Becoming Your Child’s Financial Teacher with Eric Yard, Founder & Host of the Raising Financial Freedom Podcast
Whether you’re teaching your young child about the value of saving or your teenager the importance of assets and liabilities, parents need to make it a priority and make it fun. Parents are the first teacher their child sees each morning and the last teacher their child sees at night. You can use teaching opportunities to help your child build a positive relationship with money.
- The value of investing in assets
- Importance of teaching children about assets and liabilities
- The 2-3:1 ratio of assets to liabilities
- Candy machines are assets for the owners but liabilities for the consumers
- Make it fun to teach children about savings, budgeting, and investing
- Despite the COVID-19 pandemic, saving for emergencies is still relevant
- Resources for teaching financial literacy to children include books (and reading with them)
- Money as a tool, not a source of emotion
- Influence of parents on their children’s relationship with money
Children need to learn valuable budgeting techniques by the time their 10 or 11
