Would you raise a million child?
do you currently teach financial literacy to your children?
I had to bake six dozen cookies for the year Airman Cookie Drive and at the time, my youngest two, Jonathan and Joshua were toddlers.
I decided to let them "help" me so I put on their aprons, washed chubby hands and sitting on a stool so they can reach the counter.
their "work" was to make the sugar cookie dough balls and toss in a gallon size bag of sugar cinnamon to Snickerdoodles.
Then they took the balls from the bag and put them on a special place on the counter. They loved to "help" mama, although most sugar ended up on the counter and floor.
This simple activity has also opened the way for a good work ethic in their future that will help them gain life for their families one day.
My philosophy is that we should teach our children to help them while they are young so they are a real help when they are older.
As teenagers boys knew how to create a pan of brownie mix and frost a cake, make their own sandwiches for lunch and cook a three course meal.
siblings had the same work ethic that help them learn diligence and earned them the full tour of scholarships.
We have three children who have earned scholarships totaling a million dollars in cumulative value and the rest of our children are graduating without student loan debt of the college.
all started when they were very small helping mom cook and learn financial literacy by developing a good work ethic.
Work Ethic
Your child will daily tasks they need to perform without remuneration whatsoever.
This is the foundation of a good work ethic that will help them throughout life. The work must be age appropriate
Young children -. Even a child of three can help set the table, carry dishes to the sink, and pick up their toys and clothes.
when they are six, they can make their bed with the help and storing clean clothes. Praise them frequently
Middlers -. Children aged between seven and twelve years are beginning to learn how to clean their rooms themselves, vacuum, dust, take out the trash, clean the dishes, unload the dishwasher, sweep and rake leaves
Thank frequently
teens - .. teens should know how to do all that we have mentioned so far without supervision and time.
They should also know how to work for others, participate in volunteer activities and possibly get a part time job outside the home.
Their teachers and employers praise and appreciate great work ethic in your child!
allocation
an allowance is a great teaching tool. Here are some ideas:
Safe Haven - When children learn money while they are still at home, they have the freedom to fail in a shelter. If they fail, their parents are there to help train them. A good age to start an allowance is about seven years, depending on the maturity of the child
Same Old, Same Old -. It is important to pay the compensation of the same amount on the same day of the week. This gives them something to count and allows them to budget their needs (and wants) accordingly.
Share, Save and spend -Parents help children learn to share (or tithe) 10% of their allocation to their local church or a nonprofit organization, save at least 10 %, and spend the rest wisely.
budgets Kid
These can be fun! You set the budget and pay, but your child keeps the money they do not spend
Restaurants -. While eating out, set a good amount for your child to spend his meal. He can choose to drink water or eat dessert at home to come under the budget and keep the extra money
Fun Days - The next time you go to the cinema, zoo or a theme park, set a budget for your child. When funds is it missing party.
Help them find coupons and discounts to save money. They quickly learn the money can be spent if they are not careful.
Map Financial Report
The following areas are very specific things that your children can learn at specific ages.
When you look at this list, I think you will see the daily habits that are already part of the way of your family to do business.
you can also find ideas for new skills that may be included in your plan to teach financial capability.
Age 2-4
- Collect toys happily
- is it on a schedule for sleep, play, and work (or at school)
Age 4-6
- Done bed in a basic way (not necessarily pure)
- Pick room regularly
- Bring clothes hamper
- how to set and clear the table
- Knows how to take out the garbage
7-10 years
- Knows how to sort laundry into whites, mulattos and darks
- Can fold laundry and put it in everyone's room
- receives compensation
- has a savings account at home and in a bank
- manages a child's fun budget (restaurant, zoo, park attractions, etc.)
Ages 11-12
- Starts to do "jobs" for additional rental home and time in time for friends or family.
- has a savings account with at least $ 0 to $ 250 in it.
- is learning the meaning of delayed gratification
- Can put up to half of a big ticket item they want more (bike, skates, video game, etc. )
- contributes regularly to a community organization or through volunteer time or donating goods (clothes, toys, money)
13 to 15
- Can manage and balance their checkbook with supervision
- has enough savings to take out $ 0 to $ 300 to start a mutual fund
- is able to work outside for renting between approved "employers" in the neighborhood
- regularly pays family for special events (movies, theme parks, etc.)
- saves for a vehicle
- is aware of their grades in high school will impact their ability to get into college and earn scholarships for college
Ages 16-20
- can balance a checkbook unattended
- Is an additional credit card (due to the parents) and may use responsibly
- can manage and balance a budget clothing budget and finance staff
- regularly works inside and outside the home during school breaks
- paid 1/3 to 1/2 the cost of their car
- Maintains a good GPA (or what they are capable of)
- has a regular position volunteer (hospital, coaching, church involvement, etc.)
- Can use social media to learn ways to save money
Keep in mind that although it "costs" now, in terms of time, energy and attention, it can pay huge dividends later when they earn their own way and know the value of a dollar.
your children receive an allowance when doing housework
photo credit: J. Mosieur [version 8.0] via photopin cc
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