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Building a solid foundation

September 14th, 2011 at 07:34 pm

Building a solid foundation is an important step in the construction of any building. If the foundation is not solid the building will collapse. The same goes with your finances. If you do not know the basics then its going to be an uphill stuggle
I specifically want to talk about building a foundation for your kids to learn about money. My feeling is that the earlier you teach them the basic principles the much better off they will be in the long run. (And they won't live in your basement when they are 40)
My son is 6 years old and like many young kids, they always want something new each week. A couple months ago we decided that it was time to start teaching him about money and how it works. We ordered Dave Ramseys Financial Peace Junior kit and a bunch of other products for kids. He really enjoyed listening to the stories and he really loves his giving, saving and spending banks.
Now each week he has a small lists or chores that he does to earn his money. And he has been really good about doing his work. A few weeks back he actually saved up enough to buy a small $7 toy for himself. We took all of his change and went to the bank to get dollars for it and off to the store we went. I let him pay for it himself also and I think it was a great learning experience.
Its simple things like this that build a strong foundation for other things in life. My goal is to save him from at least some of the stupid mistakes the my wife and I made with our finances early on in our marriage.

2 Responses to “Building a solid foundation”

  1. patientsaver Says:

    Financial literacy is something that both parents and schools seldom teach.

  2. Ryan Says:

    Basics of finance need to be taught in schools.

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