"Leading by example" is one of the best, if not the best ways to teach something to your kids. Kids watch parents closely whether they are 3 years old or 13 years old, even the rebellious types. They know what you are up to as a dad/mom and will follow your lead. When it comes to money, if you are responsible yourself, odds are that your kids will probably be good with money. Having said that, there are definitely a few ways to teach them the value of money.
We were always taught to respect money. Think before you let go of it. Challenge (not haggle) spending on something. My dad always said "if you don't respect money, it will never respect you". It is also important to show your kids that money does not come free and it has to be earned just like respect.
Overall, my goal is to teach my kids these important math/formulae:
It does not matter what you make but what you save.
(Cashflow IN > CashFlow OUT) = "Financially happy".
We were always taught to respect money. Think before you let go of it. Challenge (not haggle) spending on something. My dad always said "if you don't respect money, it will never respect you". It is also important to show your kids that money does not come free and it has to be earned just like respect.
Overall, my goal is to teach my kids these important math/formulae: