Step 2: Happiness is a positive cash flow.
Teaching kids about the cycle of money is critical. Children must learn that money is earned through hard work, saved with a plan, spent according to goals and budgets, and given to charity.
There is a vast opportunity for your child to spend his money. Teenagers alone spend about $100 billion dollars per year. Providing guidelines on spending and helping your child’s first budget will build a good foundation of financial management for your child that they will use to prosper throughout their lifetime.