• Make it clear that the savings account is sacred. It’s for real emergencies—not impulse buys. (Teach him to avoid making decisions like, “I want that new skateboard and I have money in my savings account, so I’m going to go withdraw it.”)
• Get your child a credit card and teach her how to use it. Enforce strict boundaries on how to make the card an asset rather than a liability. Too many parents assume all debt is “bad” while, in reality, businesses depend on it to operate.
• Attend a county commission or school board meeting and bring your child along.
• Help him set up his own budget and stick to it.
• Find ways to pay her for being valuable to you and your employment.
• If your kids mow lawns or babysit or provide some other service, teach them that they must run their business like any self-employed person. Hold discussions on supply and demand, how to find customers, how to set prices, and how to add value so they are branded as the best in their niche.
• Show your child how deductions work when you invest.
• Invest in some small penny stocks that won’t cost him huge if he loses but will teach him the ropes before he has to make big retirement investment decisions.
• Teach kids healthy attitudes toward money. It is not scarce; nor is it “the root of all evil.” Money is inherently connected to how much and how well you meet the needs of others. The more you share your time, talents, and expertise, the more abundantly money flows into your life.
Gregory S. Downing has dedicated his life to teaching his students that every family can truly control its financial future and create a generational legacy with profound, yet straightforward advice and guidance. As a nationally and highly respected author, speaker, family expert, and organizational consultant, his advice has been sought and put into practice by thousands of people from all walks of life. With over 20 years of experience in management, leadership, training, and business ownership, he has proven that his principles of legacy parenting, business promotion, entrepreneurship, and real estate investing both work and create bonds of relationship that go beyond the ordinary.