Benefits Of Teaching Kids About Money
There are many ways for kids to make money but have you ever wondered the advantages
of teaching your kids how to do this? Beyond just getting paid kids are learning some vital skills that could never be learned in a classroom. Let take a look at some of these.1. Money Management - When your kids are making money they will have to learn what to do with that money. Do they spend it? Do they save it? Do they give to help someone in need? These are decisions you make every day as parents and your kids can now begin thinking about these types of things too.
2. The Value of Money - It is amazing how people will spend differently when they are spending their own money. When someone else is paying, we spend freely. When we are paying, we tend to spend wisely. When kids have their own money to spend, money they have earned, they realize there is no bottomless pit of money. They also learn that buying this item may mean they have to sacrifice something else. What a great lesson to learn especially as a child!
3. Time Management - When you consider the different ways for kids to make money usually it is in addition to activities they already have on their schedule, whether that's school, church, sports or family time. Kids will soon realize that there are only 24 hours in a day and you can't be everywhere and do everything. Hopefully they will learn how to prioritize what's important even though this is sometimes very difficult to do, even for us parents.
Some parents will help their kids start businesses and for these kids there are skills they learn in addition to the ones above. Here are some of these
1. Marketing Skills - Marketing is a wonderful skill because kids are learning how to create excitement and branding for whatever product or service they are promoting. Companies spend huge sums of money to get the message out about their product or service. Think of all of the millions of dollars spent on advertising every year, whether it's print, TV or internet? Marketing professionals are vital to the success of every company and your child is learning these skills at a very young age.
2. Sales Skills - Selling is an invaluable skill that can help your child in every area of life, both professional and personal. You can use these skills whether it's persuading a customer to use the product or convincing the college interviewer that you are the right choice for that college. Selling happens all of the time. People often say they don't like to sell, but they usually don't realize they do it all of the time. Having your kids do it and recognize they are doing it can give them a world of confidence and an advantage in every situation they face in life.
You see parents finding ways for kids to make money is about more than just making money. It really is about preparation for life. Not just teaching your kids how to support themselves but helping to develop skill sets that are vital to success in every area of life.
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