This is such a huge topic…I’ve run into very few people who have had any sort of guidance from their folks about money. Here are Alcorn’s points in brief – he teases each point out in the article:
- Give your children something greater than money—your time.
- Use life’s teachable moments to train your children.
- Take a field trip to a junkyard.
- Teach your children to link money with labor.
- Teach your children how to save.
- Get your children started on the lifetime adventure of giving.
- Provide your children with financial planning tools.
- Teach your children how to say “No.”
- Show your children how family finances work.
- Never underestimate the power of your example.