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Also here are five simple ways toteach your kids how to handle money.
However, Kamari wasaround seven yearsold when Latham purchased her daughter her very first stock.
I wanted to show Kamari that investing is a long-term strategy towards financial security.
She choseDisney, Nike and Chipotle brands she knew and loved.
Watching those accounts rise and fall over time taught her patience and risk in a very tangible way.
They knew if we wanted something big, we had to save up to pay for it in cash.
The habits we teach our children about money when theyre young will stay with them for life.
The main lesson is the value of money, Delisesaid.
And this is basically what money can buy and more importantly, what it can buy instead.
And it’s possible for you to teach this at almost any age.
When my boys were really little their currency was chocolate bars and Lego [sic].
A teddy bear might be 10 chocolate bars and a bike might me3 large Lego sets.
As Delise explained, The Awesome Stuff are The [things] that brings you the most joy.
I always ask my kids, Is that your awesome stuff?
And if the answer is no, they dont buy it.
The answer itself doesnt matter.
Its the fact that they pause and reflect and ask the question.
If I was to teach one more thing it would be the habit of saving first, Delise said.
This single habit will have the greatest impact on your financial freedom.
And check that that [youre not saving a bit simply to] buy something more expensive.
Youre saving so that your money can earn money for you and create that freedom, Delisesaid.
This is money that should never be spent and allowed to grow.
you might spend the money it earns but not the principal.
The key is starting financial education early using experiences and examples in daily life.
Let kids make choices and see the results.
Teachpatience and riskin a hands-on way.
Lead by example through your own financial behavior and decisions, hesaid.
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