Source : http://www.nuwireinvestor.com/articles/teaching-kids-about-money-51386.aspx
Please click HERE to read about the movie: Knights of the South Bronx. Links will open in a new window.
Teaching Kids About Money: 10 Tips
Ways for parents to teach their children about money
Published on: Wednesday, December 26, 2007
Written by: Trista Winnie
Parents have been giving financial advice to their children for ages. “Neither a borrower nor a lender be,” Polonius told his son Laertes in William Shakespeare’s Hamlet. As with good hygiene and good manners, most parents strive to teach their children lessons on how to be good at handling money.“If you can teach your child the difference between needs and wants, how to budget and how to save, your child will know more than many adults,” according to Scott Reeves of Forbes. “But if you get it wrong, your child is likely to join the millions of Americans who rack up huge credit card debt and get stung each month by stiff interest payments.”
In other words, no pressure.The lives of children who understand money, its value and how to handle it will be far easier than those of children who don’t.
Here are 10 tips for teaching your kids about money, focusing on saving and investing money, so they will grow up and use it responsibly.
– on the link at the bottom of the page, where the article can be found…point 3 says…
3) Teach them critical thinking
While not directly a lesson in money, kids who learn how to think critically will make better decisions when it comes to money because they will be able to consider the short, medium and long term effects of their decisions, as well as plan for contingencies.
One great way to teach them how to plan, strategize and think critically is to teach them chess. Chess is a game in which cause and effect, concrete rules, analysis and planning for different scenarios are all crucial. Chess can also help kids hone their ability to recognize when to take risks and when to play it safe, which is a critical investment skill.
A real life example of this can be found in the story of David MacEnulty, an English teacher who taught a group of inner-city, low-income students in the South Bronx how to play chess. These students went on to compete and win in chess competitions and their critical thinking skills put them on the path to success. The story was documented in the 2005 movie, Knights of the South Bronx
Knights of the South Bronx
The most captivating, entertaining chess movie since Searching for Bobby Fischer! You’ll be thrilled. It’s inspirational.A business man decides that he wants to teach school in the inner city and chooses a tough school in the South Bronx. He teaches the children how to play the game of chess, and along the way they learn a lot about life.Richard’s entire class is lifted out of nothingness and boredom to fight for life, success, and the thrill of achievement! He helps his entire class discover chess one day, much to the dismay of school authorities. Richard’s mind is torn as even his wife disapproves when he turns down a lucrative job offer to stay with low-paying job… “his kids” and his class. But Richard cannot be swayed from helping the kids find new hope in life. When Richard’s class is reaching new levels of achievement in their studies the tide is turned, his wife comes to his side, and his Knights of the South Bronx battle their way to winning championships and battling all signs of defeat… often from within their own minds and ranks – their classmates. But they encourage one another and overcome, inspired by the game of chess.
Chessalee 