Start Early

When I was growing up my parents taught me the value of money. Not by giving me money but by making me earn it. From a very young age (age 9) if I wanted to buy somethiong I had to earn the money to buy it. Having a paper route was the only way I could do that. My brothers and I delivered newspapers every morning for almost 6 years…until each of us was old enough to get a “real” job.

It’s never too early to start teaching children about money. Otherwise, until they start earning a living, it’s easy for kids to think that money, indeed, does “grow on trees”!

Even young children can understand the concept of money…exchanging a sum of money for something they want.¨

Consider giving children an allowance beginning in elementary school,teaching them how to split their “earnings” into three piggy banks or glass jars: savings, spending and sharing.¨

Teach them how to allocate money, such as 20% for savings, 10% for giving and the balance for spending.¨

Show your kids how to reach a savings goal…how saving X amount of their allowance each month will add up to the amount needed to buy a toy or new video game in a certain number of months

 

 

 

About Jeffrey Berson

40 years in and around the industry has made Insurance a part of my DNA. I have had the pleasure of working with and for some of the greatest minds in our industry. My "Bersonal" View is an attempt to capture some of the best ideas, the best concepts and the best practices in a way that can lead to success for others. It will certainly be my point of view, so please...don't take it "Bersonal".
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