Parents Are These the 11 Financial Words You Should Teach Your Kids?
Parents Are These the 11 Financial Words You Should Teach Your Kids?
Forbes published an article by Jennifer Ryan Woods titled 11 Financial Words All Parents Should Teach Their Kids! Do you agree or disagree, are the 11 financial words listed below the ones all parents should teach their kids?
Parents, share with us your list! We would love to know your 11 words. READ MORE BELOW on our thinking related to the importance of language to great money habits!
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MORE on the IMPORTANCE of LANGUAGE to GREAT MONEY HABITS
We believe language is one of the keys, if not the most important key, to teaching children early about great money habits. Take a minute to check out Sammy Rabbit’s strategic coloring book Saving is a Great Habit!
You will immediately discover what makes the book strategic. In addition to coloring, the resource includes vocabulary AND seven easy to explain reasons why saving is a great habit! They are:
1. Saving better prepares us for emergencies and makes us more secure.
2. Saving helps us to make dreams come true! (My personal favorite!)
3. Saving helps us to help ourselves and others.
4. Saving helps us get what we want and need, when we want and need it.
5. Saving allows our money to earn interest, grow and compound.
6. Saving gives us more freedom!
7. Saving makes us strong (ie. prepared)
Here are two TIPs for parents, teachers, and trainers who want to teach children early about great money habits!
1. Do not underestimate kids ability to grasp concepts you might think or feel are beyond them. If you can explain the concept, they will grasp the concept.
2. Remember, repetition is a key to mastery. And varying your repetition strategies, keeping them “fresh,” is one key to keeping kids engaged!
Big kudos to Gregg Murset who is quoted in the Forbes article. Gregg is a CFP and the creator of My Job Chart. We wholeheartedly agree with the following quote from Gregg:
“The practicality of teaching [finance to kids] is so important…it’s the one topic that they’ll actually use for the rest of their lives, everyday.”
List of 11 Financial Words All Parents Should Teach Their Kids
1. Savings
2. Budget
3. Loan
4. Debt
5. Interest
6. Credit
7. Investment
8. Taxes
9. Stock
10. 401K
11. Credit Score
READING and RESOURCES
UPDATE 10/20/15
Sam X Renick Earns Lifetime Achievement Award
Renick’s Keynote Talk NJCFE Financial Literacy Symposium
Financial Literacy Lessons from 15 Years in the Trenches
Parents Possess Power to Shape Kids Money Habits
3 Tips that Will Immediately Improve Your Kids Financial Literacy
Great Money Habits Make Big Dream Come True – Part 3: 11 Ways Teaching Kids Early to Save Money Pays Off
FREE via Oklahoma State University Service Learning Volunteer Center | Big Ol’ Dream Activity Book / Step 1 of 12