The best thing you can do for your kids is to help them start putting their common sense into practice. You’ll do that by teaching them these basic principles of money management:

We talk about it all the time—your most powerful wealth-building tool is your income

At first, we need to instill diligence in them. That goes for both kids and adults. The 6-year-old you teach to save for a bicycle will eventually turn into a 17-year-old who is eager to save for college.

Pay commissions, not allowances. Your kids get commission for doing chores around the house like taking out the trash, feeding the dog, and helping with the dishes. Instead of simply giving your kids money for breathing, give them money for being productive around the house! That’s how they’ll learn discipline and work ethic.

After that instill discipline in your kids by teaching you use money earn so that they will not continuously working for money.

Priorities. Priorities. Priorities. Making money shouldn’t be a license to go spend it all right away. Too many kids and teenagers make #500 and spend it within a day on something they will have forgotten about a month from now.
As a parent, how can you make sure your child understand how fun it is to spend while also remembering that our next subject comes first?

Yes, saving. It can seem so boring. But believe me, it’s one of the most important things you can teach your child. If your child heads off to college without understanding the principle of saving, then he or she will most likely graduate with a lot of debt.
Start early. Use a “PIGGY BANK” or, even better, a clear jar so they can see their money growing. Once they are old enough, open a basic savings account.

Giving is what it’s all about. The point of building wealth is to change your family tree, invest and give a bunch of money away to impact lives. The earlier your child gets that, the better they will be in the long run.

Help them pick a charity to support and teach them about tithing. Instead of just giving them a Naira note in the church parking lot, let them use their own money to tithe. That’s when they’ll really feel the impact of giving!

These are the basics—simple principles you can teach your kids at an early age.

Remember, keep reinforcing the importance of working, spending, saving and giving throughout your child’s life. Don’t simply sit them down for one discussion and leave it at that. Look for teachable moments, play money game with them like monopoly.

Talk about money as often as they want to, and be available for questions. Before you know it, you’ll be raising a money expert.

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