ontonio
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| please suggest me |
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I want to get my older teenagers involved in handling their finances. Where do I start?
Last edited by ontonio on Mon Nov 28, 2011 5:06 pm; edited 1 time in total |
Sun Jul 31, 2011 6:42 am |
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davidcosell
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its good to get the teens involved in your finances, but you need to trust them and they must trust on you or you can have bond written between you guys mentioning each and every point so that later on it might not get you all in any severe problem which would affect your firm.
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Wed Aug 03, 2011 7:54 pm |
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Gary Barzel
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You can start by teaching them to learn the differences between needs, wants, and wishes. Get them to set financial goals for themselves. If they want something really bad, don't let them get it, train them to save up enough money in order to buy themselves. You can offer them some money in exchange for doing some household chores such as mowing the lawn, or something like that, and teach them how to save up for it.
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Fri Aug 19, 2011 12:21 pm |
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debedwards
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I agree with that. It's important to instill in their minds that they need to work hard for something the really want so bad or even things they need. So you can ask them to do household chores in exchange for money and let them spend for whatever they need. In this way they will learn to save money and not to splurge everything.
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Fri Sep 02, 2011 2:49 pm |
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marshal france
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you should be careful while you do this.Give proper knowledge on value of money to them and make them feel its importance.
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Tue Sep 06, 2011 12:31 pm |
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Kenny Soward
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I would imagine this is one of the hardest things in the world to do, because I've learned that the only way people learn about money is the hard way.
That's to say...if they want something, they have to save up and buy it. I'd refrain from getting them unnecessary "gifts" and when you do buy them things make sure to explain to them the effect it has on the household budget.
For that matter, start to include them in the household budget, and as they approach adulthood perhaps you can let them make some family financial decisions (with extreme guidance of course).
Hope this helps.
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Fri Sep 09, 2011 2:57 am |
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samurai
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When you say you want your kids involved with THEIR finances, does that mean they HAVE finances already?
Anyway, it is not effective just TEACHING them about finance. They have to be involved with your family's finances, and that is the best way for them to learn. Show them how much you spend per month on groceries, your mortgage, electricity. Let them see how quickly money gets consumed on necessities.
This should show them the necessity of saving and investing.
Personally, I give my child a fixed rate of interest in whatever remains of his allowance. And, though he has only gotten allowance for a little more than a year, I'm happy to say, he has saved up about $700. Now, he's looking into opening a small business. He's twelve.
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Fri Sep 09, 2011 7:13 am |
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Btalbot
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Thanks for sharing this post with us. The post is really interesting. Keep posting the good work in future too.
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Fri Sep 23, 2011 7:11 am |
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fannie
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Thu Sep 29, 2011 5:09 am |
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ontonio
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| Re:Personal Finance |
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Thanks For reply.
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Sun Jan 15, 2012 3:17 pm |
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seo456
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| Re: please suggest me |
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Wed Dec 12, 2012 7:31 pm |
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achingwallet89
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My dad completely failed at that. He's amazing and I love him and everything but the way he handles money and all that completely ruined me. So my first advice is that don't make them feel like idiots. Give them examples and tell them about your own mistakes. They first need to understand 'MONEY' then maybe they can figure out how to handle it.
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Tue Dec 18, 2012 10:55 pm |
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