-esteem. In finances this applies beautifully, since surely at some point in their lives your children will face any kind of personal financial problem, so knowing they they are fully capable of finding a solution for it can make life easier for them.
13. Teach your children that even in defeat they can learn and behave:
Even if they are the best in the class or in the baseball team, your children will most likely find someone bigger and better once they go to the “real world” . Because of this, make sure to teach them that they don’t have to win all the time. This will make them better persons and relieve all the pressure that they might be facing due to the constant thought of having to win always.
As you surely already know, being a parent is no small responsibility. So take all the chances you have to teach your children about life. f you do it properly, your children will enjoy the benefits of this education for the rest of their lifetimes.