We all accept the idea that an education is one of the most valuable things a human being can have. Yet, the truth is that a grade here and a grade there isn’t what’s going to make our kids happy, healthy, productive human beings and yet we push them to get the best grades they can in school thinking that is what’s going to make the difference.
Now there’s nothing wrong with helping our children learn to push themselves and do their best at whatever they’re doing. This will help them in every area of their lives as adults. What I want to distinguish here is the idea that the grades aren’t what dictate whether or not your children are successful in life, and by success, I simply mean happy, healthy, productive human beings.
The things that do help our children be successful in life are communication skills, partnering and parenting skills, knowledge in the areas of health, nutrition and fitness. They need to learn that they are completely responsible for the life that unfolds in front of them and learning HOW to create that life. And creating that life is going to take money so let’s remember to teach them how to manage money wisely and build wealth for a financially secure life.
The question many parents ask it, “What is the best way to teach my kids about money?” That’s a great questions, and the short answer is, “Put them in charge of it as soon as they are ready (ages 6 or so).” What I mean is, take the money you already spend ON your children and run part of it THROUGH them instead.
The fact that we can’t deny is this…very few of us get to be experts at something without plenty of education, practice and mentoring at it. Personal finance is probably the most important skill your children need when they leave home without you because without the proper financial education and skill, most young adults end up in a world of hurt financially. They get themselves into a ton of debt, become depressed and often end up either moving back home or doing things they wouldn’t otherwise do to make money (drugs, sex, crime). And once in a while, they see no other way out and do the unthinkable…they commit suicide over the debt and destruction they think they’ve made of their lives because they simply don’t realize there is a way out.