Economic Lessons for Kids

Investment Advice: Economic Lessons for Children, by Dr. Brad Schwall

Our children may not understand the troubles in the economy, but they may sense uncertainty and anxiousness when they hear about the bad economic situation.  Whether you are trying to pay bills or having to cut back, there are lessons that can be learned.

Less is more

• Children can learn the difference between wants and needs.
• Children can learn to prioritize.
  
• Children can learn to weigh the pros and cons of financial choices.
  
• Children can learn the values of self-discipline and simplicity.
  

Problems can be solved

• Explain what is happening in the economy to older children and how it impacts your family.
  
• Address any concerns your children may have when they hear about the problems in the economy by explaining in age-appropriate terms what you’re doing to adjust financially.
  
• Children can learn that adversity can be handled with resilience by thinking of solutions to problems and creating action plans for facing challenges.

Don’t depend on money and external circumstances for happiness and security

• The economy weakens and strengthens in a constant cycle.  Contentment must be found in spite of external circumstances.
• It does not cost money to spend time with your children, talk to them, guide them, affirm them, and prepare them for life, but doing so is the best investment you can make.

Copyright 2008 Dr. Brad Schwall, Cool Communications, LLC, www.coolkidschannel.com Permission granted for re-printing and distribution.