how to teach your kids about money ?

• pay them money for chores ( eg cleaning dishes , keeping their room clean and organized)
• give them a piggy bank – where they can deposit the cash
• open a bank account for them – where they can deposit their money and see it grow
• allow them a privilege to buy something they like
• if they don’t have enough money to buy something , tell them that they can accumulate the money by working so many hours / days
• explain to them how savings works and how they can earn interest in banks
• if they are over 18 , open a trading account for them
• give them an education on how to trade and let them EARN money from the stock market – it is a good exercise – but keep an eye on their trades
• have a discussion on their trades – let them document their trades – why they took the trade ( if there was a buy or sell indicator ) , how much did they spend on the trade , what was the commission
• document the trades in a notebook or an excel file and calculate the total at the end of the week or the month.