10 Money facts your kids need to know!

Money Matters: Financial IQ for kids beyond the basics

Like most of us, no one taught me about money when I was young. I would hear phrases like "you need money to make money" or "have your money work for you". Problem was that I grew up with limited resources. How do you get money in the first place so that you can have your money work for you? Then once you have it - how in the world do you make it work for you? These were questions I struggled with for years. 

It is so important that our kids understand money and how it works. How many people have you known that get themselves in over their head because they simply didn't understand how money works. There are many articles on the web about save, spend, share but rarely do you find anything that goes beyond the basics. Teach your kids about money while they're young so they can succeed when they're old. 

For the record by no means am I an expert but over my years I have come to understand some basic principles that I wish someone had taught me when I was young.  

Personal Story: This past summer I was low on cash I asked my then 7 year old daughter if I could borrow $30 from her. (Just a reminder: As I am now living in a small town, most places won't take credit cards and an ATM isn't always available.)

​She had worked hard for this money; frequently doing extra chores to earn a little more. She was very invested in her money as it had taken some time to earn. Her reply was that she would be happy to lend it to me but that she wanted me to pay her interest on the loan!
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I was over the moon and more than happy to pay her interest. She was making connections about money, how money works and how she could make it work for her. It was a very proud mama moment for me.

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I've added a MSWord docx file so you can download and share with your family.  One idea is to review one Money Fact every night when you settle up on chores.