💷 The reality is many young people aren't getting an education in money fundamentals: what is a pension, compound interest, why you should save Here are five things Myron_Jobson is teaching his daughter when it comes to money ⬇️
For my daughter, Jean, the education started from when she was able to pick up coins and query their purpose – around three years old. She is now five years old, and I’m proud to say that she is able to grasp basic money concepts. The hope is that she’ll be well on her way to financial literacy by the time she reaches secondary school.
When my daughter nags me for something she wants, I often find myself telling her that money doesn’t grow on trees. It funny how kids just seem to think that money can just materialise out of thin air rather than being connected to my hard work. Having your child earn their allowance could help them recognise the need to earn money and teaches them the value of money and the importance of saving.but the importance of instilling good savingsNothing beats the dopamine hit you get when you achieve your savings goal. I got my first taste of this when I was 13 after successful saving up to buy dog tags. I didn’t buy any old dog tags, I brought Gucci ones which cost around £300 at the time – serious money for a jobless teen.
As we are visual creatures, I also plan on giving Jean a see-through piggy bank to store her allowance so that she can see her money grow. By gradually saving some of their pocket money towards a goal, children develop a of pride in their achievement. They also learn to value possessions more when they have had a hand in paying for them.From a very young age, children learn through imitation. Young infants will imitate language and even fascial gestures.
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