Main argument: Parents are introducing concepts of spending, saving, budgeting and investing to their kids through allowance and courses. These ideas are given to these young kids, even before the age of 4! Early exposure to financial responsibility builds intelligent use of money and confidence for future decisions where money usage becomes more frequent and requires more thinking. 

 

Why it's important for teens: As you grow older, you are already making decisions with money, even if it's as small as lunch money. You’re deciding how to spend it by choosing different meals and snacks which could be spent the smart way if you had experience with money at a young age. Furthermore, the mistakes you make at a younger age will teach you lessons so you don’t fall into the same financial pitfall when it becomes more serious. Lastly, as a teen you will feel less overwhelmed when real financial problems arise. 

 

Real world scenarios: There are many real world scenarios that can be connected to this situation. 

 

1. Getting your first paycheck - As you grow older, larger amounts of money will be taken into account. As a young adult that has learned about money at a young age, they will likely set aside the majority for savings and spend it on their needs. But someone without these lessons may struggle as they would spend it all at once on useless things and have complications when it comes to necessary purchases.

 

1. Planning a trip with friends - Trips become more difficult as you grow older because you don’t have your parents planning all the expenses. Someone who learned the responsibilities of planning and budgeting their money at a young age would have some experience. They would thrive in planning all the activities, gas, Airbnb, and food. They would calculate all the expenses before time so they don’t run into troubles during the trip. But, someone without these lessons not monitoring costs would likely overspend and run into issues like paying their rent and bills as they spent it all on the trip. 

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Business Vocabulary

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1. Spending: The act of paying money to buy services or goods

2. Saving: Putting money aside for the purposes of spending later

3. Budgeting: Creating a plan on how you are going to save and spend money 

4. Investing: Putting money into something in hopes that it will generate more money in the future. There are usually risks to this (stocks). 

5. Profit: Financial gain and is the difference between the amount of money earned and spent. 

6. Networking: Connecting with people and creating relationships with them for mutual gains. 

7. Interest: Fee that comes up from borrowing money or could be a reward for lending it. 

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Career Paths: 

 

1. Financial Advisors: A profession where you provide guidance to people to help them manage their money and achieve their financial goals. Also you could help them invest wisely and manage their debt. 

 

1. Banker: This profession assists people in their financial needs such as loans, management in accounts, and advice. You can also help people manage their investments and assets. You deal with interest and mortgages and usually go into this field if you have strong problem solving skills. 

 

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Source:

https://www.empower.com/the-currency/money/teaching-kids-about-money-news