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How to teach children about money

How to teach children about money. CUE 2011, Palm Springs, March 18, 2011 Prakash L Dheeriya , PhD, Professor of Finance California State University Dominguez Hills pdheeriya@csudh.edu. FINANCE4KIDZ.COM. Introduction

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How to teach children about money

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  1. How to teach children about money CUE 2011, Palm Springs, March 18, 2011 Prakash L Dheeriya, PhD, Professor of Finance California State University Dominguez Hills pdheeriya@csudh.edu

  2. FINANCE4KIDZ.COM Introduction Millard Public School Model of teaching children about finance at elementary schools How you can teach your children about finance (a) Wants & Needs (b) Choices (Decision making) (c) Where does money come from (d) Risk & Return (e) Managing Money How to get these books ( www.finance4kidz.com Library purchase, Amazon & ibookstore )

  3. FINANCE4KIDZ.COM Prakash L Dheeriya, PhD in finance Father of 2 boys, ages 6 & 7 years Professor of Finance at California State University –Dominguez Hills with over 25 years’ of teaching exper. My philosophy: If you can teach your children not to put fingers in electrical sockets, or to look both ways before crossing a street, then you can teach them about finance too How come we teach children to take care of their physical health, but never teach them about their financial health?

  4. FINANCE4KIDZ.COM Millard Public School district (NE) is rated # 6 in the nation. College faculty teach high school seniors about finance using Finance For Kidz series of children’s books Those high school kids then go and teach elementary school kids from these books Here is the feedback received from a high school student who took this course

  5. FINANCE4KIDZ.COM "Today was our last day with the Cottonwood Elementary students and we will most likely never see them again. While I am sad, it gives me great pride knowing our efforts the past 8 weeks will help them appreciate the important role of finance in their young lives. We know the students enjoyed the experience with us for the short time we shared with them and somehow my sadness with the end of this class is offset by the satisfaction of watching the progress made of what started as little finance caterpillars turn into butterflies." I don't know about you but to me its reading these comments which is the essence of why I chose a career in education.

  6. FINANCE4KIDZ.COM Wants & Needs Need is something you must have in order to survive Want is something that is nice to have but not essential for survival Teach them the difference and they won’t bug you “I want this, I want this..” Empower them by letting them decide on their own if they “want” something or “need” something Do you “want” candy or do you “need” candy?

  7. FINANCE4KIDZ.COM Choices (Decision Making) Understand that there are “costs” and “benefits” associated with decisions To teach children: Costs are something that is not good and benefits are something that they like For birthday parties: Do you want a lego party or a star wars party or princess party? What to eat? Apple or candy? Explain costs-benefits “Good thing about it..” “Bad thing about it is…”

  8. FINANCE4KIDZ.COM Where does money come from? Explain swapping, or bartering Child needs legos or some toy; has excess of some other toy & is willing to swap Is he willing to swap (exchange) or barter? If so, explain the difficulty of bartering Therefore, we need a universally accepted mode Money is a medium of exchange

  9. FINANCE4KIDZ.COM Where does money come from? Explain swapping, or bartering Child needs legos or some toy; has excess of some other toy & is willing to swap Is he willing to swap (exchange) or barter? If so, explain the difficulty of bartering Therefore, we need a universally accepted mode Money is a medium of exchange

  10. FINANCE4KIDZ.COM RISK & RETURN Very important concept not taught until college To make lots of money, you must be willing to take risk For teaching children: Use basketball, or soccer ball & Shoot, …take chances.. You may score points or a goal..not guaranteed.. No such thing as risk free way of making tons of money

  11. FINANCE4KIDZ.COM Managing Money Show them a glass pitcher of water Money is the water and the glass is your bank account Always keep some water because you will get thirsty

  12. FINANCE4KIDZ.COM How to Obtain these Books? www.FINANCE4KIDZ.COM Ask your librarian- Can order Amazon Ipads (ibookstore) Translated into Spanish, Arabic, Chinese, French, (Portuguese and Japanese soon)

  13. Why Do We Need To Teach our Children about Money?

  14. FINANCE4KIDZ.COM FREE BOOKMARKS AVAILABLE

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