You Can Teach Your Children to Become Financially Intelligent

By Sylvia Bowden

Here are some questions to get you started talking about money with your child. What would you like to learn about money? Why do you think it would be helpful to learn about money now? Do you think you could live without money? Where do you think money comes from? Why do you think you should save money?

Children love to do interviews. Get them to interview you using questions such as “Who taught you how to manage your money? How do you track where your money goes? What have you done about providing for your retirement? What was the worst investment you ever made? What was the best investment you ever made? What would you do differently if you could live life over again financially?

You may find some questions a bit hard to answer if you are not used to discussing your finances with your children. However, the idea behind this is for them to be aware of what you learned growing up or perhaps what you wished you had learned but didn’t when you were younger. The idea of discussing your financial situation is so that together you can see how money can grow (or die) depending on how you treat it. It can be a good idea to caution your child about sharing your information with others as they may find themselves among other children who are in a different financial situation than themselves.

You may be surprised at what they come up with that they want to know. If you don’t know the answer, it can be a great opportunity to learn something new yourself as many times we teach best what we need to learn ourselves. As you teach your child you will learn new skills yourself and it may be a prod to help you keep your finances in order as well.

Teach your child to use money as their servant, so they don’t become a modern day slave to it. Encourage your child to imagine that every dollar is a seed…a money seed…that has the power to grow into a huge money tree if planted in good soil. Money sown into good soil (buying assets) will produce “juicy, plump, healthy money fruit” whereas money sown into poor soil (buying liabilities) will produce “dry, shrivelled, sick money fruit” or no fruit at all.

Sylvia Bowden

About the Author

Sylvia Bowden is the author of the book Parents: How to Stop Your Kids From Going Broke!, written to help parents teach their children money and life skills.

Talk to your child about money. Learn some new ways of thinking about money yourself. Change the cultural taboo that has existed for generations of not talking about money. In order to change the generational fear of talking about money, you need to retrain yourself and train your children that money is simply a tool – a tool that can lead you to be financially free. A tool which will help you accomplish great things and that will enable you to help other people reach their dreams and hearts desires if you use it wisely.

Michelle Sharrow

Michelle Sharrow

Michelle P. Sharrow, MBA author and editor of Family Finance, is based in Waldorf, Maryland, she holds a Masters Degree with a concentration in Finance. Michelle provides a monthly column on ways to help families maintain their finances and stick to a budget titled, Budgeting and Savings for Families.
Michelle Sharrow
https://imgsub.familiesonlinemagazine.com/uploads/2018/09/save-1720971_1280-1024x870.jpghttps://imgsub.familiesonlinemagazine.com/uploads/2018/09/save-1720971_1280-150x150.jpgMichelle SharrowFamily FinanceYou Can Teach Your Children to Become Financially Intelligent By Sylvia BowdenHere are some questions to get you started talking about money with your child. What would you like to learn about money? Why do you think it would be helpful to learn about money...Parenting Advice| Family Fun Activities for Kids