how to teach children about money
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CUE 2011, Palm Springs, March 18, 2011Prakash L Dheeriya, PhD, Professor of FinancePrakash L Dheeriya, PhD, Professor of Finance
California State University Dominguez HillsCalifornia State University Dominguez Hillspdheeriya@csudh.edu
FINANCE4KIDZ.COM
IntroductionMillard Public School Model of teaching children
about finance at elementary schoolsHow 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 MoneyHow to get these books (
www.finance4kidz.com Library purchase, Amazon & ibookstore )
FINANCE4KIDZ.COM
Prakash L Dheeriya, PhD in financeFather of 2 boys, ages 6 & 7 yearsProfessor 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?
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
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.
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?
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…”
FINANCE4KIDZ.COM
Where does money come from?
Explain swapping, or barteringChild needs legos or some toy; has excess of
some other toy & is willing to swapIs he willing to swap (exchange) or barter?If so, explain the difficulty of barteringTherefore, we need a universally accepted modeMoney is a medium of exchange
FINANCE4KIDZ.COM
Where does money come from?
Explain swapping, or barteringChild needs legos or some toy; has excess of
some other toy & is willing to swapIs he willing to swap (exchange) or barter?If so, explain the difficulty of barteringTherefore, we need a universally accepted modeMoney is a medium of exchange
FINANCE4KIDZ.COM
RISK & RETURNVery important concept not taught until collegeTo make lots of money, you must be willing to
take riskFor 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
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
FINANCE4KIDZ.COM
How to Obtain these
Books?www.FINANCE4KIDZ.CO
MAsk your librarian- Can orderAmazonIpads (ibookstore)Translated into Spanish, Arabic, Chinese,
French, (Portuguese and Japanese soon)
Why Do We Need To Teach our Children about Money?
FINANCE4KIDZ.COM
FREE BOOKMARKS AVAILABLE
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