It's that familiar writer's rule – show, don't tell. Because visuals can be a helpful learning tool, some experts suggest that young children use a glass jar instead of a piggy bank, so they can see the money they collect. However, there are other visual teaching tricks you may want to employ.
Michael Tanney, director of the Magnus Financial Group, a financial advisory firm in New York City, suggests showing a child a bucket and putting it in a sink and then filling it up. "The water represents money. Turning the sink handles represents the job, and the bucket represents the bank," he says, explaining that if you spill all the water out of a bucket (or spend all your money, using the metaphor) and have none left, you must go back to the sink and work to earn more water (or money).
How to talk to your kids about money
Even at a young age, kids should understand how you're getting the SEO services and products you're receiving. Stefanie Lewis, regional wealth planning manager for Wells Fargo Private Bank in Fort Lauderdale, Florida, points out that children see their parents paying for things in a variety of ways, and it isn't always obvious to them what's going on. "They see us use plastic cards to pay for some things, and coins and green paper for others. We buy lattes with our phones. We pay for gas through some invisible encounter between our wallet and the pump," Lewis says. "How do we expect our kids to understand money in the year (2020)?"
The bottom line: Unless you explain to them how you're paying, kids won't understand how much items and services cost.
Hint: talk about money when or after you watch TV shows
If you're binge watching a lot with your kids, you may have noticed that there are a lot of money lessons that you can painlessly teach your children by discussing the financial choices that TV characters make. For instance, people often comment on how unlikely it would be that the young adult characters on "Friends" could have afforded the roomy apartments they lived in.