With the future economy situation staring us in the face, I can tell you one thing, figuring out how to educate my kids on a couple of different things:
- Teach them how to not make the same mistakes that I have as a child, teenager, college student and now an adult.
- Teach them how to be flexible and understand how to adjust what they know and learn to the current financial situation.
I came across this article from GreatSchools entitled "Smart Money: Seven Ways to Raise a Financially Literate Child".
Some of these items may be obvious, others may share a nugget of additional thought or detail that maybe you haven't thought about until this point.
- Encourage a work ethic
- Get your money stories straight
- Facilitate financial reflection
- Become a charitable family
- Teach financial literacy
- Be aware of the values you model
- Moderate your extreme money tendencies
Be sure and read the entire article for all the details and strategies on how to raise your child to be financially smart.
A Junior ISA from https://thechildrensisa.com/ could be a good idea if you’re looking to give your child a head start with long term savings or investments.