We’re over half way through the 5 tips to help kids to think like a millionaire. Now that your kids have learned how to delay gratification (tip #1), can work and earn money (tip #2), and know how to save money (tip #3), they are ready for my next tip – and this one is for parents as much as it is for kids:
#4 – Live well beneath your means.
Parents – do not pay for everything. Give them a monthly allowance that they must budget to last through the month. Kids get much more creative when they are in charge of the bill. They get frugal and make tough choices.
When you pay – they stop thinking.
When they pay – they stop, think and make choices.