It’s never too early to prepare your children for financial success. Whether it’s instilling financial responsibility and knowledge on your children or ensuring they are bilingual, there are many ways you can start the process early on.
Here are 5 ideas to help create a solid financial foundation for your children.
Teach them early on about money
It’s easy to grow up without understanding the true value of money. After all, children don’t earn their own salary and they can’t value the effort that is placed into earning it.
Teach them the worth of money early on in life by providing them with an allowance. This gives them the responsibility of caring for their money and properly allocating it throughout the week.
They can make decisions on how to best spend it and be left with the consequences of spending it quickly or frivolously.
The allowance can also be connected to their chores – that way they understand that money takes time and effort to gain.
Enroll them in an international school
International schools have many benefits. Among them, they offer top-quality education, small student numbers per classroom, and a dedicated staff of bright teachers.
But the largest benefit, particularly in countries where the official language is not English, is the fact that children grow up fully bilingual.
The international school of Paris is a great example of how an American school can help students achieve success. Their students are accepted into the top universities in France, the United States and generally worldwide.
Between the multilingualism and top-rated secondary and university education, you’re providing your children with a strong chance to succeed in their chosen career path.
Teach them about business
Even kids have an entrepreneurial side, and pushing them to start their own small business is a great way to inspire them.
Even if it’s a lemonade stand or a bake sale, there are so many valuable lessons to teach along the way. Together, you can come up with a list of expenses and required ingredients, set pricing for items, and then evaluate profits.
Once they have a knack for it, you can teach them more, like how add-on sales work or maybe even create a subscriber list! (Perhaps send out notices by email whenever the lemonade stand goes back up).
Start saving with them
Teach your children about the importance of savings early on. You can start with the classic piggy bank to get them excited about saving coins.
Eventually you can transition the saving into bigger ideas – like adding their earnings from the lemonade stand or from their chores.
Other ideas are creating a 50/50 rule where they must save 50% of their earnings and set-up a goal, like a toy they may want to buy with the savings.
Homeschooling on important subjects
School is a great place for children to develop their minds, but you can always add to their general knowledge. Teach them about things you are passionate about or they find interesting.
For example, there are numerous online courses on programming for children. If they start learning how to program at a young age, by the time they start secondary school, they will be savvy, in-demand programmers.
Courses abound – from astronomy to gastronomy. Take advantage of today’s easy accessibility to information and develop their minds.