It’s duly noted schools don’t actively teach personal finance, therefore, parents are left with the responsibility. Providing your kids with a head start in finances is a wise decision. Think about it, your children will be responsible, possibly, for helping to take care of you in your old age. One of the best things you can do for them, while they’re still young is to encourage them to learn how to grow money. This will not only benefit them but you as well, once you’re older.
“Americans say they struggle with basic money skills: About 60 percent say they don’t set a budget and track spending, 43 percent worry about not having “rainy day” savings for an emergency and 37 percent carry credit card debt month to month. A majority of Americans say they could benefit from personal finance lesson.”
Another thought is, parents may need to turn over their finances to their children when they reach a certain age. If you want your child to fully understands how to grow not only their money but yours too, you want to start training them while they’re still young.
Helping your children learn the art and the knowledge necessary to retire early or to retire wealthy could go a long way in helping to make your retirement easier. Parents who put their heads together with their young adult children can build a massive investment portfolio where the children can retire when the parents do and everybody can travel the world. A family investment club is one way to easily create wealth. If each person in the family puts in only $100 a month, you’d be surprised how you can double or quad triple your money using certain investment techniques. Continue below
Book Recommendations – Money Skills, Building Wealth
Families in other cultures seem to understand this value and often times two to three families will live in a small cramped space in order to save money for future investments. Just image if you have three heads of households and eight different incomes coming in each month for the sake of future investments. Yes, I know, you have to “like” your family members to be able to comfortably pull this off.
Video – Nature of Investing Book Trailer
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