8 Money Lessons Parents Need to Teach Their Kids

Education begins at home, and the teachings of parents touch every aspect of people's daily lives, especially those that relate to money...

Education begins at home, and the teachings of parents touch every aspect of people's daily lives, especially those that relate to money.

All parents want to leave the best legacy to their children, from their relationship with other people to instilling pastimes such as cinema, reading, a liking for the local football team, including religious teachings and, of course, financial institutions.

8 Money Lessons Parents Need to Teach Their Kids
So when it comes to passing those 'pills' of wisdom to future generations, those permanent lessons we learned from parents are those that are fixed at the top of mind of people.

The Business Insider portal focused on talking to different types of parents, who had children of different ages, about the importance of good practices against money in the education of their children, beliefs that they will inherit from their parents and. Which they wish to pass on to future generations.

In this way, he gathered the different appraisals in 8 great lessons on the use of money and we tell you below.

"Debts take away your freedom."

If you set to limit your expenses, then you will have more freedom. Shares take away your freedom, so it is best to avoid them whenever you can. And if you borrow, be smart and get the deal that is most favorable.

"Do not spend what you do not have."

Having too many credit cards with such high-interest rates can generate a black hole in your finances if you end up overdue. Not to mention that paying off your card balance can take many years.

"The Importance of Working on Your Money"

Working hard to earn your own income is perhaps the best way to understand how difficult it is to get something and give it its fair value.
"It's not the big expenses but the small ones that can affect you."
Often people pay more attention to higher costs such as those in which they have to economize more. For example, on a holiday they are more set on paying cheap tickets and hotel, lower a little on food, but do not look at the smaller or 'ant' expenses that end up damaging the budget. Then, they spend more on going to the aquarium or the zoo, buying a change of clothes that they saw in a warehouse or taking travel reminders to all acquaintances.

"You can make money in two ways."

In one of the answers, one person remembered that his grandfather owned a hair salon, which he handled for most of his life. During his working life, he achieved sales of about 500 thousand dollars, using only that income. "He told me," You can make money in two ways: with your muscles or with your brain."
Also read: 10 Money Mistakes Wealthy People Don't Make

"Budget at a relatively early age"

Parents give their children a sum for their relatively generous support by giving them a lot of emphasis on the discretionary use they should be paid, for example, for expenses such as movies, costumes, fuel, or birthday gifts. But for other items, such as books, sports outfits, parents are the ones who bear the cost. "We knew that the funds we gave them were insufficient to enable them to live a great life; If they wanted more then they should work for it. That teaches them the value of money, in an environment where kids drive expensive cars to go to high school. They learned to budget and make their decisions . Now that they have grown up, they are benefiting from that lesson, "says the testimony of parents.

"Define what you want or what you need."

You have to learn the difference between 'wanting' or 'needing.' If you need it, then you can include it in the budget, but if you want it or want it, then you must have enough money to buy it, either because you saved it somewhere.
Also read: Money Is A Tool, So Stop Treating It As The Goal

Do not mess with what others do or have

If you have an individual income, distribute it according to your possibilities. There is no need to look at what others have or gain, that destroys their happiness. If your budget is limited, live within your means. Make a budget and set up a savings plan and implement it. Wealth builds step by step.

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