Worried about your children financial future – Read this!
Worried about your children financial future ?
All good parents spend a tremendous amount of time and effort to raise well mannered kids of good health and decent manners, but most parents do not spend enough time on teaching their kids about MONEY!
Let’s start off with a rhetorical question – would you let your child jump into a deep swimming pool knowing that he/she cannot swim?
The obvious answer is NO!
I then ask you, would you give your son/daughter full access to your credit card without being 100% sure they can handle the temptations of binge spending and impulse buying?
The answer this time is HELL NO!
The logical thing to ask now is, if you can’t trust your kid with YOUR money, how can you be sure that they can handle their own once they start making it themselves?
Even if your kid is blessed with a large fortune, if they don’t know how to control their spending, it’s only a matter of time before they blow it all away and end up being broke.
Two Golden Rules To Remember:
1.Managing money is a lot harder than making it, and hence is more important
2.Money management is much more a HABIT than it is a SKILL, and habits take time to form.
What’s the best money thing you can teach your kid?
Teach them how to manage money, and have a feeling for it, before you even teach them how to make it. Here is an article that outlines the cost of education in the U.S.
What’s the best way to teach them to manage money?
The Doctor Money application.
Set a daily, weekly or monthly budget and the smart application will remind your kid to log every bit of spending he/she does, and as such, will prevent them from overspending.
Over time, this will dramatically increase their spending awareness, and teach them to be accountable for their own spending habits.
The application also allows your kid to set a future goal e.g. save $200 over the next 3 months – the app will automatically ensure that this goal or (goals) are accounted for on a day by day basis and can be achieved.
Download Doctor Money now for FREE, and give your child the best money habit of them all – money management!