Teaching children to be responsible is a lifelong training tool, one that will hopefully help them to become responsible adults. I believe starting at a young age, it's important to teach kids how to be financially responsible. Having been in the financial industry for 15 years, sometimes the roles reverse. I become the student and my client becomes the teacher. Years ago a client gave me an idea, something that he had implemented with his own children, and I ran with it.
I told all three of my kids that as they received cash for their birthday or other special occasions, it was theirs to spend as they wish; however, if they chose to save any of the money, my wife and I would match it dollar for dollar. The only hitch was that the money had to stay in their savings accounts for at least one year. This forced them to think long term, which most kids simply don't do.
As it turns out, all three children have opened accounts and add to them regularly. Seeing their investments grow is a quiet a thrill! Preparing your children financially and having them make hard decisions at a young age will be an invaluable tool for them as they reach adulthood. What financial lessons are you teaching your kids? It's never too early to start!