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For instance, teach how giving is linked to financial freedom, stated Cruze.
This will help shape the people children ultimately become.
Taking deliberate steps to instill financial literacy is essential, supported Murphy Pavone.
Simple financial literacy language and videos like those offered byKidsvilleare a great place to start.
Skill Building
Concepts in and of themselves are meaningless without real-world program.
Encourage saving, spending and giving by dividing their money intojars or accountsfor each purpose, Murphy Pavone explained.
Use simple examples to show how saving and investing early can lead to long-term wealth.
For instance, open a custodial Roth IRA for a teenager with earned income to jumpstart their savings.
Good money habitsare muscles that must be built.
Better to do it now than in the real world, she said.
So dont yell or cajole; simply provide constructive feedback on how to do better next time.
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