It’s never too early to start imparting wise money-ways to the next generation. Teaching children about money can be a challenge. When it comes to investing it can be even harder since we have been trained for years that our investments are private and fear of loss keeps us from sharing with those around us. Especially our children!
My kids love being a part of our real estate investing. They want to visit the houses and see the work done. They have no idea the behind the scenes, but there will be plenty of time for that later. As for now, I want to teach them to be positive and brave and to respect money and investments.
There are plenty of philosophies on how best to educate and responsibly teach kids about finance. Some earn money through chores. Some have a weekly or monthly allowance. Some pay a small fine for trespasses, from slipping with a swear to putting bugs in their older sister’s bed.
Even as real estate investors, teaching our children how to handle money responsibly isn’t easy. Money and finances can be complicated — but that doesn’t mean we can’t use our wisdom from investing in real estate to impart good principles for the future of their money management.
While these tips primarily target younger children, remember that you can always impart your financial wisdom, whether you’re talking to 12-year-olds and teenagers or your grown children.