How can I begin to introduce my 9 year old boy to the concept of financial literacy?

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  • #91910 Reply

      He recently received birthday money and also has some proceeds from a lemonade stand. Thank you in advance for your feedback.

      #91911 Reply

        So, my example to most people is go the grandfather route get the audiobook of the simple path to wealth. Put together a trip. The distance needs to match the audiobook.

        So, say we’re going on a weekend vacation to this amusement park no phones no nothing turning on an audiobook you listen to the audiobook all the way then we’ll go to the amusement park and talk about the audiobook all the way home. The child gets rewarded for learning the same way you get given snacks pencils etc when we were kids in school…

        Doing this once a year every year for the next 5 years and that child will learn everything they need to know.

        #91912 Reply

          Lemonade stand is a good start. It will imprint his mind by doing it so that he will have a head start with work experience.

          #91913 Reply

            Kid books about money, game of monopoly, electronic toy bank, also take him with you to deposit money into his real bank (if he has one). Let him see you budgeting etc.

            #91914 Reply

              I showed my 7yo a compound interest calculator. Blew his mind! Then we talked about brokerage/HYSA/index funds (which we called “owning slivers” (of several companies) and made sense to him) and how his money could make money if he leaves it in those spaces.

              Also told him we would put money in too but he has to leave it there until til he is a grown up.

              Next day he asked to have a “slivers account” and gave me money from his piggy bank to put in it. (My 9yo told me talking about money is boring…you can’t always win).

              #91915 Reply

                I like real world examples until you are sure a kid can begin to grasp higher level concepts. My favorite is letting them blow all their money on something they want in the moment and then complaint heavily about later.

                Next up is thrift store shopping to show how many more things can be purchased for same or less money.

                Then shift to saving up for a purchase with a parent match, double lesson. Things like that.

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