4. Give your kids the opportunity to test their skills. I know this can sometimes be difficult for you as a parent to watch, but they need to exercise their money muscles—to make choices and to deal with the consequences if they make mistakes. Remember, you may not really be helping them in the long run if you constantly bail them out, so unless it is an urgent situation, step back and let them deal with it.
5. Relax and make learning about money fun. Look for money games and other activities that you can participate in as a family. The internet is a great place for free or low cost ideas to teach kids about money and here are two Websites to get you started www.orangekids.com and www.themint.org. Finally, consider starting a family investment club. Allow your kids to participate and use real money. It doesn’t have to cost a lot. You can buy as little as one share at a time, but the lessons they learn can be truly priceless.
On May 5 we will officially launch the new Wise, Wealthy Women Website at www.wisewealthywomen.com. Join us and sign up for free prizes or become a member and get started on your personal journey on the road to financial independence with friends. See you then!
Patricia Stallworth, CFP® and CDFA, is the president of PS Worth, a financial education company, the author of Minding Your Money, and the host of the Minding Your Money Minute™. Learn more by visiting MindingYourMoney.net.