I learned about money at the kitchen table. When I had a question about money – especially after I had started working part time in high school – I would sit down with my mom and dad and we would talk about what I needed to know . There was no set curriculum or lesson plan – my parents would do their best to help me understand how to apply money concepts to my particular situation. I wasn’t forced to sit through a boring math lesson on interest rates or rates of return; rather I got to learn about the stuff that impacted my life. This is what financial literacy is all about – learning and understanding how money concepts or strategies can be applied to your financial situation.
Parents, my advice to you is quite simple, take advantage of those teachable moments that might come about around the kitchen table. You don’t need to be a math wizard to teach your child money management; you just need to lend an ear and talk openly about responsible money management.
My two cents…
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You are absolutely right. Though my eldest is only 10 years old, my wife and I usually talk to our kids about money matters and other stuff while driving them to school.
You are right – you have to be ready to talk about money when those teachable moments arise; they might not necessarily always be at the kitchen table.