From the course: Teaching Your Kids About Finance
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Core financial values through a family economy
From the course: Teaching Your Kids About Finance
Core financial values through a family economy
- One of the most important discussions to have with your child is to talk to them about money. What is money? What happens to the money when you receive it, and how do you spend it? The good news is a lot of this education is happening around your kids already, and what I mean by that is our kids have experienced some form of currency right at school. The teacher might give them a prize for good behavior. They might earn a star sticker for reading or something else like that. Now, you can reframe that into a discussion about money. Talk to them about how money is earned and spent. My household, we actually don't give out an allowance, but instead, we use a family economy system where we're giving out raffle tickets for activities that my kids do above and beyond what they're expected to do. In turn, they can manage their tickets to spend them today or they can decide to save them for something bigger and special in the future, like, for example, a family vacation. In this raffle…
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