Rich Kid Poor Kid

I remember reading Rich Kid Poor Kid by Robert Kiyosaki and he stated that most children learn better by playing games. So when is actually the best time to teach kids about smart money habits? I feel that we start teaching money as a life skill as early as their pre school years. But you know your children better than anyone else.

However, Robert Kiyosaki advises that we should not let our children think that they are entitiled to an allowance. Instead, teach them to view the allowance as earned compensation for the completion of certain tasks or responsibilities.

I teach children about saving by introducing them the ‘Three Jars system’. One is for quick change, from which they can take money out and spend it on whatever they want. The second jar is for medium term savings, in which they save for a larger purchase.

And of course the last jar is for long term savings, that is for their college or tertiary education. This will teach them delay gratification and get them into the habit of saving.

Teenager Money Habit

Is your teens spending money wisely? Do you know how to educate your children smart money habit? How to instil good financial habits in children?

As parents, we want to provide and protect our children. Eventually, the day will come when they must provide for themselves. Children must know how to live within their means, grow their money and extend hep to those in need. All these habits doesn't happen in a day. Habits must be inculcated.

How about you as a parents ,tell me what do you think?