Bookmark These: Teaching children about the value of money
By Reid Kanaley
http://www.JewishWorldReview.com | (MCT) Recession actually may be good for teaching children about the value of money — because there's less of it around — as well how to make and save it. These sites could assist parents and teachers in the art of raising smart consumers.
How-to. Yahoo Finance comes to the rescue here with an outline for explaining to youngsters where money comes from and, particularly, how important it is to start saving and investing early in life. The graph titled "Your child could become a millionaire" could even pop the eyeballs of grown-ups. It illustrates the power of compound interest — a subject that has taken a beating during the downturn.
To-do. One of the best comments here is: "Don't let your kids waste any time figuring out who is responsible for their financial futures." The article at a site called Personal Finance Advice lists 10 things to do for a child's financial future. Among the practical points are to teach by example, make them work for it, and something that many people apparently lost sight of in recent years: "Teach them that if they don't have the money for it right now, they can't really afford it."
Money lessons. The Motley Fool financial-advice site says to steer youngsters to thinking about money lessons, though that's easier said than done. An unhealthy sense of "narcissistic entitlement" from a young age is resulting in financial ruin for people, says this article. Among the suggested cures is teaching children the value of giving instead of getting, and explaining how marketing works to create a desire for stuff.
Money instructor. This site is full of economy-related lesson plans and study guides for teachers, parents, and groups. This page has links to a list of business opportunities for teenagers, instructions on how to manage allowances, and worksheets on "consumer math," such as how to calculate discounts. There's even printable play money.
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