Teach kid

Menu IconA vertical stack of three evenly spaced horizontal lines. At the end of the day, kids are not being taught the fundamentals in school. That means parents are the ones that have to assume responsibility — and the earlier you teach kid teaching money basics, the better.

Even if they have personal finance being taught in high school, that’s too late,” explains Murset. They’re quasi-set in their ways by the time they’re 17, so you really have to start a lot earlier. Every kid learns at a different pace, but you can start laying the groundwork as early as five years old, Murset says. Here are seven money lessons you can introduce to your kids as early as kindergarten.

Of course, we can’t guarantee they’ll grow to be millionaires, but if you can hammer home these concepts from a young age, they’ll be ahead of the curve. The earlier parents establish the concept of earning, the better, says Murset. Kids need to understand where money comes from, and that it requires a job and work ethic to get money in your wallet. Strategy: Introduce the concept of an allowance, and give them specific jobs around the house that will earn them a bit of money each week. Another option is to encourage them to participate in a bake sale or lemonade stand — something that requires them to put in work in exchange for earnings. What it means to save, share, and spend.