We Owe What Episodes
Raising Financially Savvy Children
Jim Rogers is a legendary Wall Street investor who success allowed him to retire at 37 years old. Now at 69-years old he is enjoying a new vocation -- full-time dad. His two girls, age 9 and 4, have inspired him to write a book to share his money and life lessons. He shared those lessons with Live Well Network's Mary Caraccioli.
1) Give your child an allowance IF you tie that allowance to chores. Rogers says children need to learn early they have to work for their money. The earlier they get that lesson the better.
2) Teens should have part-time jobs. Rogers believes the best way to prepare a young person for the real world is to show them a map of how things work.
3) Talk to your kids about money -- even if you've made mistakes. Rogers says mistakes are part of learning. No one -- even this icon is immune. Understanding money is a mandatory tool for success. By avoiding money talks with your kids you are doing them a disservice. Get the conversation started and as they get older don't be afraid to share your own missteps.
4) Have your child learn a second language. Rogers has his children learning Mandarin Chinese because of the promise of doing business with China. But he says Spanish and Portuguese are good choices, too.
5) Don't let anyone else do your homework. Knowing your stuff not only helps you make better investment choices -- but he says it will protect you from being taken advantage of. You work hard for your money -- don't take short cuts when it comes to how you invest it.