Parenting is all about giving tips to children and watching them implement those tips. A good parent is one who awakens the inner person in the child without being invasive. Kids don’t want their privacy invaded.

Most parents, however, fail in this. They don’t consider kids as individuals. When teaching something to somebody, one needs to make sure the tutee has the ability to internalize the lessons. Kids have this ability better than adults.

Hence, don’t underestimate them, and deliver them the following money-related lessons:

1. Wait before buying

One should never act impatiently in money matters. The urge to purchase something is too tempting to resist. Parents need to teach kids why it’s important to wait.

Kids often demand their parents to buy them toys and other stuff. While some parents immediately give in to such demands, others don’t. Both are in the extremes and bad for kids. Parents should give their kids what they demand, but not immediately.

Children are intelligent. They can connect the dots and discover a causal relationship between two incidents. If parents buy their kids what they want, not immediately but after a bit of delay, then kids will learn the importance of patience. Later when they grow up, this will prevent them from acting hastily in financial matters.

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