From Jack Stanley:

“The other day my daughter called me and thanked me.  Not for the used car she got when she was 17 or for the clothes or prom dresses or any of the things I had gotten her.  She called and thanked me for teaching her to handle money.  You see I had very little training on handling money as a child but had to learn as not managing my money proved to be very painful.  My daughter lives on a single military income with two kids and her husband.  She manages the household budget in such a way they are able to go on vacations, drive a decent clean car, able to enjoy recreational activities and feed and clothe her family.  They also even save some money each month. So I would propose one of the greatest gifts you can teach your children is how to handle money." 

If you take a quick look at the internet you will find several web sites and books available to teach kids about money.  Like any other thing, you want to teach your child about being "discerning".  When it comes to money there are often lots of advisors out there, and you want to be careful on whom you take advice from.  So here are some basic concepts that you need to look for as you consider materials. 

*Debt is not bad but must be managed and kept to a minimum.
*The true cost of compounding interest
*The concept that to become wealthy living on less than you make is much more important than how much you make
* The concept that giving is a healthy part of money management
* Money is a tool not an end.  It allows you more choices and you must manage what you have before more will be helpful.
*Teaching about money should begin early.

I often find it amazing how intimate people will become and still not talk about their money.  In a healthy family, teaching and talking about money needs to be open and in the forefront.  However it must be done wisely. 

It is ok to tell kids you have a budget and demonstrate living on a budget and saying no to impulse buying. It would be inappropriate to include your children especially young children in a money crisis and expect them to worry about how to resolve issues they may not be ready to deal with. 

Taking time to teach your children about money may be the one of the biggest gifts you may ever give your children.  Reading, Writing and Math and teaching your child about money all are very important!

Resource Material:

"Financial Peace Jr." by Dave Ramsey (Ages 3-12)
"Financial Peace University" by Dave Ramsey (Ages 13 and up)
"Financial Parenting" by Larry Burkett
"Your Kids Can Master Their Money" by Ron Blue
"Raising Money-Smart Kids" by Ron Blue

"Educational Moments"
Sylvan Learning Center
3005 Chinaberry Dr.
Columbia, Mo  65201

573-875-8631
866-237-1939

educate@stanleylearning.com
www.stanleylearning.com