Too often I hear people complain, “If I only made more money, all of my problems would be solved”, but sadly, this is not usually the case. While an extra $20,000 a year might be helpful, it surely will not solve all your financial problems. As a society, we are too focused on how much we make, and often ignore the way we manage the money we have. For example, even though the average salary in the NFL is well over $1 million, 78% of NFL players report going broke, or experiencing financial stress, within two years of retirement. Generally, we spend according to how much we earn, and unless you’re bringing home more than you could possibly spend, even a generous raise won’t change this.
How to Teach Children About Money – Be Sure to Start Early
There are many opinions both pro and con regarding the issue of how to teach children about money. Many experts in child education recommend that you pay them an allowance and feel that by doing so, you will help to teach then to be financially responsible.
Another opinion from child development experts that appears to be just as strong, makes their case by stating that just the opposite is true. Now that we as parents are confused, and quite frankly don’t know who to believe, what do we do?
We can’t say who is right or wrong, because we as parents have an opinion as well, that may have been influenced by our upbringing. For the purpose of this article, we will present the opinion of the pro-allowance group and in a future article, those in opposition.
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