Teach your kids how to manage money or they'll move back home when they are 30.
Kids in our country aren't taught enough about how to manage money and therefore they end up living a life full of stress, debt, and give away their dreams to pay their student loans.
I have 3 kids (8 yrs old, 6 yrs old, and 2 yrs old); we pulled strategies from all over and came up with a system that actually works.
Our kids saved up by doing specific chores (30 cents / day) and after a while they went out and bought their own $240 trampoline. They save for retirement, they save for big toys, and they sit in on our budget meetings when they have the patience. Sounds boring right? Sure is...but way the hell better than having them move back into the house when they are 30.
The spark is about showing the deficiency in our education system when it comes to teaching kids about money. I'm going to showcase a quick step by step guide to teaching them the value of money and teaching them how to manage it.
Our kids are setup so that even if they screw up everything else, they should have $1M in the bank when they are ready to retire. Don't you wish your parents gave you a little more instruction on debt, saving, and investing?
We need a new generation of people that have capital to invest in business and research. Why not elect them to Congress and see if we can get something to balance? It's time to invest in our kids.
This spark has been selected for Ignite Denver 12. Tickets go live on Monday. Stay tuned to ignitedenver.org for more details!
Congratulations Arif! I just got email notification that you were selected...so awesome!
Cheri Waterman commented
A subject that is so important! and so ignored in our schools today!
Paul Waterman commented
This sounds like an excellent idea! I don't have kids but I think I could still learn a lot of valuable tips here. Lets make sure this one gets into the top 7!!
The spark above is mine :) Arif Gangji @arifgan on twitter