On the question of how to communicate money with the family, David Koch looks like Kochie is still handing out pocket money to her daughter Brianna.
Source: Australian News Corporation. The sooner you start teaching your children about money, the greater your chances of raising money --smart kids. 1.
Starting with young people, the biggest lesson you can teach your child is how to deal with money.
When your child is in preschool, start explaining what the money is and show them the various shapes and sizes of the coins.
Tell them how you got the money and what the money is. 2.
Pay pocket money when a child starts to understand the concept of making money, and then exchange it for goods and services that they are ready for weekly pocket money.
For some children aged three or four, this happens and other children may not be ready before they start school.
Our children do some unpaid chores like cleaning the table and washing the dishes.
They then have specific pocket money jobs, from matching clean socks for the family to washing the car.
It looks like Kochie is still giving her daughter Brianna pocket money.
Source: Australian News Corporation.
Children who encourage saving money can start saving money at the beginning when they get pocket money.
Ask them what they want to buy with pocket money.
Explain that if they save their money every week, they end up with enough money to go out and buy it.
Let young children have an interesting piggy bank and put a photo of their savings target on the money box as an incentive. 4.
After your child gets the hang of saving for a year or two, it's time to open a bank account.
Most major financial institutions open children's accounts. 5.
When your child is in high school, motivate teenagers to invest and give them more freedom to manage their own money, especially when they get a part of ittime job.