One of the differences between rich families and poor families is that rich families teach their children about how to be rich. However, there are ways to teach any child how to be better with a checkbook. There are, of course, books and sites to help your child create a business and succeed at it. One that comes to mind is "Rich Kid Smart Kid", by Robert Kiyosaki. Also the famous cashflow 101 for kids board game by the same author is definitely a great start.
Peak the kid interest in making money
Kids can generate their own cash flow. It's just a matter of teaching them the basics, and then encouraging them to try things. Before you let them loose, remember to show them a few things. The most obvious thing to show them is the advantages of having their own income. For example, they can buy their own clothes and toys, as well as food. Once they realize that they can pay for things themselves, their interest in making money will be peaked.
Show them where your money goes. Specifically, show them bills, and what each bill buys the household. Also, go over the food bill, and show how much food the family eats on a monthly basis. Although there will be some dispute whether some items (such as Brussels sprouts) should be on the list, and questions as to why others (such as pizza) aren't on the menu more often, you can show them why pizza and other fast food items aren't bought as often because of their cost compared to normal food.
Peak the kid interest in making money
Kids can generate their own cash flow. It's just a matter of teaching them the basics, and then encouraging them to try things. Before you let them loose, remember to show them a few things. The most obvious thing to show them is the advantages of having their own income. For example, they can buy their own clothes and toys, as well as food. Once they realize that they can pay for things themselves, their interest in making money will be peaked.
Show them where your money goes. Specifically, show them bills, and what each bill buys the household. Also, go over the food bill, and show how much food the family eats on a monthly basis. Although there will be some dispute whether some items (such as Brussels sprouts) should be on the list, and questions as to why others (such as pizza) aren't on the menu more often, you can show them why pizza and other fast food items aren't bought as often because of their cost compared to normal food.