Sunday, Jul 22 2018 | Updated at 06:44 AM EDT

Stay Connected With Us F T R

Feb 15, 2017 10:06 AM EST

Parents teaching their kids the value of money is not a parenting trend because financial literacy plays a vital role in your child's future, especially if he or she is college bound. Moreover, teaching them the realities about money, prepares them to work from the ground up.

A lot of college-bound kids nowadays are filled with a romantic notion that getting a college degree is the key to a great job, a good house, and a balanced life. While this is true in some ways, most of them do not see the other side of the coin - repaying student loans, and the challenge of working long hours while starting out.

The problem, however, is that a lot of millennials seem to acquire a sense of entitlement refusing to put in the hours and be 'poor' after graduation. Instead they question everything and demand a lot.

Watch video

Thus, a lot of these kids go back home after graduation, unemployed and adding more to the bills. Parents, on the other hand, have to help shoulder student loan repayment among other additional expenses.

This scenario, however, can be prevented if parents teach their kids the value of money even before they go to college. In fact, the earlier you teach your kids, the better it will be for both of you.

In fact, there's a great need for financial education as many young Americans say that they need to learn more about financial management, investing, and salary negotiations, all of which can be taught by parents to their kids as early as possible so that when they go to college, they know how to spend and budget their money.

When it comes to teaching your kids the value of money, the most basic lesson you can teach them is not to spend money they don't have. They need to learn how to wait and live a lifestyle they can afford. If they see something they really want, they need to wait until they are able to buy it with the money they have at hand.

Teaching the value of money does not only encompass how to spend and budget it but also about giving back. This exercise takes away the sense of entitlement as well as the selfishness that most millennials are known for these days. Moreover, giving back also makes for a happier life as you feel a sense of accomplishment.

These tips might be simple but parents who teach their kids the value of money means getting you and your kids' future ready and much more secure.

See Now: Facebook will use AI to detect users with suicidal thoughts and prevent suicide

Follows Value of Money, Financial Planning, personal finance
© 2017 University Herald, All rights reserved. Do not reproduce without permission.

Must Read

Controlling Robots With Brainwaves And Hand Gestures

Jun 23, 2018 AM EDTWhat if you can control robots with a simple flick of a finger? A team of experts is trying to make that a reality through this latest experiment.

Flavored Electronic Cigarettes Linked To Possible Cardiovascular Disease

Jun 16, 2018 AM EDTScientists from the Boston University School of Medicine looked into the effects of flavored e-cigarettes to the lining of blood vessels. Here are ...

LendingTree Study: Which Places Have the Most Student Debt?

May 31, 2018 AM EDTLendingTree outs its study that identifies places in the United States with the most student debt. Here's the complete list.

Best College Reviews Names 10 Best Master's in Biomedical Engineering Programs Online

May 31, 2018 AM EDTPlanning to pursue a master's degree in Biomedical Engineering? Here are some of the best online programs you need to consider.