Parents teach their children many different things. These include: how to eat with a fork and spoon, how to ride a bicycle, how to cross a busy street, how to power a swing and how to tie a shoe. Unfortunately, many parents neglect to teach their children some very important tasks. These include budgeting, saving, investing and giving wisely and generously.
Ask yourself these questions:
- Does my child or children have money skills that will help them as a young adult?
- When should I start this process?
- What do they need to know?
- Am I setting a good example?
God says a wise person trains and teaches their children because (as a general rule of sowing and reaping) this leads to wise living:
Proverbs 22:6 (ESV) “Train up a child in the way he should go; even when he is old he will not depart from it.”
If you feel overwhelmed by this, then consider the fact that even if you don’t “home school” your children, you are home-schooling them if you are doing your job as a parent. You may delegate some teaching responsibilities to others, but you should not delegate all responsibilities to someone else. Dave Ramsey’s team can be your partner in this process. I suspect most public schools do not do justice to the topics of budgeting or managing wealth.
A plan for your children could save your retirement
“Some 96% of 128 college students in a recent study said they wished their parents had taught them practical skills, such as budgeting and saving. Parents’ teaching has more impact than taking financial-skills classes in school, according to the study by researchers at Brigham Young University.”