How To Make Money Matter To Your Teen

From the savings, the spending and giving jar, the Grandma or the Local Department of Fire Fire, the lessons about the money need to be related to your child’s life. At least that David Piccular – Director of the American Public Education Foundation (APEF).

Piccler told the balance, children and young people also look for their example as their parents.

“I think if no parents are just able to talk, but I mean, in fact, walk on the walk, and in reality show this good behavior and good articles that can really affect children,” he said.

In addition to guiding the APEF in its efforts to promote high quality public education in USS Seouls, Pacler is a wealthy adviser, a lawyer, and financial planner. Through his various roles, he has preferred money management, and his childhood has first shown him how important it is to introduce basic financial literacy lessons at a young age.

To help parents educate children of all ages about money, we showed the importance of accountability with Piccler, early conversation, and a money that can be related to them.

This interview has been edited for length and explanation.

Make money related

How do you suggest to discuss the concept of parental savings, and create financial goals that young people really get ‘?’

Most people have three things (usually) three things they want to do with their money: There is something they want to spend, it is something they want to save, and anything based on their values. Based on this, I think parents can say here, ‘Well, every week I am going to give you some money for these things, and you are going to choose.’

And then, in fact, spend money on them and make decisions. Perhaps they use a jar method to determine financial goals. Then when they start working, they get a basic understanding of what taxes are and how they can save their goals, which is really paying themselves effectively. It’s just about making it a reality. Make it solid and make it related to every child’s life, and hopefully it will start to resonate.

Based on our research, taxes are a confused topic for young men and young adults, but this is also a title they want to know more about. So, when young people start making money, how can parents start talking about taxes and break the complications?

It is always a shocking thing, the first time a child brings a salary to the house, and they shook, ‘I thought I was earning this money and once it is paid and tax is paid, I am getting very little!’ Once again, I think it starts with the basic understanding of what we pay for our money, and what is paid by the government. How are those tax dollars used? We can certainly always argue whether properly used or not properly used, or anything, but I think they often need understanding about the basic role of the government and the basic role of business.

Using real -life examples, you can give them a basic understanding of some of these government services. “We’re going to meet the grandmother, and you know that the grandmother does not work anymore, but it gets a check from the government every month because when she was our age and she was going to work, she would withdraw a little money from every salary and put a jirg here so that when she is older, you can check every month.” It is important to talk about the ways that are meaningful for children, connect with their own family experience.

What can parents do to fill the parents’ financial literacy gap that children do not have to be in school?

Let’s start with an example: I have a 6 -year -old granddaughter. When she was 4 years old, my son and daughter -in -law put three jars in her room and she gave her a little allowance. A jar was a savings vessel, a jar was a jar, and a jar was a jar. Literally, every week when it gets its own allowance – I think it was probably three quarters or four quarters. So whenever she wants to buy something, she will say, ‘Well, how much do you have in the jar spent?’

Start with these things at an early age. You can educate children about finance by talking about a tooth pre -! This is some of the basic levels of economics. If you want to get a dental pay for the payment, then you have to cough, and you have to save it. My granddaughter, apparently in her sleep, swallowed a tooth, and likewise the mother and father said, ‘Sorry, the tooth did not come. Who you swallowed, you have to hang on it. ‘

There is no need to expand, but there are many tools that are there who can start talking to children about money. The problem for many parents is that, they don’t feel (well) to talk to their children about money, because they never realized they had a good background.

Power of behavior

If parents do not feel confident in talking about money for any reason, where should they start?

Parents do not need very complicated or extensive financial education. Every day, there are opportunities for us to share basic information. There are things like they go to the grocery store, or they go to a sharp pump, or when a cashier is giving you a bill – how you deal with it about (your teen) about (your teen).

The fact is that whatever parents can do, they can share their experience or provide a teaching tool. Many children’s IT, this can be as easy as allowance to help promote the connection between doing something or working and getting financial rewards. But also, faced consistency. If they do not do so, they do not get paid. They do not show with teeth, the tooth fairy does not appear to them.

Do you have any memories of how your parents either did or did not teach you about money management?

My parents did not have good financial discipline, and so they were in fact a little negative example for me. I was always like a self -star, (I) was going to earn extra money and cut the grass for different work. I always remember collecting coke bottles and changing them too. I was always doing this because it became very clear to me, my parents didn’t have a lot of money, and I had things to start saving. I will never forget, when I was about 10 years old, my father really came to me and asked for a loan. He had some financial difficulties, and he said in fact, ‘I will pay you for it at any time,’ but he never did.

It has been stuck with me to this day. So for me, my father had a negative influence in terms of (showing) Not Whether it is a positive influence or negative influence, these experiences are very effective for children. In some cases, if parents show irresponsible behavior, children can choose to film it, in other cases children can choose to reject it. I probably have more exceptions in terms of how I did it, but I think what parents do is clearly incredibly influential to them.