Many parents often only tell their children to do chores at home, before they provide them with some allowance. It is clear that many children and teenager want everything for doing nothing. The latest gadgets, games and toys always entice them to buy more and more. In this situation, parents always become the constant source of money for their children. Parents shouldn’t allow teenagers to make them a private ATM. This could happen when parents fail to teach children about the real values of money. This could be a fact that is lacking in their childhood. In fact, many parents are willing to become private ATM for teenagers, because they want to do so. Whatever the situation is, the problem can be financially damaging in the long run.
It is important for parents to know how family values could have an impact on their financial security. There are many things that adults cherish, such as jewellery, property and car collection. In this situation, it is better for parents to show teenagers that obtaining them won’t be an easy thing. Values related to personal worth shouldn’t be directly associated with money. However, teenagers should know that they need to earn and keep money in a proper way. How we teach children and teenagers could empower them and we will be able to provide them with enough value. This will applicable well into children’s adult years. Many teenagers will eventually find that they need to struggle to earn enough money.
Parents should try to detach self worth values with money, because this type of mindset could actually cause children to have bad financial situations in the future. Other than doing household chores, children could also be directed to earn money in different ways. Parents should actively look for ways to allow children do specific things that can help them earn money, such as selling their own home-baked cookies using their allowance money. Parents should be able to empower their children by managing money smartly and this could help them well later in their lives. Children can be give pocket money, but it is even better if children have their own small businesses. This will allow them to budget, plan and manage money.
Children can be taught to see opportunities in the neighbourhood, schools or online. The initial business capital should be taken from their monthly allowances. However, children should be informed that there are always some possibilities for failures and this is the part of the learning process. To minimize risks, children could choose to offer various services, such as mowing the lawn, cleaning the pool or do other chores at the neighbours’ houses. Education is more about schooling, but also telling them to many things for people other than the family members. Eventually, children will start to accumulate knowledge, skill and experience. This will allow them to do jobs better and faster, so they will earn more money. Children shouldn’t be taught only to accumulate money, but also to gain more business opportunities when needed.