Here's the one skill you should teach your child to foster a financially healthy and independent adulthood for them:
, I often get asked the question"What is your number one tip when it comes to teaching kids about finance?". That's a tough one. Off the top of my head is how to save, how to budget, the importance of giving back, needs versus wants...not to mention priorities, earning money, etc. You get my point - there's a lot, and it's all important.
As they get older the decisions come with bigger consequences and/or rewards. Our adult decisions determine the path for our life: which home to buy, who to marry and what job offer to accept. If you immediately tell them they shouldn’t get the doll, it makes their defenses rise, meaning they will now insist on getting the horrid doll. By acknowledging that they have a decision to make, it not only slows them down but also lets them know that this isMake sure your child understands that any time they make a decision, they are choosing one option over the others. Ask your child what their options are and discuss the possible opportunity costs.
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