Can You Teach Kids to Be Rich?
There is a huge problem among today’s youth and young adults: they don’t know anything about money!
That’s why you find so many in their early 20′s who are deep in debt and don’t know what to do about it. Is it possible to buck this trend and teach kids how to be rich (even if you aren’t)?
There are some people who think that being rich is just something that gets passed along or that you’re born into. There are other people who think it has to be something you sincerely want for yourself and strive for based on skills you pick up throughout life. There are still others who believe being rich is as much a natural thing as it is a mindset thing.
The evidence, however, speaks for itself. Children and teens who are taught how to manage their money end up more financially secure than those who do not. It also doesn’t matter whether your family is already rich, or if you consider yourselves downright poor. People who are rich on paper can squander their money in no time flat. People who are “poor” can manage their money wisely and end up ahead in life.
One thing is clear, and that’s that we need to teach every single child that managing money is what leads to having a rich lifestyle instead of the money itself. It’s not like our kids don’t want to learn about money either. It seems like they are ready and willing to learn, it’s just up to us to nurture their thirst for knowledge.
Consider this quote:
According to Charles Schwab’s annual Teens & Money Survey, 89% of teens say they want to learn how to make their money grow.
That’s HUGE! It’s not just a matter of throwing some financial textbooks at kids and expecting them to groan about it. Kids actually WANT us to teach them how to manage money.
We all often hear kids complain that what they learn in school won’t actually apply to their lives; now’s our chance to teach something that we know can help them and they want to learn.
A very important message here is that it’s not only the “rich” who should be teaching their kids and teens how to be rich. Every single child out there, wealthy or poor, needs to know how to manage money so they can have a happier future. No, money isn’t everything — but it sure does help!
So, what are the next steps for you and your children?
No, you’re not going to pray that they win the lottery and can support you through retirement. That’s one way to become rich, but it sure doesn’t help you stay rich! You need to teach them as early as possible how to manage their money. If you aren’t sure yourself, it’s time to do the research. Grab some books on personal finance and make it a family affair!
Some Kids & Money Resources:
- 15 Ways to Teach Kids About Money
- Teaching Kids About Money! : “Cool Tools” for Training Tomorrow’s Millionaires!
- Teaching Kids About Money – Forbes.com
While you might not have been born rich yourself, you can teach your children how to be rich. It’s all about having the right mindset and financial skills in place as early as possible. Remember, kids really do want to know this stuff, so get out there and teach ‘em!