It’s Financial Literacy Month and kids need to focus more on learning the basics of money and less on social media and video games. That’s the message for children and parents from Patrick Bet-David, an entrepreneur, author and self-made success who emigrated from war-torn Iran to the U.S. and has made financial literacy his personal crusade.
It’s not that he doesn’t want kids to have fun, but he says today’s distractions are taking too much time from more important things like learning about money. Bet-David says whether kids are going to the movies, shopping for clothes or music, buying a car, trying to help support their parents or even working a couple of jobs to pay for college, money is and always will be an important part of our lives.
- Start a habit of saving money
Whether someone gives you five bucks or you just got your first paycheck, whatever money you are making, try to save at least 10% in an account that you try hard not to touch.
- Start a budget
Open up your own savings account and learn the basics of having a bank account. Start a budget and learn to manage it.
- Shop around
It’s tempting to see something we like and buy it on the spot, and that’s called instant gratification. But if you go online or wait a couple of months for a sale, that same item may cost less which saves you money.
- Avoid credit cards at all costs if you cannot pay the bill monthly
If you plan on buying an awesome car, buying a house one day, or being taken seriously in any business venture, your credit score will play a huge role in how much financial companies will trust your spending habits. Ensure that if you have a credit card, you pay your bill monthly and on time.
- Focus on earning
Saving is very important, but if you’re not earning money you won’t have any to save. Start thinking like an entrepreneur at an early age. Open a lemonade stand, car washing business or pet walking service. The key is to offer a service that people are willing to pay for.
- Expect more
People usually make the amount of money they feel they are worth, and most people sell themselves short. Teach children to have a high self-image, and they will create a world for themselves that meets that self-image.
- Download an app on your phone
There are so many apps for managing your budget and savings on phones nowadays that you can track your money on the go. Get in the habit of keeping tabs on your spending habits. Kids will have more fun doing this on their phones and tablets.
Patrick Bet-David is a man who inspires. He is a successful entrepreneur, emerging author and financial literacy crusader committed to helping people get more out of life.
His latest accomplishment is the launch of a financial literacy website. GoAskNewton.com is a noncommercial website designed to help educate people on all things related to personal finance in a fun, entertaining way. The site uses simple tools and weekly finance lessons all presented by Patrick’s alter-ego “Newton” – a smart and friendly dog who is “financial literacy’s best friend”.
He has spoken to thousands of people at both an educational and corporate level on a wide range of topics. His talks have covered the importance of financial literacy, the importance of entrepreneurship in a vibrant economy, and the need for every individual to rebel against conformity in order to embrace a cause that matters.