Hi,
today I explained to my son about wealth building and what financial means are.
Okay, explained is much said, as he is four and does not understand a lot, but I try to show him some basic principles.
He has his own money, as he is allowed to keep the coins that we use at supermarket trolleys. I told him also, that we can't afford everything he wants, and this he understands.
Also, we let him spend the coins, but till now he did not want to. I asked for a loan one day, and he gave it to me, as I did need them for parking. He was paid back with good interest.
So today, I learned him the value of the coins, and what is bigger and smaller. I'm not at BTC level of explanation yet, even if he already has a BTC under his name, as this was one of his birth gifts. He will get it, when he is 18.
I think it is important to start teaching the kids as soon as possible about finance, and the freedom it can give. Education is the key here. If everyone focused on the youth, we could have a better world in a generation or two. Not politics, as they are nonsense, but on financial literacy.
I definitely will continue on teaching my kid about finance, and why it is significant. I don't want him to reach 30 and blame the misery of his financial condition on the success of others. It is all up to him.
How about you, do you teach your kid financial matters?