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Teaching Your Teen To Be Money Smart

 

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When our children were teenagers, we learned that the key to successfully teaching them the biblical perspective of money making and God’s way of money management was to be MVP parents!

The M stands for Modeling, the V stands for Verbally communicating what the Bible says, and the P stands for Practical opportunities for the teens to actually apply what they are learning

Let’s look at money making. The Bible encourages us to work hard. Ecclesiastes 9:10 says, “Whatever your hands finds to do, do it with all your might.” And laziness is condemned: “He who is slack in his work is brother to him who steals” (Proverbs 18:9). So, how can parents teach their teens to work hard

  • Parents need to be models of hard work themselves because what we do is more impactful than what we say.
  • Assign kids daily household chores to teach faithfulness with routine responsibilities.
  • Provide them opportunities to earn extra money at home, and encourage children to work for others to learn what it means to be in an employee—employer relationship.
  • Requiring your teen work at least one summer in something requiring hard labor is very beneficial. I’ll never forget working one Florida summer in a lumber yard & cement block, and learning what it really meant to work hard.

When it comes to money management, it’s super important for teens to understand that God owns all they have, and they are to be faithful managers of whatever the Lord entrusts to them. They need to learn that Saving is good, Debt is bad, Giving is fun, and they shouldn’t get caught up in impulsively spending money on things they don’t need.

Also teach them how to use a spending plan, a budget. Mint.com is an online system that’s free and would get place for them to start.

To check out our Give, Save, Spend online study for teens click here- http://bit.ly/2il0vTV

To find a good spending plan/budget for your teen click here- http://bit.ly/1aJQxzP

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Top 3 Ways Teens Think They’ll Become Rich

 A survey of young teenagers found that 56% of them believed that they would become rich during their lifetimes. That’s not too surprising, but this is. The top three ways teens thought they’d get rich were by becoming a professional athlete, winning the lottery, or cashing in on a large lawsuit!

Can you believe it? They didn’t even consider the possibility of becoming financially well off through hard work and wise spending. This demonstrates how important it is for us to train children how to handle money God’s way. Proverbs 22:6 says, “Train up a child in the way he should go, even when he is old he will not depart from it.”

Well, how do we train children to wisely handle money? We need to become MVP parents. That’s an acronym. The M stands for Model. The V for Verbal communication and the P stands for Practical Opportunities.

We need to be models of how to handle money because children soak up parental attitudes toward money like a sponge soaks up water. Paul recognized the importance of modeling when he said, Be imitators of me, just as I also am of Christ” (1 Corinthians 11:1).

Then we must, verbally tell our children why we handle money the way we do. For instance, share with them that you are getting out of debt because Proverbs 22:7 warns us, “The borrower is slave to the lender.” And finally, we should provide kids practical opportunities to apply what they are learning.

Well, if you have children, I pray that you’ll become a MVP parent. You can’t start too soon.

The ABC’s of handling money and the Secret of Handling money God’s way are great tools for parents. They each have a workbook for the child and a practical leaders guide for the parents. You can find them here- http://bit.ly/1BKiiI3

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