When I look back at my childhood, I wish my parents taught me more about money, the value, and ways to save or invest. I know that in the 80’s and 90’s, it was a different time. Money was harder to come by. Investing wasn’t as easy as opening up a Webull or Robinhood account and start trading. But I wish I had learned more of the fundamentals and foundations earlier on. Train yourself early.
I love my parents and I do appreciate everything they did for me and provided me. I was fortunate that my parents paid for 3 of my 4 years of college. The one year I took out a loan. If I remember correctly, my parents never asked me how I was going to pay for college. They never asked me how I would pay for car insurance after I got my license. They never asked me much about money.
I, on the other hand, are asking my kids these questions. How are you going to pay for college? How are you going to buy that Nintendo Switch? How are you going to buy a skateboard? How are you going to pay for a car when you get your license? One thing I see different with my children is that they start to ask the questions. How much is it? Where can I buy it that’s less expensive? What can I do to save up or make money? How much is college?
I don’t want them to have anxiety how they’re going to afford their future but I want them to become familiar with the financial basics early on. My dad always used to say, “Money doesn’t grow on trees” and “You can’t have everything.” It’s hard to say that to your children but it’s reality.
What I noticed with my children is that they are asking me tons of questions. They are more aware of the cost of items they want to buy. My oldest is asking about where does the money come from, how does my work send me my paycheck, what is the difference between a credit card and debit card, how can I make money, what is a stock, is this a good price, and other questions.
I’m very glad they are asking these questions. I hope that I’m teaching them the fundamentals and foundation so they don’t make financial mistakes when they are older. I’m exposing them the difference between saving and investing. Investing is a little harder to explain but they are getting the concept.
They understand the concept of spending more than you have and going into debt. This is something they want to avoid obviously.
Hopefully, their questions won’t stop and I’ll be there to answer them. Having an early understanding of the importance of finances is important to grasp because it’ll prepare you for your future and financial goals. Train yourself early. If you are interested in following my journey, email subscribe to get alerts of latest posts or follow me on Facebook, Instagram, and Pinterest.
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