Getting the kids started early
I don't have any kids of my own yet, however, I imagine sometimes how it would be for me to raise my kids with a better financial understanding than what my parents gave to me.
I was raised in a family where they don't exactly pay much attention to frivolities, however, they still get in debt for unnecessary things due to a lack of planning.
I consider my upbringing to have been somewhat terrible due to the income supply and spending nature. I grew up in such a situation and so far, I've tried to improve myself. I'm still trying.
Although I don't have kids of my own, I have 6 nephews. 2 I have never seen, 1 turning 7, another 5 and the other 2 will be 2 soon.
I had a conversation with the 7-year-old yesterday to get a glimpse of his understanding of finance and I have to say I was absolutely not pleased.
My intention over the next few days of staying with him is to do my best to explain certain things to him that I would hope my own child would understand and this is what I intend on doing:
Start a piggy bank
As a kid, I had this idea that my mom had a piggy bank for me, so I always gave her my money when I had no immediate use for it.
She never kept it. But she did try to give me some money whenever I asked.
What would have been different if I kept my money by myself, you might ask.
I believe I would have been able to make a lot more personal decisions for myself. I would have had an early understanding of what to do with money and how to earn more money for myself. Maybe though, maybe.
This weekend, while I'll be home with the boys, I'll have a talk with them and start the project of creating a makeshift saving box. Maybe it'll be a fun bonding activity for us if they don't frustrate me to death.
Next, I'll get them started with their first official money. This doesn't exactly have to be so much money, the amount doesn't exactly matter.
My desire at the end of this project is to have financially aware nephews who, hopefully, will turn out to be independent early enough and maybe even have some money of their own to spend on me.
Wish me luck!
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