12/2/08

Money And Kids

. 12/2/08

Many parents try to explain to their child's current economic situation, but believe the words in the road, literally. To explain what should be a commonly understood vocabulary. And therein lies the challenge.
The first challenge is the number of words that relate to the economy and financial matters, not counting all the acronyms and FDIC APR. The English language contains hundreds of words and phrases related to financial matters. The next challenge is that many of these words describe advanced concepts that are difficult to explain and not widely understood in the first place (for example, how many of us can rattle off an explanation for the capitalization?).
In both cases, the development of a child's vocabulary of financial terms is critical to their future understanding of financial management and assessment of the effects of the economic situation of their personal financial situation. Here are opportunities for the development of a child's financial vocabulary.
All the news that is news. Use the news as a starting point for exploring new vocabulary. Choose a word from the news and ask your child what it means. If they do not know what time to research the word in the dictionary or the Internet. Did they write the word in their "financial terms" notebook with its definition. An alternative to a notebook is a system of index cards which are then sorted alphabetically and kept in a small file box. Have the child decorate the box with items symbolic of money (coins, the sign for the dollar, cents, British pound, etc.).
Bedtime Stories. A nice way to the subject of money is to read books that a starting point for a discussion about money. Financial situations are so fundamental to the daily lives of people who treat many books, or have an undercurrent of economic themes. Rags to riches, the struggle of the poor standard of living of the characters are all topics that can be used as a jumping off point for a discussion about money. Talk about the experience of the book characters. What would they have been able to do differently? Did their actions does not change anything for them? What worked? What is not? Look for books worksheets, either in the book itself or through the website of the publisher.
Dinner conversations. Another moment of the day, which works well for discussion is when you are sitting around the table. Make it one of the house rules is that each person comes to the dining table with a topic for discussion. Talking about what you read in the newspaper. If the Dow fell, talk about what the DOW is, what make-up files from the DOW, what it means to the stock market as the Dow drops, what impact it has on your mutual funds and so forth. If a term that is not familiar pops up repeatedly in the discussion, a member of the family look up in the dictionary or search the Internet. Do not be ashamed if a child asks a question that you do not answer. This project is an opportunity for both of you in finding the answers. Shows that learning is an exciting activities we do throughout our lives.
Tool kit. Searching the Internet using keywords such as "financial terms games", and "kids money" to find all sorts of tools to help your children learn about finances. There are games, puzzles, word searches, newsletters, tips and other easily accessible tools for explaining financial terms and concepts for children.
Talking to your children about money and taking the mystery of the subject is an important part of their development in the self, productive individuals. The influence of money in our lives is obvious because of the large number of words in the English vocabulary, which is described and the description of the various aspects of money. By helping your child learn financial terms and their meaning, gives you the basis for a future successful money manager.

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