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Beyond An Allowance: Teaching Your Kids about Money

Brought to you by Diane Edwards, AWMA®. Edwards and Associates, Financial Services, Inc. - Financial Advisors INSIDER -

Diane Edwards, AWMA®, Edwards & Associates, Financial Services, Inc.Read Full Article at Money Chat with Diane

Our children are facing a different world than what the earlier generations faced so it is imperative we teach them basic financial principles. While the first-grader doesn't need to understand co-pays or be concerned with mortgage payments, they should begin to understand the "power of a dollar" as early as possible.

According to a University of Cambridge research report, children form their monetary habits as young as age seven, and often model their own financial behaviors after observing their parents.

So how does one make learning about money fun? First determine your child's learning style and then create learning opportunities that they won't soon forget. If a visual learner they respond to charts and graphs--maybe create a thermometer with an ever increasing red line as the account grows; if an auditory learner be sure to clearly communicate the concepts and rewards and "connect the dots" through meaningful conversations; and if a kinesthetic learner, take them on a field trip to the bank and sit with a banker to discuss the perks of a savings account--or--take them to a charity of their choice and have them learn how the charity works and how their donation helps.

Teaching kids about money can be fun and an early foundation is a big step towards financial security as an adult. For more tips, read this month's Money Chat, and if you'd like to start a conversation about a plan that will lead to long-term financial security for your family, call Edwards & Associates for your free consultation today!



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