Most parents hope to raise children who are smart when it comes to money. Arthur Bochner is living proof that parents can raise money-smart kids—he wrote his first book on money when he was only 11 years old, with help from his mom, financial planner Adriane G. Berg. Now 25, Arthur is a political speechwriter living in Washington, D.C., and has co-authored another book, The New Totally Awesome Money Book for Kids. Jean talks to Arthur about ways parents can teach their children good money habits for life.
Start when they're young. "The younger you start, the more comfortable you'll be as an adult," Arthur says.
Teach your child that money can be enjoyed. Arthur says you can accomplish this lesson by having kids save up and purchase things for themselves.
Convey to your child that a credit card is a great tool that can help make your life better. "That doesn't mean that you make your life better by going to buy every piece of clothing that you find, but it does mean that when you're stuck, it's something you can use," Arthur says.
Explain the importance of building good credit. Arthur says parents should teach kids that establishing good credit is something they can use to build their future when they want to buy a car or a home.
Show by example. Arthur says it goes without saying that children will learn from and pick up on your money habits.
Whether it's by babysitting, selling items online or a putting up a good old-fashioned lemonade stand, it's important to encourage kids to find creative ways to earn money, Arthur says.