It’s never too early to help them make sense of money.
If your kids can count, they can start learning about money. At this young age, a great way to teach them is through multisensory experiences that include lots of play, songs, and arts and crafts. Here are five fun ways you can engage your little one in lessons about dollars and cents:[……]
The two sons were paperboys for years. The father said: “Give me part of your savings, and I’ll explain the selection criteria for companies. We’ll make choices together. If you make a profit, you keep it. If you lose money, I’ll reimburse you.” The two sons had made a tidy sum of money by the time their dad told us the story. And that doesn’t include the priceless knowledge that they acquired.
Can we teach children that young about how mortgages work? Yes, says author Gail Vaz-Oxlade, although the ideal age is around 14. As soon as a child shows an interest in owning a property in the future is the time to take action. Make the learning process like a game: You become the lender and your child becomes the future owner. [……]