Distinguished Financial Planning Expert, Elaine King, partnered with leading nonprofit organization, United Way, to present a workshop for kids on money management.
Based on her book, Saltarín y Las Cuatro Palabras Clave Para Una Familia Unida, the Value of Money Workshops aim to teach children the basic concepts of numbers and monetary planning.
The picture book emphasizes four key phrases that children should learn to develop a united family: use, save, grow, and share. Set in the Galapagos Island, the storyline follows a family of swallows that teach their children four crucial financial strategies. These strategies are to plan for the future, save in the event of scarcity, plant to grow more of the same, and share with the community. Saltarín exposes young readers to concepts such as borrowing and interest, delayed gratification, and money managing for a purpose.
Through her workshops, King hopes to spread the message that it is possible to learn financial literacy at a young age. Instilling this knowledge in childhood better prepares children to develop a stable financial future.
“In our practice advising wealthy families, we have found there are very simple ways to educate younger family members on the basics of sound money management,” King noted in an article written for We Family Offices. “These skills, when learned from an early age can help foster successful wealth transfer between generations, and responsible financial behavior.”
She recommends parents give their kids an allowance for completing simple chores, and permit them to use that money to contribute to buying household items or their own lunch. In doing so, parents will be instilling an understanding of the practicalities of earning and spending.
However, participation in these sorts of activities leads to more than monetary benefits for families. These practices create a sense of teamwork, togetherness, and unity between family members.
“We start with the ultimate goal of growing the family wealth, which is represented by more than a number on a balance sheet,” King stated. “It includes the human, intellectual, social, and financial capital held by your family.”
Find more great ideas on teaching kids about monetary responsibility here.
Looking for fun and easy way to educate children about financial strategies? Pick up a copy of Saltarín here.
If you are interested in purchasing learning materials or hiring Elaine King to conduct a workshop at your school or organization please contact her at elaine@elaineking.net or via social media @elainekingfp.
