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What kids can learn about money, according to age

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CHILDREN ARE like sponges; they generally absorb knowledge fast. Parents can take advantage of this wonderful time by teaching them about money early on. In Rich Kid Smart Kid, author Robert T. Kiyosaki wrote: “I am often asked, 'At what age should I start teaching my child about money?' My answer is, 'When your child becomes interested in money.'” Lifestyle trainer Chinkee Tan, author of the book Till Debt Do Us Part, shares that kids can be taught about money as early as four years old. “Here are the ages at which a child can start learning about money,” says Chinkee, “and the kinds of things he or she is probably able to learn at that stage: Ages 4-5: What Money Does and Is Show the connection between what your child wants to buy and the money needed. Ages 5-6: Where Money Comes From Reward for good behavior or task completed should be EARNED. Ages 7-8: How To Save Set aside a portion of every peso your child receives from loved ones or relatives as savings. Teach your child the value of savings. Ages 8-11: How To Invest Your Money Wisely Save money through banks and other financial institutions. This allows the child to understand the effect that interest has on his or her money.  Ages 11-14: How Money Works Money can be generated by getting into business. Money issues like borrowing, making loans and its effects should also be discussed. The goal is for the child to understand the pros and cons of borrowing. Ages 14-18: How to Make More Money At this age, a child also needs to understand how these things work: personal budgeting, overdrafts, credit cards, bank charges and so on. The goal is for the child to be independent in handling his or her personal finances.” Here in the Philippines, money is taught as early as preschool. It is part of the Math curriculum. But always supplement at home what is taught in school.

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This page contains a single entry by Karen Galarpe published on July 2, 2009 12:28 PM.

Managing family finances was the previous entry in this blog.

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