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7 Tips To Financially Prepare Your Kid



As I mentioned on Monday, my one and only son, Will just turned 8, and I have to say that he is the most financially fit person that I know. For full disclosure, I did not set out to raise such a financially aware child, but through a series of thought out and accidental choices, I know what worked. And now, he not only has over $800 to his name (between cash and gift cards), but he makes incredibly informed decisions about the money that comes out of his wallet. How did this happen? We actively practice the following:
7 Tips to Raising a Financially Fit Kid

  1. Say no…A LOT – This seems easier said that done. When I was a child my parents said “no” quite a bit to me, and it was not for lack of wanting to buy me “things” it was for lack of money. Once I had my son, I wanted to say “yes” to him all of the time because I now had the money my parents didn’t and I wanted him to have “better” than me. However, I realized that hearing “no” as a child taught me a number of important lessons about money and spending, and I wanted my son to learn those as well. Yes, we had many fights in the toy aisle of Target and there were more meltdowns between the ages of two and three that I care to relive, but I am proud to say that after years of sticking our ground, my son understands that when we say “no” it means “no”, and there is no more arguing. He also understands that when we say “No”, we are not saying “I don’t love you.”

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