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goldenprops
Joined: 10 May 2008
Posts: 7
Location: Kansas City Missouri
5.38 Dollars($)
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Post subject: children and saving |
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Yes great posts from everyone! I dont have any kids now but it is something that will definately be engrained in my young'ns. From my perspective of not having children now I have to watch others children and see how they act about money.
In my opinion, teaching children to start saving and investing goes hand in hand with teaching children to be heavy producers and lite to moderate consumers. I think Warren Buffet is the BEST example of this conditoning. Self made MULTI BILLIONARE that lives in a modest home and drives a 4 year old Lincoln. (At least last time I saw him talking about it thats what he had) Most children like toys and things of that nature which is fine and normal, but it conditons them early to like, want, and needs "things". So with that conditoning the need for "things" goes from toys, to clothes, to electronics, to cars, homes etc. Which is all fine and good but the focus is on consuming and acquiring "things" and not producing value. It develops a need to look good.
If you think about it, why do most people not want to work, but everyone wants the world? You can find people ALL DAY that want a million dollars, want the nice house on the lake, want the big SUV. But you will be hard pressed to find people willing to work smart and hard and be dedicated to helping others to achieve those wants. Most would rather play the lotto (see post in money merge discussions). This mindset is engrained in them at early ages and hard to reverse in later years.
With young people introducing them to investing say, as a mid teenager, they will more than likely view it as useless because its not fulfilling an immediate need, they cant get something from it "right here right now". But taught at a very young age the principles of investing and producing value becomes second nature and doesnt need to be taught. It will stay with them for life more than likely. Your establishing the right conditioning.
Then they can have better toys than all the other youngsters and some adults!
I like the idea above of not giving kids too much money, great idea. Giving them too much money develops the "money grows on trees" idea that leads to overspending/overextending credit. Again I dont have any kids, these are just observations of other peoples kids and things I have had to change about myself.
Good day everyone!
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TGolden Consulting/Insurance |
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jbarto65
Joined: 04 Nov 2007
Posts: 623
-0.20 Dollars($)
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| I think that it is really important to teach kids to save money as well as earn it. I have my four year old use her counting bank, when she gets enough we roll it and put it in her savings account. It is amazing how quick pennies add up. |
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chloejoanna
Joined: 20 May 2008
Posts: 37
16.05 Dollars($)
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Thats some great advice. Being a student can be described as a learning experience in more than one way. Its the first time most young people will have independence over their finances wherever they come from. Whether its budgeting with an allowence given by mum and sad or earning it for themselves. Loan systems and rent are also being thrown into the equation - all good character building stuff. For me the biggest lesson was earning my own keep. It's only when you realise how hard you have to work to fund your lifestyle that you can truly apreciate the value of money. Id advise all students even if iits just for a term to get a job be it pulling pints in their union bar or something more related to their course. Its worth it. x
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http://www.ezylet.co.uk/ the property rental network. |
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Missy12342008
Joined: 24 Feb 2009
Posts: 19
10.57 Dollars($)
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| tanks for the tips. I'm not good at budgeting no matter how hard I try it seems like if I see money or know I have it I have to spend it fast I was doing great paying my bills ontime, and everything and trying to save money in my savings as most time I would have extra money every pay check now I don't know what happened to all my money any advice for what I can do? |
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Guest
0.10 Dollars($)
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| You will have to control your expenditure in order to save your money. Once you control your expenditure it will be easier for you to save money. |
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