Teach Your Child About Money In 10 Minutes

A few days ago, I asked this question:

“If you had just 10 minutes to teach your child(ren) about money, what would you teach?”

The responses were incredible! Here are a few of my favorites:

  1. Lesson number 1; spend less than you make. Lesson number 2: Make sure you give and save every month.
  2. You haven’t got to spend every dime you get….:)
  3. It’s very important to take advantage of compound interest over time, so START SAVING EARLY and avoid debt as much as possible, especially early in your career. This will save you a lot of grief and stress in later years, plus free up money to be able to be a generous giver.
  4. What my Dad always told me…”A sale is not a sale if you don’t have the cash to pay for it.”
  5. “Everything in the heavens and earth is yours, O Lord, and this is your kingdom. We adore you as being in control of everything. Riches and honor come from you alone, and you are the Ruler of all mankind; your hand controls power and might and it is at your discretion that men are made great and given strength” -1 Chronicles 29-11-12  I would start w/ this verse…reminding them of it in the day to day life that we live together in our home…and then, i’d look around our home and show them that just as everything in our house that belongs to mom and dad…is all stuff they use everyday (tv, beds, hot water, food, etc.) is all stuff that we are glad for them to use w/ care and thankfulness…And in reality, it is all God’s and we want to use it w/ care and appreciation. Until any of us first deal w/ who God is and what is our response to who He is…all the teaching about dollars, budgetting, all the wise money skills…won’t really teach them the most important heart issues…ownership and response…  This is what we did w/ our kids and all 3 of them seem (as young adults in their 20’s) to have a great heart for thankfulness, a joyful attitude about giving and seem to handle their money wisely…
  6. Debt means somebody else gets your money!
  7. 1. Income – Outgo = ZERO every month, every time.  2. 10% to God, 10% to savings at a minimum, every payday, every time.  3. Memorize these two website addresses and visit them often: www.joesangl.com and www.daveramsey.com  End of lesson.
  8. Save most, and spend some. Save for a rainy day, as the old saying goes.
  9. You don’t own your money, you’re just a manager. Make it grow. Be ready to let it go. Give away more than you think you can.
  10. Always pay your tithing- the Lord will provide.

Those are 10 of our favorite responses! Do any of these responses connect with you?

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2 Responses to “Teach Your Child About Money In 10 Minutes”

  1. Brandon November 28, 2012 at 8:45 am #

    EXCELLENT & SOLID ADVICE! Loved this post – really encouraging and challenging for a father.

  2. Joe Wickman November 28, 2012 at 12:49 pm #

    Great post for every parent Joe!

    I recently jotted down my 3 thoughts for the basics I’m teaching my kids.

    http://joewickman.com/2012/11/17/what-im-teaching-my-kids-about-money/

    By the way, I loved “Oxen” and am taking steps daily to put it into practice. You’re right. Birthing your first ox is a HUGE learning experience.

    Pray for a successful birth!

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