Teaching Kids about Money

On this week’s Mom-Daughter Connection Radio Show and Podcast I share about teaching your daughter about money. You might find it odd that I did a show on this, but I feel that it is something practical that we should all do for the sake of our daughter’s future financial forecast. I mean honestly money is something we all have to deal with, and we should have the opportunity to be taught correctly how to handle the money God provides us with, after all it all belongs to HIM. I hope you’ll take the time to listen to this week’s show.

I wanted to share this article about money from one of my favorite financial gurus, Dave Ramsey. I found this at Dave Ramsey.com

Some people say, “Timmy’s so young. I want him to enjoy being happy and innocent. Money is a worry for grown-ups, not kids.”

I say, “We’re raising a whole generation with ’sucker’ stamped on their foreheads because we’re not teaching them.”

Your job as a parent is not just to keep your child happy. You’re raising a future grown-up who needs to be able to deal with grown-up matters. If you teach little Timmy how to handle money responsibly, then grown-up Timmy will be better equipped for a richer life. Look at the statistics below:

* 19% of Americans between the ages of 18 and 24 declared bankruptcy in 2001. (USA Today, 2001)

* The fastest growing group of bankruptcy filers are those people who are 25 years of age or younger. (Senate Committee on Banking, Housing and Urban Affairs, 2002)

* Over 80% of undergraduates have at least one credit card and nearly 50% of college graduates carry 4 or more credit cards. According to the Department of Education, the average balance carried by these students is more than $3,000. (Senator Chris Dodd, CT)

These statistics show that many children aren’t being taught how to handle money. Young people are making mistakes with zeros at the end of them. These mistakes often take years to overcome. Teach your children how to handle money while they are young, and they won’t make mistakes later on in life.

Dave has a series for our teens called Financial Peace for the Next Generation and another for our children as well called Financial Peace Jr.: Teaching Kids About Money! : “Cool Tools” for Training Tomorrow’s Millionaires!

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