I grew up in the 70's & 80's with laid back parents, who didn't pay too much attention to my fiscal education, but I really wished that they had.
40% of our daily activities can be boiled down to our ingrained habits.
We developed our habits when we were children, picking them up from parents, teachers and our environment.
This is great if we had positive mentors and role models but what if our influencers are not so positive?
The worst thing we can do to our children is to raise them to be financially illiterate.
The fact is, people are poor because of poor habits. Poor parents teach children poor habits and wealthy parents teach their children to be optimistic and develop good habits.
Wealthy people have daily habits that they learned as children.
Here are some quick tips from RealRenta to help you instill positive daily success habits in your children:
- Put limits on TV, Social Media and access to mobile devices
- Encourage them two read a minimum of 2 educational books per month
- Require children to exercise or move for a minimum of 30 minutes per day
- If you have working age children, encourage them to work or volunteer every week
- Require them to save 25% of what they earn
- Remind them the importance of building relationships and encourage them to call their friends, family etc and to acknowledge any cards or gifts they receive from people.
- When they make mistakes, remind them that this is all part of the learning process and that success is built on mistakes.
- Open a bank account for them and encourage them to use their own account to buy things they want
- Talk to your children, spend quality time with them and have quality conversations
- Show children how to time manage and help them create “to do” lists.
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