How to Teach your Child the Value of Money

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Teaching your child the value of money is like teaching your child anything else such as manners, respect, cleaning up after them selves. If you child is old enough to talk and understand conversations they are old enough to learn the value of money. Start by paying them for a chore such as raking leaves. Teach them to save.

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Wait until they have about $5 or $10 dollars saved and take them to a yard sale. Look for a great deal, something priced cheap that is worth much more. When you spot it point it out to them. Explain to them they can invest their money and make more money. Help them sell it at a local flea market, ebay, etc.

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For an example:

when my son was 5 years old I took him to a local auction. By this time he already knew how to spot an antique, he knew the value of money. I would allow him to bid with my card. By this age he already knew how much was too much to spend. He purchased an antique bee box for $5. A lady walked up to him and explained to him that she wanted to buy it but missed the bidding. She asked if he would like to sell it and offered him $20. He thought about it and replied ” how about $25, that way I will get my $5 back and make $20″ She agreed and he now had $20 to spend to reinvest. I don’t recalled what else he bought that day, but he is now 9 years old. He has made several thousand dollars since then. He spends it wisely, usually only for a reinvestment. If there is something he wants such as an ATV or a video game system I make him purchase it with his own money. He is always looking for a deal whether it is on ebay, craigslist, yard sale, or a freebie on the sidewalk. With learning these money making tricks he has learned to appreciate the value of money. When I take him shopping for something he needs, he does not allow me to spend much money. He will suggest going to the thrift store or searching online. If we are at the grocery store and I go to pick up an item to place in the cart, he often stops me and points out a more affordable item. He goes as far as comparing the ingredients and the quantity. Teaching my son the value of money has not only helped him make money, but it has also saved me money. It has also given me the piece of mind that he will make it in this hard world we life in.


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