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3 reasons why kids do not value money

“Kids do not know the value of your money. Their money, they know the value of.”Judy Markey When my kids met grandpa a week ago, they were given 10 euros each. Faustas asked me to keep that money for him until we return home. A week has passed and he did not ask me to give that money back to him. Does it show that he does not value money? Do your kids value money? 5 signs showing that your kid does not value money: The kid tends to lose the money he gets, e.g. he puts it in a place that he later forgets;She does not show any joy when she receives material things - sometimes she does not even look at them;He does not have any long-term dreams…

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How to make investment interesting to your kid?

Investing, Top posts

Don’t work for money; make it work for you. Robert Kiyosaki I have tried to make investment interesting to my 9-year-old son a few times, however, unsuccessfully. My (many) unsuccessful attempts... Firstly, I tried to explain the concept of investing. I said that he would have to create a money machine which could work for him. It did not sound interesting to him. I guess that is because he gets enough money to satisfy his needs now. Then at some point of time I made an Excel sheet with compound interest calculation. It showed him that if he invests a few euros now, in 10 years time they would become a huge sum of money. That did not catch his attention either. I guess that is because 10 years time…

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How important are relationships in your kid’s life?

Relationships and emotions, Top posts

The single greatest "people skill" is a highly developed & authentic interest in the other person.Bob Burg Strength of relationships in your life largely impacts the quality of your life. Therefore, make sure that you encourage your kid to keep in touch with important people in his life - friends, teachers, relatives, etc. Top 3 things you could do with your kid right now 1. Ask your kid to call to her friends on their birthdays Your kid is likely to be invited to many birthday parties of her classmates and friends. And if she is invited, she most probably brings gifts and congratulates the celebrating person. But how does she behave if there is no birthday party? Or if she is not invited? Together with your kid, make a…

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How to make your kid smarter?

Intelligence, Top posts

I really had a lot of dreams when I was a kid, and I think a great deal of that grew out of the fact that I had a chance to read a lot.Bill Gates Studies show that kid’s IQ depends on many things that are not directly related to intellectual things. For example, IQ depends on exercising and sleeping habits, self-discipline, healthy eating, etc. The reason for this is that one area of our life usually affects other areas of our life. That said, it is still important to stimulate your kid intellectually. It is your responsibility as a parent to form the right intellectual habits for your kid. That would make it easier for him to achieve his financial freedom in the future. Top 3 things you could…

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3 ideas how to teach kids healthy habits

Health, Top posts

Among the most sacred gifts you can give your child is the gift of health. This gift is best given by example.Dr. Rand Olson If you teached your kid healthy habits while he is young, he would not need to spend his energy later on to create those habits. It means that he could use his energy on making a difference and changing the world. Who does not want that for their kids? Top 3 things you could do with your kid right now 1. Take your kid with you while exercising When I was 12 or so, my dad, my brother and I used to run every morning. We usually ran about 2 km to the lake near our house. Sometimes we used to run “the lap of lazybones”…

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3 ideas how to inspire your kid to dream big

Purpose of life, Top posts

The future belongs to those who believe in the beauty of their dreams.Eleanor Roosevelt If you scored low in “Spiritual” category in Financial IQ Test for Parents, please check the activities below! Top 3 things you could do with your kid right now 1. Help your kid discover his passion in life Most probably you know your kid very well - even better than he knows himself. Therefore, it is your responsibility to encourage him to use his strengths and find his passion in life as early as possible. Ask the following questions: QuestionComment What would you do right now if you are free to choose? The younger the kid, the more freedom he has to do what he wants. Pay attention to what he likes to do most and…

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3 ideas how to encourage your kid to save

Saving, Top posts

How much money you keep is much more important than how much money you make.Robert T. Kiyosaki Top 3 things you could do with your kid right now 1. Get the “Save” piggy bank for your kid It is important to teach your kid to save as early as possible. When you start giving allowance to your kid, it is the right time to start teaching saving habits. If you want your kid to be financially free in the future, he has to learn to save. Otherwise, no matter how much money he earns, if he spends all of it, he will not be free to decide what to do. E.g. he might not be able to quit job or take a one-year sabbatical if he needs to pay all…

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3 things you could do to teach your kid wise spending

Spending, Top posts

Teaching your kid to wait before spending is the most valuable lesson you could give. Top 3 things you could do with your kid right now 1. Play a game “Need or want?” Not knowing the difference between needs and wants could cause a lot of financial problems in the future. To avoid them, play the following game with your kids. Think of 10 things that you usually buy. Ask your kid whether it is a need or a want. When he tells his opinion, discuss the answers with him. Explain that needs are things we must have to survive. Wants are something we would like to have but we do not need for survival. NeedsWantsFoodEating out at a restaurantElectricityTV setClothesBranded clothesEducationVacation abroad Keep in mind that needs and wants…

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The one reason to change financial beliefs

Financial beliefs, Top posts

Financial beliefs is the most sensitive part of the Financial IQ test for Parents. Why? Because many of us do not consciously understand what our financial beliefs are. Others of us may be aware of our beliefs but may deny that these beliefs have anything to do with our financial success. Many of us also feel strong rejection inside when somebody starts talking about beliefs and positive thinking. Your financial beliefs shape your reality. They shape the reality of your kids too. Interestingly, the most comments I got from people were related to financial beliefs. E.g. “I would never agree that rich people are rich because of hard work.” Or “Most people are rich because of luck or because they inherited riches from their parents! Look at statistics!”. Or “I…

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7 reasons why it is worth teaching kids to share

Sharing, Top posts

On his 7th birthday, Faustas had received a bunch of gifts - toys, books, LEGO, etc. 2 weeks after the birthday I found 2 unpacked sets of LEGO in his wardrobe. Get me right - he did not forget about them. He perfectly knew that he had these sets of LEGO in his wardrobe. He was just not interested enough to open them. To add up to this story, I reminded him of those LEGO sets once in a while and urged him to open them up. But the fact is that those 2 sets of LEGO laid there for half a year or so until he finally decided to open them up. Again, don’t get me wrong - Faustas is fond of LEGO. He enjoys building cities, zoos or…

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