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You have kids, and you have to worry about keeping them safe, clothed, fed and educated. But how about educating them about money? We all have to deal with money, so here are some tips and resources for parents to raise financial literate children.
Seven Rules for Raising Money Smart Kids*
- Teach your kids to make good choices.
- Set reasonable limits.
- Give an allowance.
- Help them learn to wait.
- Encourage work.
- Teach value.
- Walk the talk.
Resources for Money Smart Parents:
EconKids – http://econkids.rutgers.edu/
360 Degress of Financial Literacy – http://www.360financialliteracy.org/life-stages/parents-children
Social Security Tips for Kids and Families – http://www.ssa.gov/kids/
Common Cents is a feature in the Federal Reserve Bank of Kansas City’s TEN magazine on financial topics parents can discuss with their children. The topics range from money personality and comparison shopping to credit cards and savings plans.
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