How to help your children understand how to management money.
Let’s face it: money is messy… and a minor with money is messier! Michael Carlin meets with Danielle Williams with a monologue on masterful money management. Children aren’t taught how to handle finances in school, and most of their parents are responsible for the $845 billion in credit card debt! By 7 years-old, children have already formed most of their money habits. Without the proper guidance, those habits could become harmful when they need to handle their own finances.
Help your children overcome these dangerous habits with simple lessons, like waiting to buy something until you have saved enough for it… just because you have it doesn’t mean you spend it. Also, just because you have it now doesn’t mean you always will. “In the blink of an eye wealth disappears, for it will sprout wings and fly away like an eagle.” So be careful how you spend your money: you may never get that money back! Children 14 and older can be given a debit card, and parents can help their children understand investment by instructing them on stock options.