- Budgeting
- Cash Management
- Consumer and Mortgage Loans
- Debt and Debt Reduction
- Time Value of Money 1: Present and Future Value
- Time Value of Money 2: Inflation, Real Returns, Annuities, and Amortized Loans
- Insurance 1: Basics
- Insurance 2: Life Insurance
- Insurance 3: Health, Long-term Care, and Disability Insurance
- Insurance 4: Auto, Homeowners, and Liability Insurance
- The Home Decision
- The Auto Decision
- Family 1: Money and Marriage
- Family 2: Teaching Children Financial Responsibility
- Family 3: Financing Children’s Education and Missions
- Introduction
- Decide How Education Relates to Your Financial Goals
- Understand the Principles of Financing Education and Missions
- 1. Teach your children to be financially responsible
- 2. Help your children to save for their own (and other family member’s) education and missions consistent with their abilities
- 3. Have a plan for your children’s education and missions that is consistent with your personal goals and budget and follow it
- 4. Start NOW and early in saving for your children’s education and missions
- Understand the Priority of Money for Financing Education
- Recognize How to Save for Your Children’s Education
- Recognize How to Save for Your Children’s Missions
- Know How to Reduce the Cost of Education and Apply for Aid
- Summary
- Assignments
- Investments A: Key Lessons of Investing
- Investments B: Key Lessons of Investing
1. Teach your children to be financially responsible
Parents should teach their children to be financially responsible. Teach them to work and to earn, consistent with their age and abilities, particularly during summer months, but limit work to fewer than 10 hours per week while high school is in session. Help them to see the joy that comes from a job well done.
Teach them to share the things they have. Remind your children that none of what they have is their own. Teach them the principles of using wealth wisely: ownership, stewardship, agency and accountability. Remind that that all of what they have belongs to God.
Teach your children to be accountable for their spending. Help them to learn to save some percentage, say 20-50 percent of every thing they earn for missions and their education.
Teach them that they earn money based on their working—not their whining. Work is a critical part of success in this life. Teach them to enjoy it.
