Teach them the difference between smart money and dumb money. In his latest book, The Wealth Cure: Putting Money In Its Place, actor and best-selling author Hill Harper explains that dumb money is spent on things that decrease in value while you sleep, while smart money is spent on things that increase in value as you sleep. Money spent on credit card interest payments is dumb money. Spending on investments that grow in value and pay interest and/or dividends is an example of smart money. Helping your kids to see the difference will go a long way toward their making smarter money choices.
Alfred Edmond Jr. is SVP/Editor-at-large of BLACK ENTERPRISE. He is a content leader, brand representative and expert resource for all media platforms under the BLACK ENTERPRISE brand, including the web site, social media and live networking events. From 2008 through 2010, Edmond was SVP/Editor-in-chief of BlackEnterprise.com, helping to lead the transition of BLACK ENTERPRISE from single-magazine publisher to digital-first multimedia company. From 1995 through 2008, Edmond was chief editor of BLACK ENTERPRISE magazine. He has also hosted The Urban Business Roundtable on WVON-AM in Chicago and Money Matters, a syndicated radio feature of American Urban Radio Networks. Edmond is also an entrepreneur, speaker, author and amateur natural bodybuilding competitor.