An excerpt from Sammy Rabbit’s Corner:
If you want your kids to master money, get them in the habit of saving money at an early age – PERIOD.
Creating a habit of saving can be life transforming. Saving money is a force and learning multiplier when you make it a habit. It has several educational benefits. Saving stresses preparedness. It teaches discipline, delayed gratification, planning and goal setting. Saving protects us from poor spending choices. Saving positions us to invest with less risk. Saving provides us more freedom and choices. Saving builds confidence and character. When you teach a child to save, you are giving them a skill that will pay off for them in every area of their life, for the rest of their life.
Habits are powerful writes best-selling author Charles Duhigg. You do not have to spend energy thinking about them. They are automatic and efficient. Furthermore, their outcomes are predictable. You can count on them. Make exercise a habit and count on getting healthier. Make saving money a habit and count on growing your security, freedom and future.
The earlier you get children in the habit of saving money and exposed to its benefits, the better. Here is a staggering research finding many do not know. It may blow your socks off. According to a University of Cambridge study, adult money habits are set by age seven!
Translated, the womb to age seven is the pivotal timeframe in the learning cycle to teach children about money. It is something few do with intention. Yet, it is the prime time when kids soak in and soak up information. It is exactly when they are forming the habits and attitudes that will shape their financial futures and fortunes.
This begs several questions. Perhaps the most important question, how do you teach children at very early ages about money, especially saving?
Here are six simple and field tested strategies anyone can use to help kids master money…READ MORE
This was a guest article written by Sam X Renick for Money Masters TV