National Debt Relief Talks About Teaching Personal Finance With Children
Phoenix, AZ (PRWEB) June 13, 2016 -- National Debt Relief recently shared in an article published May 6, 2016 some of the age appropriate financial lessons parents can impart with their children. The article titled “How to Teach Your Kids What They Need to Know About Personal Finance” lists down specific money lessons kids can absorb depending on age.
The article starts off by explaining that there are a lot of American consumers who believe that they are not well-equipped with enough knowledge to manage their personal finances. This is one of the reasons why it is important to educate the young people so they can be in a better position in managing their finances in the future.
When they are about five years old and below, the article shares that it would be a good time to teach the children on how to identify coins and their value. It is also a good time to let them understand the difference between things that are free, like playing with friends in the park and those that costs money like buying ice cream.
The article also shares that when children get to elementary school, it would be a good idea to start giving them an allowance. The way most people do it is that parents compute for the amount that they already spend on their kids when it comes to small discretionary things that their kids like. It can be small toys or even ice cream.
As soon as they become teenagers and young adults, the article explains that this is a good time to talk about debt. They can also start to understand how credit cards work and how they should use it. There is a common misconception that these cards are there to enable people to buy things they cannot afford and this can be corrected early on.
When children start with their first job, the article shares that this is the most opportune time for parents to talk to them about gross and net income and what the deductions are for. They get to appreciate what their take home pay is and have a general understanding of how their parents manage their salary. To read the full article, click https://www.nationaldebtrelief.com/teach-kids-need-know-personal-finance/
Paul Ritz, National Debt Relief, http://www.nationaldebtrelief.com/, +1 888-703-4948, [email protected]
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