Did you have a piggy bank when you were still young? I remember having a piggy bank as a kid and I would usually drop in some coins in it whenever I had some. Until now, that same piggy bank still sits on my work table at my parents' house and whenever I visit with my husband and our little boy he would also drop in some coins given to him by grandma and grandpa. When I grew a bit older, in younger school aged years I would volunteer to wash my dad's car in exchange for a little cash so I could earn up for something I would like to buy. I've taken those values instilled in me until now. I learned the value of saving and I learned that money is not just something you pick up on the ground like stones. You have to work hard if you want to get something you've always wanted. Now that I have my own family, I'm going to apply the things taught to me as a kid. I think it's a good thing to teach children early on about the value of money. How about you guys, any childhood memories on this topic?
Both my kids have piggy banks and the younger one just loves money lol, he says he wants to be the richest man in the world and want to have a lot of money haha! Gotta love kids and teach them what money means.
I had one growing up I must admit but I never really remember being taught about the value of money. We was always struggling for money in our family, and one day I just decided that when I grew up, I wasn't going to live that way so through hard work and maybe a little luck, I've changed that.
LOL! It's really funny how the innocence of children can make us laugh. I could imagine your kid being utterly serious when he was saying he wants to be the richest man in the world, and that's what makes it funny because most kids think they're the richest people on earth when they've already filled up their piggy banks. That's how my kid reacts when he fills up his. Anyway, it's a good thing for kids to learn how to save early in life so when they grow up they'll bring that attitude with them.
Yes, totally like that! He's cheap too haha, when he wants to buy something we tell him, get it from your money and he says no, he just wants to accumulate it... Should I be worried, a small capitalist?
I think teaching kids about money early is great! However, I also think we need to teach them about wealth early too. Especially that being wealthy is not about having flashy material things, but that it's about accumulating wealth generating assets and passive income - making the money work to generate even more money! One great example I heard is where the teenage son wanted his parents help him buy his first car. The parents instead gave him the money for the full cost of the car, but on one condition... He wasn't allowed to use the money to directly buy a car. Instead he had to invest the money and then he could use the money he made from his investments to buy the car. Long story short, the son got hooked on investing, realised the car wasn't an "asset", and so didn't end up buying a car. I wish my parents had had this foresight when I was growing up!
Wow! Another ounce of wisdom there! That's such a great thought pondering story. I really like how the parents took advantage of a situation where they can simply give what their son needed but instead they managed to turn it into a learning experience. When we really learn the idea of growing our money, we also learn to categorize our needs and wants. Luxury is a "want" that can drain our money and sometimes make us lose our wealth until we become broke.
I had one but because my mom and me had sticky fingers... you can guess what used to happen. Although through the years I have learnt how to be more frugal when it comes to money and I'll sure buy my kids piggy banks when they come along, to train them how to manage money and that it does not grow on trees.
I'm yet to have any kids, but I would surely teach them the value of money since it's very crucial that they know it from an early age, so they won't have to deal with financial issues in their life. I also remember having a piggy bank when I was at an younger age, but never actually managed to stack up anything more worth than a couple of bucks.
I think it is important to teach kids about money. I learned about money from an early age, one of the things I did not learn unfortunately was self promotion. This is something which is not taught in school for obvious reasons. Also unfortunately my parents tried to discourage me from becoming more enterprenorial. They where from the generation where you got a university degree, got a job with some sort of security and where good to go for life. This is no longer the case. I am trying to teach my kids all of these things.
