I don’t have kids yet, but some of my friends do and I think they offer some great advice on how to teach your child about money.
Kids might know money doesn’t grow on trees, but many still think it’s free. Almost half of the 5-year-olds in an Australian survey of 500 children “thought their parents got free money from a machine in the wall after inserting a card,” reports Essential Mums.
Even stranger, 18 percent of 7-year-olds surveyed thought buying something online meant it was free. Since the average cost of raising a child (from infancy to adulthood) is already more than $245,000, you’ll want to quash any ideas of magic, free-money-dispensing machines or free online shopping sprees.
The good news is that it doesn’t take much to put kids on the path toward a healthy relationship with money, and that starts with communication.
1. Talk to Kids About Money
Yes, even the stuff you’d rather not admit to yourself, like your savings and debt, as well as what you earn from your job.
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