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How to teach your children financial freedom.

June 6, 2022
Tips on how to teach your children financial freedom

Financial freedom usually means having enough savings, financial investments, and cash on hand to afford the kind of life we desire for ourselves and our families. It means growing savings that enable us to retire or pursue the career we want without being driven by earning a certain salary each year. Financial freedom means our money is working for us rather than the other way around.

As a parent you constantly look out for your child’s best interest whether it’s selecting a school, shopping for clothes or deciding what meals to make for them. You’re intentional about setting them on the rest path for success in life.

This is why you should ensure you teach your children good money habits early in life. This way, you set them on a path to becoming successful and financially free adults. As early money habits go a long way in making wise financial decisions.

 

Here are 4 money habits to teach your kids-

Saving: It is important to teach your children that money isn’t just for spending, it can be saved as well. You can encourage them to save by explaining how saving helps accomplish goals. An example is encouraging your child to save for a toy. You can help your kid start saving by opening a LifeTime Needs plan at Enterprise Life.

Budgeting: To get your child comfortable with the idea of budgeting. Help your child understand the difference between what they want and what they need so they can prioritize how they spend their money. It’s essential your child knows that wants are least important, compared to needs.

Profit making: Teach your kids that money can grow. This way they set out early in life to build wealth through investing. One way to do this is through getting them books on investment.

Giving: If you value giving to others, you can instil that value in your children by making giving a habit for them from an early age. A key reason why it is important for you, as a parent, to teach your kids financial lessons is because you can share your money values through those lessons.

If you want your children to develop good spending and saving habits, they need to see you making smart spending and saving choices. In short, practice what you preach and preach with consistency.

Educating your children about personal finance is a process that can take time. But if you put in the effort and continuously communicate a clear message about money, you will instil good habits that will serve your children well.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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