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PragerU: How To Raise Kids Who Are Smart About Money

   DailyWire.com

Are you a parent who teaches your children the value of money? Do you give them an “allowance” for doing nothing? In a new PragerU short, “How To Raise Kids Who Are Smart About Money,” bestselling author and personal finance expert Rachel Cruz gives parents some good advice on how to do just that.

“Everyone knows the earlier you learn a language, the easier it is to master,” Cruze begins. “Learning a foreign language at four takes a lot less effort than learning one at forty. The same holds true with managing your money. I can tell you this from personal experience.”

She adds,”I grew up in a home where the value of money was a frequent topic of conversation. Today, I teach people how to get out of debt and build wealth with my dad, Dave Ramsey. Growing up in my parents’ home, I learned a few things about kids and money.”

Cruze shares some pointers on how to teach kids on being wise with their cash. First, put your kids to work.

“It’s very important that your kids understand that money comes from work … not from mom and dad’s wallet,” she explains. “As soon as your children can grasp the concept of cause and effect, and that happens at a very young age, you can start teaching them about the work/money connection. Just make sure (the chores are) age appropriate. Don’t have your five year-old mow the lawn. And pay them for some of the work they do.”

She continues, “Let your kids make mistakes with their money.” This will teach them at an early age that saving is important to their financial future.

Watch the video below:

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