GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
At the same time, 31% of parents never speak to their kids about finances.
Plus, only 17% of U.S. adults said they took apersonal finance classin high school.
You have the power to influence yourteens financial knowledge and habitswith some important lessons.
Youll want to confirm they understand the difference betweenearned and passive income.
Earned income means you have to work for your money.
Essentially, you trade your time for money, such as an employee working for a paycheck.
But, passive income means that your money works for you.
This is where the out of thin air part comes in.
Kiyosaki says a financial statement is made up of four quadrants:income and expensesand then assets and liabilities.
In simple terms, assets like investments and real estate allow you to generate income.
The people you spend your time with will influence your decisions, including when it comes to your finances.
Teach your kids to find good friends who are financially savvy and have business smarts.
More From GOBankingRates
Share This Article:
