Creating Positive Financial Habits for Your Children
Nationally Recognized Personal Finance Expert Explains How to Educate Your Kids about Money
Ideas get bigger when you share them...
July 10, 2014 (www.investorideas.com newswire) As a parent, it’s important to introduce your children to healthy habits, and that doesn’t stop when it comes to the topic of finances. “Instilling financial discipline in your children is easiest at a young age, especially if you can do it in an engaging and practical way that will make wealthy habits come naturally,” says Patrice Washington, CEO of Seek Wisdom Find Wealth, a personal finance training and development firm and the Money Maven of the Steve Harvey Morning Show. In her book Real Money Answers for Every Woman, Ms. Washington shares three ideas to get you started on informing your children about finances, in a way that’s fun for you both.
Use Cash When Possible: Avoid the use of credit or debit cards around your kids, especially since that is typically a tough concept for children to grasp. Children are extremely visual, and they need to actually see the money leaving your hand in exchange for something else. This helps them to learn that most things in life come at a cost. Even at a young age, encourage your children to start piggy banks of their own to help them practice the physical action of saving money.
Use Practical Everyday Scenarios: Start by having your children assist you in the process of making a list, setting a budget, and aiming to reach it on simple trips to the store. By including them in the actual act of setting financial goals, you’re teaching them patience and planning when it comes to money. Challenge them to set goals of their own in order to buy things they want.
Use Both Physical and Digital Games: Pull out some old board games like Monopoly, or The Game of Life, that the family can play together. These help to make learning about money fun and entertaining for kids of all ages. Search the Internet for age-specific games about finances, as they can be used to create an open and interesting family discussion. These tools help to provide the backup you need for the habits you’ve been trying to instill in your kids.
For more information on this topic or the book Real Money Answers for Every Woman, please contact me directly. Interviews with Patrice Washington are available upon request.
About Patrice Washington
Known as the Wisdom & Wealth Money Maven, Patrice C. Washington is the Founder and CEO of Seek Wisdom Find Wealth, a personal finance training and development firm based in Atlanta, GA. She is a nationally recognized personal finance columnist, television commentator, radio host, author, speaker and leading authority on personal finance, entrepreneurship and success for women and youth. Patrice is the author of an Amazon #1 Best Seller in Personal Finance, Real Money Answers, a series of sensible, straightforward, personal finance books and coaches men and women through her groundbreaking personal finance seminar, the Mindset + Money Master Class. Patrice has been featured in media outlets such as NBC, Black Enterprise, The Huffington Post, Upscale Magazine, SHEEN Magazine, and many more. She was recently appointed as editor-at-large at BlackEnterprise.com. For more information, please visit: http://bookthemoneymaven.com/
This news is published on the Investorideas.com Newswire and its syndicated partner network
Published at the Investorideas.com Newswire - Big ideas for Global Investors
Disclaimer/ Disclosure:The Investorideas.com newswire is a third party publisher of news as well as creates original content as a news source. Original content created by investor ideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and global syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions and advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers.
BC Residents and Investor Disclaimer: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.