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5 Most Important Things to Teach Your Kids About Money

One of my missions when I set out on my social media journey a few years back was giving back to "the hood" or "lifting the hood." I think one of the biggest disservices is not teaching your kids about money. It's not enough to tell a kid "save money." That's just not good advice, most kids do not save money not because they don't want to, but because they don't know how. 

But like I said before, it's not enough to just teach them to save money, there's a lot of other things about money you need to teach a person. I made a list of the five most important things to teach your kids about money. These are not in any particular order, I think all five are equally important. 

  • Earning money or creating cash flow
    • I'm just going to say it, a lot of kids are bad employees because they don't understand how a business generates cash flow. I've seen it first hand how some employees don't really care about the operations side of the business as long as their check is the same amount or higher. And even worse, some employees even take advantage of the fact that a business HAS cash flow. So teaching your kids value and cash flow early on would create some healthy ambition, I think. 
  • Accounting or money management
    • If you've ever been to the grocery store with a three year old, you probably spent a little more than you thought you would because the kid kept asking you for stuff. And that's ok. But as soon as your child has the concept of money down, maybe like 5-7 yrs old, they should be taught accounting. It's insane the effect it has on you seeing the figures in front of you. So that cash flow you taught them to generate earlier, you then have to teach them to keep track of it. It's ok to spend money, as long as you know what you're spending it on (and you're not spending more than you earn). 
  • Investing
    • Now that you have a hard worker, you also want to teach them to grow financially. This doesn't have to be a daunting task. This can be done easily. It can be done with their toys. Teach them about collectibles that gain value over time. You can teach them to bake cookies and sell them for profit. Or invest in a lemonade stand. Maybe some trading cards. But do teach about things that gain value and "flipping" stuff. 
  • Tax Laws
    • This might sound like the craziest one on my list, and to me, it's crazy that I even have to tell you teach your kids. One of the reasons people give me for not wanting to start their own business is "you have to pay your own taxes." Those people don't know that a lot of business owners pay little to no taxes at all because those taxes are paid throughout the year in their spending. A lot of people would rather work a 9-5 job just because the taxes are "done for you" on a w2. If you teach them tax laws early in life, they'll be able to make a better decision about whether a w2 job is for them or not. Or it doesn't even have to be so black and white, teaching your kids tax laws early in life can also encourage them to have a "side hustle." They don't have to replace their w2 job, they can have a side hustle. 
  • Philanthropy 
    • The last and most important thing to teach your kids is philanthropy. Gotta teach them to spread the wealth and give expecting nothing thereof. If you don't have a lot of money to give out, that's ok, there are a lot of other ways you can give without necessarily giving money. You can donate time, clothes, teach, volunteer, etc. Just make sure to teach them that when you give, you give expecting nothing thereof. 

That's all I have for today, if you wanna teach your kids about stocks, click here to get TEN FREE STOCKS on webull, if you would add something to my list, drop it in the comments, and if you wanna hear more of my content, check out my podcast here

Thanks, peace!

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Wealth Mindset HipHop Men, Husbands, and Fathers

Wealth Mindset HipHop Men, Husbands, and Fathers
Wealth Mindset HipHop Men, Husbands, and Fathers

Same journey, new friends. This is my first blog on this platform. I recently re-branded my twitter, and I am now going to start rolling out the new brand into the rest of my content. My new brand is helping hip hop men/husbands/dads develop a winning mindset and build wealth. I think this is the perfect way to start on a new platform.

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