Showing posts with label financial literacy for children. Show all posts
Showing posts with label financial literacy for children. Show all posts

Mar 13, 2020

Your Sherpa Your Guide To Teaching Children About Money


At first, I told people my mission was to help them become financially literate. Eventually, I realized that merely mentioning the term ‘financial literacy’ can put people to sleep, as they perceive it to be tedious, academic, and all about math.  It then became clear that my true mission is to show people that financial literacy is a means to an end, a tool, to achieve better life outcomes. Don’t we all want better life outcomes? like the independence and freedom to enjoy and care for our kids, not to be dependent on our kids when we are old, to be able to give to others, and in general be able to take control of our lives so that we can unlock our potential.

Another realization I had was the importance of delivering age-specific messages:

For a very young audience it is best to motivate them to want to save money by showing them how money can grow.

For a high school student, the message needs to be clear that they are making huge life decisions, even at this seemingly young age, such as choosing an initial career path and selecting a college.  Many of their peers are making purely emotional decisions and choosing colleges they can’t afford and careers they are not passionate about or do not generate the earning power needed to pay off college debt.