Millionaire Jr.: How to Teach Your Kids About Money

Lesson 1: It doesn't grow on trees
By Sophie Goldstein,  Newser User
Posted Oct 4, 2007 3:34 PM CDT
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(Newser) – Give your kids a head start in the real world with these tips from Zen Habits:

  1. Let them control a small portion of your budget, like $50 a month for eating out.
  2. Show them how to save for large purchases.
  3. Teach them to reduce expenses to reach goals faster.

  1. Teach them about investing with long-term goals.
  2. Work out a simple budget with them.
  3. Let them take responsibility for some expenses, including paying bills.
  4. Discuss the dangers of debt.
  5. Show how earning money can help reach goals faster.
  6. Discuss advertising and consumerism.
  7. Warn them about impulse buying.