9 Year Mortgage: Teaching Your Children about Money
Every parent needs to know these 3 warning signs of children who may have money issues down the road. 9 Year Mortgage wants to point out these red flags, as well as give possible solutions.
It would be unwise to take any of the following warning signs too seriously, because we can’t predict the future, or know for sure if your child will become a shopaholic based on one certain behavior. However, teaching your child the importance of saving over spending is a good thing to do early on in their life.
Warning Sign: Your child is influenced greatly by friends’ opinions and television commercials. They want anything cool that they hear about. This could indicate that your child will be an impulse shopper.
Potential Solution: If your child gets an allowance, or has earned some money, perhaps a good learning experience would be to let them buy the first thing they see in the toy store one day. This will work best if it is an unwise purchase. That way, when they see other, better things that they want, they won’t have any more money to spend on them. 9 Year Mortgage suggests that this will teach them to spend money more wisely, from a young age.
If you end up feeling bad for your little kid, you can, of course, teach them about return policies as well.
Warning Sign: Your child tends to forget to do homework or give you important papers from school. This could indicate that your child will be one to pay their bills late.
Potential Solution: Doing things such as getting a calendar to help your child keep track of assignments would be a decent solution. However, the best thing you can do is simply talk to them about money- and time-management. 9 Year Mortgage knows that only 39% of parents say that they talk to their children about long-term financial planning. Parents also tend to wait too long to begin talking about money, with 10 years old as the average age. It is wise to begin teaching your child about money principles while they are still in elementary school, to help them form good habits early.
Warning Sign: Your child tends to make a lot of rash decisions. This could indicate that they will continue to make rash decisions when they are older, such as buying a car they can’t afford and then coming to you for help.
Potential Solution: 9 Year Mortgage suggests keeping track of all the money your child earns over a year-long period, including birthday money, etc. Also keep track of hoe that money gets spent. Then at the end of the year, go over it all and add it up. That can then lead to a discussion about what purchases were smart and worth it, and which ones weren’t. This can be very educational for children.
The main idea that 9 Year Mortgage hopes to get across here, is that you should simply talk to your children about money. All of these solutions involve talking openly and frequently about money issues. This is bound to teach your children some financial responsibility. Be careful not to get too controlling over their money, however. If you don’t allow your children to have some fun with their money, 9 Year Mortgage knows that it is possible that they will rebel and buy things they didn’t have the freedom to when they were young.
Will The 9 Year Mortgage Plan Work For Me?
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