Is it a burning priority for parents to teach their teenagers about the financial matters they will someday face as adults? Why or why not?
Answer by Thomas Zerbarini:
It is extremely important to teach children how to save and spend money responsibly. I feel it is also important to share with our growing kids the full scope of earning income, spending, saving and debt management.
This is good advice I learned from a respected entrepreneur. His point was this: If we only teach our children to earn, save and spend, then all they will learn is how to spend; they'll be behind the curve on how to manage their bills or minimize their debt. A balanced approach to managing all facets of personal financial planning and budgeting is a valuable lesson to learn early.
Another facet of money that I feel is important to pass on includes the idea of earning and making money outside the typical salary approach. To think outside the box and engage in an entrepreneurial approach on ways to make money. For example, we can do this by engaging with our kids to find needs or wants that are not being met around them. Then, develop a way to meet that need or want and capitalize on it.
We can also use this idea in a Philanthropist approach to teach the same entrepreneurial spirit in a volunteer setting. Either way it will open their minds and hearts to a bigger picture on how how the world works and how to be more successful in life.