How to Tame
The Money Monster™
The ABC’s of financial literacy
by Judy McNiff, CFP Board Emeritus®
It’s Time to Tame the Money Monster!
Tools to teach children
Strategies to build wealth early.
THE BASICS OF
Financial Literacy
Learning
Do you know where to start when it comes to talking to your kids about money?
Earning
Do your children have any idea how money is made?
Spending
Do your children suffer from "I want this" and "I want that" syndrome?
Borrowing
Do your children confuse "Can you give me?" with "Can I borrow?"
Saving & Investing
Do your children know the real path to wealth is not 'working' or 'saving' but 'investing'?
Tips, Tools and Suggestions
Do you know that teaching your children Financial Literacy is as simple as getting them started with understanding money when they are young?
The 1st Book of our Series...
Ethan Learns
How to Tame the Money Monster
Start your kids off right with how to earn, save, invest, and spend money.
Everything starts at home
As savvy as kids are in this Information Age, they remain dangerously uninformed about money. Yet knowing how to manage money is a skill that will help determine the quality of your child's adult life. Just as kids learn to read and write, young people must become financially "literate." Few schools teach money management. As a parent, the all-important task lies with you.
But it’s hard to talk to kids about money . Many of us did not grow up in homes where money was discussed. Because of that, I’ve compiled some resources to help you jump start the conversation in your own home, and have a lot of fun with your kids doing it!
2 WAYS YOU CAN START TODAY:
- Talk about it! - Encourage conversations about basic daily spending and decision making – not lectures, but casual commentaries on situations that arise naturally throughout the day.
- Be about it! - Make a plan for your own financial fitness and stick to it - ensure you are modeling responsible financial behavior. Children do as they see, not as they’re told so it's up to you to set boundaries.
At School
So many of the money problems Americans are facing could have been avoided if financial literacy was taught earlier, in school.
Early Intervention -
Consider the jump start your child could get on life if, when they graduated high school, they were already in the habit of budgeting, saving regularly and spending wisely!
Students who learn personal finance principles early have the most time to apply what they know, getting the most out of their knowledge.
Some Topics Include -
- Where the heck does money come from?
- Ways money can get us into trouble.
- SMART earning, spending and saving habits.
Your Child Will Learn
Personal Responsibility
Personal Responsibility encompasses, among other things, doing household chores, understanding the difference between needs versus wants and understanding delayed gratification.
Financial Responsibility
Financial Responsibility encompasses earning, spending and investing money wisely, saving for things we want, understanding the dangers of borrowing and using credit cards, and sharing our money with others who need help.
Core $ Values & Concepts
Each story in the series will teach a variety of core money values and concepts. They are intended to be another tool for you to help teach children or grandchildren important values about money.
In Your Community -
It's time to take finances off the list of taboo topics and actively support financial literacy in your own community.
Are you involved with professional organizations, civic or social groups, or faith-based organizations, along with other parents who may have no idea how to begin the money conversation with their kids? Are your children involved in activities outside the home like scouting, sports or volunteering opportunities?
How can you too share the money discussions you are having at home with the bigger world?
Ready to learn more?
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HOW TO TAME THE MONEY MONSTER™
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