Setting a goal will teach your child about the rewards of delayed gratification. What is delayed gratification? It is the ability a child has to control their impulses and wait for a payoff sometime in the future as opposed to right now. Here is the link to the Stanford Marshmallow Study which vividly demonstrates just what I am talking about:

Realizing a goal they set will boost their self-esteem. This success will encourage your child to set goals again and again. Repetition itself will imprint the goal-setting habit in your child. This becomes oh so important when they are adults and want to buy a car, put money down on a home or save for retirement. These early successes in achieving a goal are guaranteed to prepare your children to deal successfully with life’s longer-term wants and needs. If you would like a goal-setting template to use with your child, here is the link:

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Written by Susan Beacham
Susan Beacham founded Money Savvy Generation in 1999 after almost two decades in private banking and investment management complemented by considerable time teaching at the elementary level.

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