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Guess what time it is? It’s financial education for your kids time!

It’s time to do whatever you can to ensure that your children have enough financial smarts when they finally leave your house that they can not only survive but thrive out in this seemingly big, scary, exciting world full of opportunity we call adult life.

The challenge with ensuring that your kids know what to do with the money they make (assuming they figure out how to make some), is that, generally speaking, parents don’t know what or how to teach their kids and schools either don’t teach them about money or don’t teach them the right stuff to be truly financially responsible in life.

So…what’s a parent to do? Well, you have a few choices (some of which we can provide!):

  • You can teach them yourself! And just because YOU don’t know doesn’t mean you can’t learn and then teach them OR learn together. In fact, kids are usually relieved when parents admit they don’t know something and aren’t perfect. Suggest to your kids that you learn together OR you learn first and then share with your kids. And oh, it’s critical that you practice what you’re teaching yourself or the information won’t stick! A simple approach to teaching financial education at home is our Creative Cash for Kids Home Study program. You can learn more at www.creativewealthintl.org/creativecashforkids.php
  • You can make sure they are learning in school. If your child’s teacher isn’t teaching financial education, approach them with the idea and even offer to find and purchase a curriculum for the teacher to use. This way not only will YOUR child learn about money and investing but so will lots of other children as well. Our Money Game is a great solution and an easy to use, fun to play and teach financial education program for all. You can learn more at www.winthemoneygame.com.
  • Learn to teach financial education and offer to come into your child’s classroom, or any classroom, and teach the subject yourself. This is extremely helpful since most teachers are so swamped with rules, regulations and testing, they can barely even consider teaching a non-mandated subject. They’ll thank you for this!
  • Which brings up another idea…if it isn’t already, help get financial educated mandated in your state or at least in your school district. Yes, this will take some work but it’s ‘worth’ it in so many ways.
  • Get different money games and have money education events for your kids and their friends at your home on a regular basis. Be crazy and invite entertaining (i.e., not boring) financial professionals in to play with the kids, answer money questions, etc. It’s a great idea to provide prizes and such to get the kids interested in joining you for ‘money nights.’
  • If you have a teen, pay them to read financial books. Pay them $10 to $25 per book but have them do a short report on each chapter and have them tell you what they learned and how they might apply it in their lives. Start with any of the Robert Kiyosaki books and proceed from there. It might be the best investment you make in your child’s eventual independence.
  • Let your child be involved with anything and everything you do regarding money, running the house, investing, insurance, credit cards, etc. The more you expose them to now, the more they will be aware of when they leave home.
  • Send them to a ‘money camp’, like our summer Camp Millionaire or Moving Out! for Teens camps in Santa Barbara. They learn about money, investing, belief systems, assets, liabilities, planning and so much more and they have so much fun doing it. You can check them out at www.campmillionaire.com.

And last, but not least, it’s critical that children grow up knowing it’s perfectly OK to TALK about money.

As human beings, we tend to make money ‘mean’ more than it actually is. We tend to think that people with more money are better, smarter, more important, luckier, etc. when in truth, money is just a tool to reach your dreams and help others reach theirs.

So, what are you waiting for? Let’s make sure your kids never have to move home after they move out (unless you need or want them to that is!).

If you have questions or need guidance, give us a call at 805-957-1024.

We’re here to help. Making sure kids learn about money is what we live for!