Kids start learning the moment they are born. Initially, this learning is imitation based, like following a parent’s lead to smile, track objects, and say their first words. Whether you know it or not, they are learning and picking up your habits.
Start early by setting a good example for them to follow later. The habits they’ll pick up include developing a budget at the grocery store, paying bills on time, and resisting impulse buys. When you discuss your decision-making with your toddler, they’ll learn how to make better decisions on what to (or not to) buy.
Joining us for our discussion on Kids and Money is Mike Summey is an entrepreneur in the truest sense of the word. From a humble upbringing in the poverty-stricken coalfields of Southern West Virginia, he struck out to make his fortune at the tender age of 15. With little education and no money, he stumbled his way through several menial jobs ranging from carpenter work to factory jobs and even door-to-door encyclopedia sales. In 1967, at age 21, after being laid off from his factory job and given $300 in severance pay; he paused to contemplate his future.
After considerable thought, he wrote down a simple sentence that he carried in his wallet for the next 30 years. The sentence read, “I will become a millionaire by age 30 and retire by age 50.” What followed was like a fairy tale and speaks volumes about the power of having goals.
His latest book is Financial Security Bible . Welcome Back to Mastering Your Money, Mike Summey.