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.
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.
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