4 Great Money Lessons to Teach Your Kids (Before It's Too Late)

4 Great Money Lessons to Teach Your Kids (Before It's Too Late)


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• The Ramsey Show (Highlights):

[umairahmad]

My parents unfortunately never taught me about money management but I’ll pass my financial advice to my future kids . 🙏🤣💰

[livefreewithcalebd]

Sometimes just having conversations about money management in front of your kid’s works well too.

[mle]

I remember wanting an American Girl doll when I was 8, and my parents made me save up and buy one myself. I saved for about 6 months (allowance, chores, birthday money) and was able to save up the $81 for it. Still remember this 20+ years later. Taught me a great lesson about saving money for big, quality purchases instead of of wasting money on candy or cheap toys. I remember literally sitting on the floor counting up the money in my piggy bank all the time, getting closer and closer to that $81.

[jwilliams]

Imagine an 11 and 7 year old "making" you go get "their" money from the bank. What a pushover! I have two letters for them

N O

[kaesch]

My problem is my kids go crazy with the chores because it makes them money and they’re constantly asking for MORE WORK. And I don’t have anymore work for them, and it’s too expensive for ME to keep up with all this chore money. I came up with the idea to pay them to read books and honestly, it’s been a pretty good investment. And I just pay them after a chunk of time, like a month or the summer.

[SkySilver]

My parents taught me “money management” by never giving me a dime for anything 😆 any dollar I got my hands on I tucked away immediately. I learned to save by learning money would never be handed to me.

[sunayakong]

The way I set it up with my daughter, is she had three piggie banks. One for saving, one for spending and one for long term projects. The two savings banks where bared to get into and the spending bank she could readily get into. Every time she got money she would split up and put into each respective bank.

[BusinessBuzz]

Too many people laugh about being bad with money when it’s actually a great personal tragedy.

[cheezybred]

Many kids don’t get these lessons until they’re done with high school or even college and are out in the real world.

[EppingForest]

The envelope system is a great method, not just for kids... but for adults as well

[LoveAlwaysWins]

My son likes earning money and saving it. He doesn't always like giving it but he does enjoy saving. If you even mention spending he looks at you like you committed a sin

[michellewright]

At that age it is normal for the kids to ask to spend money that is supposed to be saved. Heck, I still fight that temptation. The thing is as parents we have to firmly and lovingly remind the child they have certain amounts designated for certain things. When my kids were that age, savings were for big toys, a video game and money to buy Christmas gifts for grandma. Now as teens their short term savings is for gifts and expensive wants while their long term savings is for a future car and related expenses and possible expenses in college.

[hollyb]

Is this guy serious? Just say “NO” when they want to get money out of the bank.

[mbyrd]

I think the dad just needed some guidance. Thanks for the video. I’m still learning to be better with money and I’m trying to kids as well. I feel a lot better now.

[FreedomSprout]

My motto is, if we teach kids about personal finances now, we won't be helping them dig their way out of debt later. I think that's more true now than ever and it's our responsibility as parents. We know can't rely on the schools to teach it.

[ccsmith]

It’s important for kids to understand money=time. It’s a metric they understand especially when doing chores.👍🇺🇸👍🇺🇸

[lucillemargot]

I always wait for your videos as they are so informative and effective. Thank you for always sharing the correct information. Keep posting.

[DaddyDebt]

I totally agree with those lessons. Building a strong foundation is important!

[jmmcnoght]

Wait a minute... Dave is doing great and not better than he deserves?

[CaseyBurnsInvesting]

The fact that money is taught in the house is a major reason why “the 1%” exists.

I’d start them investing if you can.