Essential Money Life Skills To Pass Onto Your Child

As parents, we feel duty-bound to give our children the best lessons in life. But ultimately, they may learn their own journey, but without necessarily grasping the fundamentals. As concerned parents, we always want to know that they can look after themselves, but also, have skills with money. It’s not just about managing the piggy bank, but it’s about managing investments, savings, and earning a decent wage further in life. But money is one of those things that, although not taught in schools, should be. As such, are there any crucial money-related skills to pass on to your child?

The Power Of Real Estate Investment

Real estate is one of the major ways to recoup money loss. When you are on the property ladder, you need your home to serve its purpose for a few decades, but then, find a way to sell it on when you downsize. Into a magnet for potential buyers. This could very well mean you have to consult a kitchen design firm to completely renovate the kitchen space. After all, it is the hub of the home! As well as this, you may need to think about maximizing the personality of the space, by improving curb appeal, or at the very least, knowing your way around the real estate process.

Finding The Right Job With The Right Perks Does Not Exist

We may be wrong! But a lot of people work hard for a lot of money without job satisfaction, and others find the perfect job but don’t get paid much. After a while, it’s about providing that financial foundation. Finding a company that provides the best pension contributions, but also looks after their employees is more important further down the line. A lot of people now want creative control over their working lives, and decide to set up their own business. But there comes a point when financial obligations take over.

What To Do If You Dig Yourself Into A Financial Hole

Debt is something that most of us tend to encounter. You might worry about making a living month to month, and this is another thing that really should be taught in schools. If you want your child to get by in life, it’s not about teaching them the importance of material goods but it’s about learning how to get out of debt. This is not just by drafting an action plan, but about making drastic alterations to their lifestyle. There are so many people that find themselves weighed under with credit card debt, the solution is about teaching them good when you have it in the first place. But sometimes, the costs of living rise, and we have to lean on our credit card. As such, getting out of debt can be difficult to achieve, especially if we don’t have the tools.

Many people focus on getting money as a means to happiness, but it’s a combination of the right investments and knowing how to handle your money. We don’t need a lot of money to have a comfortable living. And surely, this is the most important lesson to pass on to our children?

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10 thoughts

  1. In my early thirties I found that living beneath my means made me happier as it really de-stresses things, I think. I wish I had been more wise in my twenties. Why work all month to send money to a bank somewhere?

  2. Great post! “We don’t need a lot of money to have a comfortable living.” That is the absolute truth. Getting the process down to managing the money you have is key. I wish schools taught this lesson early. Money doesn’t bring happiness but if you’re smart with it you can be happy and fulfilled. “For wisdom is a protection just as money is a protection, but the advantage of knowledge is this: Wisdom preserves the life of its owner.” (Ecclesiastes 7:12)

  3. Some of the most important lessons you can ever teach a child…..There are even biblical passages to help. If they would only teach this and other life skills in school……

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