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Think you can figure out what makes 13- to 24-year-olds happiest? Would you have guessed it's spending time with family? Surprising as it may sound, that's the correct answer according to a recent poll done by the Associate Press and MTV. Over 1,000 individuals were polled and almost 75% of them said that their relationship with their parents made them happy.
In today's world where people are working longer hours, kids are happy to simply spend time with their parents. Make sure you carve out daily quality time for your kids. It means so much to them whether or not they express it.
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One great way to spend time with your children is to teach them the basics about money management. Too many kids grow up without the slightest idea of how money works. If we, as parents, expect them to be successful in the world, then we need to make sure we teach them the foundations of finances.
According to a survey by Charles Schwab, just a third of kids understand their parents' financial decisions. Worse than that, only 14% are involved with paying the bills or helping with the finances of the home. Wow! We need to do a better job at involving our children in household money issues!
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Remember these following tips when teaching your child about money:
- Teaching your kids how to handle money is not the school's responsibility. It is YOUR responsibility.
- Pay commissions, not allowance. We have enough people in our society who expect to be made allowance for.
- Words are powerful. Encourage your children as they learn how to handle the money they make.
- If you work, you get paid; if you don't work, you don't get paid. It's that simple.
- Teach by example.
- Show them how you live debt free, how insurance works, how an IRA works, etc.
Get Dave's resources to help teach your kids about money!