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Teaching your teen to be money smart

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, its 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 joyful, 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.

Warmly in Christ,

Howard Dayton

To equip children 4-7 years old, order at www.compass1.org The ABCs of Handling Money, and for children 8-12, The Secret.”

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Teens Becoming Rich

Dear Friends,

A recent 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 three ways they thought they’d become rich.

According to this survey, here are the top three ways teens thought they’d get rich:

First, by becoming a highly paid professional athlete. Second, by winning the lottery.

Third, by cashing in on a large lawsuit!

I couldn’t believe it! A majority of teens believe they will get rich by playing sports or playing the lottery or making someone pay in a lawsuit! 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 parents and grandparents to train children 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 Continue reading Teens Becoming Rich