Three Important Financial Lessons To Teach Your Children

Unfortunately, most elementary, middle and high schools don't teach financial literacy and money management. This is one of the main reasons why it's so important for parents to pass down this information to their children. When you teach these important lessons to your children when they're young, you'll increase their chances of financial success in the years to come. In order to make sure this happens, make sure you introduce them to a wide range of information at a level they can really comprehend. Though there are tons of financial lessons you can teach, start with these three.

1. Hard Work Hard work is its own reward. Furthermore, hard work is required when you're looking to provide for yourself and your livelihood. Sure, there is such a thing as passive income. However, there's also active income. In order to build passive income, you need money from active income to make it happen. This is where a full-time job comes in. When you're dealing with young children, they don't have full-time jobs. However, they can learn the importance of hard work by doing well in school and helping out with a few chores around the house. Based on their performance, you can reward them with an allowance or monetary gifts for good grades. When you attach currency to certain tasks, they might be able to have a better understanding of all that's involved in providing for oneself and others.

2. Management Once the money is in their hands, it's important to make sure they understand the importance of managing the money well. In this case, teach them how to create a budget. Teach them the importance of creating categories for their money to flow to. If they spend everything they have, they'll have nothing for a rainy day. This is why a savings account is vital. Make sure your children can keep a kids money bank to store the money they decide to save.

3. Investing If they want to build wealth, your children need to understand the importance of investing. This is where it's time to introduce passive income streams and different systems like the stock market and the foreign exchange market. Always teach at a level they can understand. As you do this, they'll be able to retain the information.

Nacho Money Volume 4 by Candi Sparks

I have 4 children, so this was a fun book to read and review for all of us!
Our 2 middle children, ages, 5 and 8 (almost 9), are both excited about having money, having the freedom to buy things, and they love being at an age to receive an allowance. Although they may not always receive an allowance lol.
this book is about, Max, a 10 year old who is starting to understand the concept of money and borrowing and paying back. It all starts with a video game disc he borrowed from a friend, Emma, that he said he would borrow for just a week... and it ended up being a month. So, she asks for it back one morning at school, and that's when the whole day went crazy!
His teacher gave him a bill for library books, rather then his report card, again, something he borrowed and didn't return on time..then he has a $10 from his big brother in his pocket and decides to use that for some pizza with his friends.
This is such a common issue with kids, and the only way for them to learn about money and borrowing and returning, is to learn from mistakes, (ok, and well maybe a little help from mom;) Believe me, we have made mistakes in the past with our kids, bailing them out way to many times, but there has to be a line somewhere where you just kind of let them figure it out on their own. Not only does this build character and independence, but you are allowing them to grow and learn some of the most important aspects of life. This is something they will be thanking you for, for years to come!
When I was in grade school, we didn't learn much about money, other then coins and of course the math part. We never really learned about how much things cost compared to how much you have, (assets, and liabilities) I thought the clever way this story was written, and the cool little character, Max, (who is pretty much like other kids his age), is an excellent resource for teachers, parents, and anybody who has a kid in their lives. This is a valuable lesson, and not just about money either!
Max also learns about how it feels when you don't return something on time, (Emma's game), and the library books. (which cause him to not get the game station he wanted so badly!) He also gets an earful from his big brother, who really was counting on his money (the ten that Max figured he could borrow for pizza), and then mom helps explain what went wrong and offered a super good solution! But,just like other kids, Max kind of didn't do his 2 weeks of free chores to pay his mom back for the loan, and he ended up having to do a little bit more then what he had to do. If only Max, would have done his chores in the first place, but instead he decided to hang out with his brother. (sound familiar??)
We read this story a few times over, I am going to be looking into more of these very valuable lessons from this author, and I believe we are going to grab copies of each! This was so clearly written, and I know my children understood! (Well, at least for the days that we read the book! We have to have some of this author's books on the shelves, just for reminding them again and again. They certainly remember Max though, and the hilarious joke, cheesy joke, that made the title of this book so funny!! (Especially our almost 9 year old, he loves jokes, especially the cheesy ones!!)

You can buy this book from Amazon! (Either click above, or you can buy from our book store!)
You can check out the author's site here!!

Visit Candi Sparks on Facebook!
Candi is a mom and an author, and holds many financial certifications, you can read about her amazing career, and how she got the idea to empower others, here!
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Check her out on Youtube!!
and on Pinterest;p

** We received a copy of this book in return for our honest review **

Go Broke, Die Rich Poetry for the Entrepreneur by William Manchee

I have to start this review out by sharing one of the best parts of this book!! It will help so much just with personal finances, and it is just common sense and some simple math, but yet so many don't get it.
Taken from Go broke, Die Rich:
"Let's say you're a middle class family with annual income of $40,000 a year. If you work 40 years, you will earn 1.6 million dollars. If you're a typical family, you'll buy a $150,000 home, a car every six or seven years and have a half a dozen credit cards maxed out very early in the game.
Now the enemy here is compound interest. It's common knowledge you will pay nearly triple the amount financed over 30 years. For instance, you'll pay $415,213 over 30 years for that $150,000 home at 8.5%. The cars will cost at least 25% more then their initial cost, and you'll be paying the minimums on your credit cards until you're dead and buried. Now if you subtract 25% of your income for taxes, that leaves you with $1,200,000. Subtract $415,000 for what you will actually pay for your home, including all of the interest, and now you only have $750,000. By the time you take away $200,000 for your automobiles you only have $585,000 left to live on for 40 years!
This is less than $15,000 a year for food, clothing, utilities, insurance, gasoline, home and auto maintenance, medical expenses, recreation, entertainment, education, vacations and retirement......"
WOW! When you put it that way, it is insane that this is what the majority of us are lining on!


William Manchee is an incredibly entertaining writer, and he will keep you interested, laughing, second guessing yourself, your ideas, your plans, and offers some of the best advice for anybody who has a business, or plans to start one.
My husband and I own our own tractor trailer, so we do say this is our business. We do our schedule C each year, get a 1099 from the company he is leased onto, and well, unfortunately, pay our own repairs, tolls, fuel, etc. Even if we have just 1 employee, (my husband), this book provided some very excellent advice and suggestions for our long term and short term goals! It also has a lot of important information for me and our small online business.
It doesn't much matter what business, how big or small, this is a guide that should be considered a required read for every entrepreneur.
It certainly isn't boring by any means, the author will keep you cracking up at parts, with his witty poetry, and you will be sure to relate to some of the poetry and some of the personal stories about the author, or his clients.
He starts out with a bit about his life, his education, mistakes, and his family, and goes into honest detail about what happened to his family, how they made choices, and so on.
He also touches on just about everything, in great detail about specific business failures, very common mistakes, and explains how to not make those mistakes yourself.
William Manchee has been advising small business entrepreneurs for over 30 years, so who better to offer tips and ideas on how to succeed in today's economy?
From problems with taxes, to lawsuits to employee theft, to legal issues, to starting over to bankruptcy, everything you need to know and understand is in this book. I guarantee you'll learn something from it, it doesn't matter how many years you have experience with your small business, and I am positive you will gain some very important knowledge that could possibly save your family and business.
I know the price for an attorney and adviser is pretty steep, but when you think about how much it would save you and your family in the long run, it is in your best interest to have one. That being said, I also believe that this book offers more then your money's worth, and you will almost feel guilty for only paying a little over $10 for such a valuable book!
I would of course, recommend this book to anybody who aspires to make it big, succeed, own a small to maybe not so small business, and anybody who already owns a small business. You'll find something in here that will be sure to help you, along with quite a few laughs.
Don't feel threatened by the author's experience and education, he has written this book in very easy to understand language, charming, and all very common and real problems and dilemmas that don't have to destroy everything you worked so hard for. It may even save your marriage or household finances!
Have you ever read this book? Did you learn anything from this?? I would love to read any comments from you!!


**I received a copy of this book in return for my honest review**