Share this:

Business

Make Your Kid A Money Genius (Even If You’re…

Make Your Kid A Money Genius (Even If You’re Not) 

 

I am a firm believer that as a society we do not put enough emphasis on teaching our children about money. Towards the end of my high school I read Robert Kiyosaki’s book Rich Dad Poor Dad which for me then other than doing fake trading on the stock market in mathematics at school was the first insight into understanding how money can work. I recently listened to an interview by the author Beth Kobliner of “Make Your Kid A Money Genius (Even If You’re Not)” She talked about some basic tips that we can pass on to our children. I enjoyed her explanations in lamens terms and I wanted to share them with you.

What I found interesting was children as young as the age of 3 already have a basic understanding around money habits. By this age they can understand value,exchange, and how to make choices about money.

Everyone has some financial baggage and as parents it is important to go through basic financial principles and money basics with our children. From Age 3 start talking about “I have a job that helps us pay for food and petrol etc. We don’t need to talk about how much we make specifically or how much super we have,  or how Uncle Joe is tight and Aunty Joanne will just spend money on anything!

It is important to not lie to kids, if you are in a shop, do not say I have no money when they are demanding something, to then stop on the way home and buy petrol. Explain this is not what we came into the shop to buy today.

Frequently these days kids see us wiping cards more so than using cash. Use cash intentionally at times. Explain credit cards are like a loan, getting free money with interest. Explain it can be like paying $800 for a TV but paying the minimum repayments you’ll end up paying $1,100 for that product.

Unfortunately unlike when we were children savings accounts that existed are no longer around. As a child I had a savings passbook which I would go into the bank with my savings and the Teller would actually stamp your book although this isn’t available these days recommended even putting $100 a year into savings for the child. Another recommendation Beth Kobliner suggested to help them understand trading is to look at exchange traded funds or ETS which can be trading with as little as $100. This way they are still getting knowledge around trading actually using money. I remember when we did dummy trading in Maths I didn’t care when the Boardshorts Company I chose to invest in tanked as there was no ‘real’ financial interest.

Another part of the interview that I found interesting was around kids getting an allowance. There are over 2 dozen studies published on allowances and the consensus was it does not change their behavior. It was recommended that kids are not paid for chores that would be seen to be contributing around the house as a member of the family. However paying an allowance for jobs that would be considered going above and beyond for something that you would outsource perhaps to someone not in the family. An example was sorting large amounts of photos into files etc.

Be consistent with your children and money. If you tell them they will pay for that concert and then have them pulling heartstrings when they not saved saying “but all the other kids are going”. On that same note be realistic don’t expect them to buy presents for all their friends birthdays, buy phone credit and save for the concert.

If they loan money from you while you are out as a family and say they will pay you back, make them stay true to their word.

As they’re slightly older it is considered good to explain how insurance protects them from huge unexpected costs. At the same time go over how extended warranties on small products like appliances need to be weighed up whether they will actually benefit. Perhaps the product may be replaced before the extended warranty comes into play.

Before they enter the workforce explaining how some companies offer to match super contributions is like getting money for free and should be taken seriously. Research showed that male teens get talked to about investing & saving and girls get teased about buying make-up or clothes. The author recommended treating both sexes equally when it comes to educating on saving and money habits.

 

If you enjoyed this article & you believe others would benefit please share.
Ryan Billy Tate

Main Blog: RyanBillyTate.com

Six Figure Mentors Membership: Six Figure Mentors Elite+ Member

Online Sales Pro: VIP Member >Click Here For Demonstration Video<

About Ryan Billy Tate

>Click Here To Learn More About Ryan Billy Tate<

Connect With Ryan On Facebook

Follow For Follow On Instagram
Connect With Ryan On LinkedIn
Connect With Ryan On Pinterest
Checkout Ryan’s Channel YouTube
Follow Ryan Billy Tate’s Tweets

Dad

The Fast And The Furious

If you enjoyed this short video & believe others would benefit, please share.
Ryan Billy Tate

Main Blog: RyanBillyTate.com

Six Figure Mentors Membership: Six Figure Mentors Elite+ Member

Online Sales Pro: VIP Member >Click Here For Demonstration Video<

About Ryan Billy Tate

>Click Here To Learn More About Ryan Billy Tate<

Connect With Ryan On Facebook

Follow For Follow On Instagram
Connect With Ryan On LinkedIn
Connect With Ryan On Pinterest
Checkout Ryan’s Channel YouTube
Follow Ryan Billy Tate’s Tweets

Business

“THE UNSTOPPABLE WOMAN OF PURPOSE “

“THE UNSTOPPABLE WOMAN OF PURPOSE “

My fiance has recently co-authored a book with 21 other successful women. I cannot express how proud I am of her achievement. On top of this book she has completed and soon to release her very own book as well as a bunch of other projects!
One of her larger projects to date was the Jaws Alert Mobile App, a global shark and wildlife notifications app which is community-based and free to download. Click on link to the Jaws Alert Facebook page
Back to the latest book

 Anna was co-author in an amazing, powerful book alongside 21 other incredible, UNSTOPPABLE WOMAN from around the world.

“THE UNSTOPPABLE WOMAN OF PURPOSE ”

This book will transform your life, EMPOWER and MOTIVATE you to really make you aware that YOU too, can be truly Unstoppable!!

This is A Woman’s Guide to Conquer Life & Business with clarity & Certainty (Vol.1)
The overall concept and intention for the Unstoppable Woman Anthology is to offer practical knowledge, expertise and wisdom from women experts and leaders, who are in experts and  leaders in full alignment with their purpose.
In this anthology, you will read their success stories and learn how these experts have conquered challenges and situations in life and business. In addition, this book (and workbook) will present turnaround strategies to equip women worldwide seeking guidance to conquer life with confidence and certainty in becoming an Unstoppable Woman of Purpose.

So get ready people
The book and workbook are available to purchase now on Kindle US$1.99 SHORT TIME!

 

A signed hard copy will be able to be ordered through Anna. Please leave a comment for your signed copy.
Please show your support and “Share” this blog post.
If you enjoyed this article & you believe others would benefit please share.
Ryan Billy Tate

Main Blog: RyanBillyTate.com

Six Figure Mentors Membership: Six Figure Mentors Elite+ Member

Online Sales Pro: VIP Member >Click Here For Demonstration Video<

About Ryan Billy Tate

>Click Here To Learn More About Ryan Billy Tate<

Connect With Ryan On Facebook

Follow For Follow On Instagram
Connect With Ryan On LinkedIn
Connect With Ryan On Pinterest
Checkout Ryan’s Channel YouTube
Follow Ryan Billy Tate’s Tweets

Pin It on Pinterest

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from Ryan Billy Tate.

You have Successfully Subscribed!