Teaching kids to manage money despite their bank book balance

Watch Video: Teaching kids to manage money despite their bank book balance by Gregg Murset, CFP, ...
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Teaching kids to manage money despite their bank book balance

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Regardless of how much money your family has in their bank account, they could have a lot or they could have a little, the principles are the same when it comes to teaching kids and you really have to tie together working and reward, and working and money. When you tie those two things together, it doesn't really matter how much money they do or do not have. But when they understand the value of it, that's what's important. And an affluent family might have to teach in a little different way than a not-so-affluent family, but when they teach using the core components of work and reward, that's where a kid finally understands the value of a dollar. So, for example, if you're an affluent family and your kid wants a lot of things, it's your responsibility as a parent to maybe put in a little delayed gratification. Sometimes, affluent kids just think they should have something right away and the way that a parent can teach that affluent child to understand money a little bit better, is to put in some delayed gratification. "Well, you can have this when you do that," or, "You can get this when you go out and bring out the trash and you do this and you do that." Put some conditions around it so they understand that money doesn't just appear for them.

Watch Video: Teaching kids to manage money despite their bank book balance by Gregg Murset, CFP, ...

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Gregg Murset, CFP

Founder & CEO, MyJobChart.com

Gregg Murset, CFP, is the father of six children, a Certified Financial Planner and the Founder and CEO of the fastest growing website, MyJobChart.com, which teaches kids about work and money.

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