We’re a nation of consumers. Whilst nobody is saying that’s a bad thing (it keeps the economy going) it doesn’t do much for your bank balance. Sir Richard Branson, a British entrepreneur, said the first lesson he learned from his mother was to save your money. And its unlikely Bill Gates and Steve Jobs were spending all their time drinking wine and buying silk shirts.
If you don’t teach your children how to manage money from a young age, they’ll be riddled with debt and spending their pay checks as soon as they come through the door. It’s really no way to live. Here are my top tips for parents to teach their children money management.
1. The Value of Saving
The most important lesson isn’t to get a higher salary. It’s to save every cent you have. You must make your child respect the value of a dollar. Teach them how to form a safety net should they ever need some emergency money. Keep drilling it into them as they grow up, and make sure you save money to show you aren’t just saying it for the sake of it.
You might even want to set up a savings account for your child.