Our first introduction to money and lessons in finance usually comes from our family. While we get a more in-depth education later in life, we always remember the little lessons we picked up as kids. Here are just a few to make you nostalgic.
Never Trust The Banker
Many kids became familiar with Monopoly money before actual money. Even if we were too young to play, Monopoly was there on the board games shelf in the closet. Once we were old enough to play, we quickly realize that the banker is NOT always trustworthy. Whether the appointed banker is an inexperienced counter or a straight-up shady, playing Monopoly with our family taught us to always double count our cash back.
TIP: This lesson applies to currency exchange too! The banks charge exorbitant rates for foreign exchange – but Continental Currency Exchange will beat the banks every time!
Keep Your Coins
Whether it was a parent or grandparent, you probably remember someone keeping a mason jar or coffee tin full of coins to roll up once it gets full. Small denominations can still add up to big bucks!
It’s Never Too Early To Save
Remember walking into the bank and opening your very first account and feeling like an adult? The concept of saving money can be difficult for young kids to understand. But, putting away some of your birthday money every year probably paid for your tuition.
Save For Something Special
If you want something special, you can save for it. It may take time, but once you’ve saved enough, the prize is that much sweeter. If you blow all your money on candy, you’ll never get it!
When money from your allowance and the tooth fairy didn’t cover the thing you needed to buy, your parents may have suggested some other ways for you to get the cash instead of just giving it to you. From having a yard sale, babysitting, mowing the neighbours’ lawns, selling lemonade, or helping Grandma in the garden, kids have always been masters of the side hustle.
While you were side hustling, you were learning to negotiate. Whether you decided that your time shovelling the driveway was worth more than the $2 that your Mom offered or that your favourite wagon was worth keeping if you couldn’t get at least $15 for it, you were discovering your bottom line, and how to negotiate.
We also learn lots of financial lessons from fiction!
Stay Informed. Stay Current.