As a parent you need to create certain habits in your children so that they can become self respecting, financially independent and one day the role models for their children. I read a detailed article about it which I will summarize here. According to that author considered following key points:
• Set expectation early
• Make independence the goal and set time limits
• Teach good financial habits early
• Savings is must and reinvesting should be central theme
• Coach your grandchildren
• Doing second job is not bad thing
• Mentor them by example
• Teach them consistency, and tenaciousness till they complete their set goals
Teaching them these key things as early in life as possible will make them success magnets in their adult life.
A YouTube Video – “Why parents should start teaching their kids Now about money! – Ep.9” by Rachel Cruze tell parents about teach your kids about how to handle money as early as 6 year of age:
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