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Tuesday, May 12, 2015

Raising Business Minded Kids

It started with a desire- a need really to get my own finances in order. But it has grown into a desire to help my kids get ahead start on their finances. I started out with a few Bible studies me and my husband did together. Then I moved on to books by Robert Kiyosaki. I read Rich Dad, Poor Dad, and Guide To Investing. I bought Cashflow For Kids the game, which the kids LOVE. And I found a really great show on Hulu called Biz Kids. This show is really awesome, It's very informative, easy to understand, each episode is pretty short and it's really, really funny. The kids really get a huge kick out of it. Anytime I go to Goodwill or another resell store I look around their book section to see if they have any books on finances, whether it's about getting out of debt, or making budgets, or stock markets, or even kids books, I buy them. I've found several really good kids books on finances and money. Then I just sort of strew them around. I leave some on the coffee table, maybe stick a couple in their book basket and the kids find them and flip through them. I think it's really working! They are already learning the language and I hear words like income, paychecks, taxes, interest, and bank accounts sprinkled into their conversations. We sat down and counted the money in Lily's piggy bank tonight and she had over $40.00!! In about a year she has already saved up almost $200.00. That is not bad for a 7 year old. Kyle has saved almost $150.00, and Lacey has saved almost $70.00 ( she is obviously the spender of the group). This is all money the earn or change that we put in their piggy banks. I try to clean my purse out every few days and divide the change between, Lily, Lacey, Kyle and Joshy. Donna and Shane also help out by giving their spare change. I discourage the kids from taking money out of their piggy banks, their spending money goes into their purses or wallet, but ultimately it's up to them if they want to tap into their piggy banks they can. They don't get a very big allowance Kyle get $10-$20 every 2 weeks and Lily and Lacey get $5 every two weeks. They sometimes earn extra money by doing extra chores either for me or for their sister, Donna.  They get money for Birthdays and sometimes for Christmas, and sometimes if we go to a garage sale or flea market I will give them a few extra dollars which they can keep, spend or save. I hope just the experience of saving now will encourage them to become lifelong savers.

I am costantly looking for blogs and articles about finances, investing or introducing economics to kids, so if you have and artice or blog to recommend please leave a link in the comments!

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