That'll teach them

Cleaver

I've got a three year old and I think it's tricky to know where pitch financial education. Obviously I've forced her to fill in my tax return this year and it goes without saying that I got her to do a two-week project producing an Excel worksheet with a comparison between paying of the mortgage and saving money on the top three ISAs on the market. She got some of the formulas slightly wrong, but I was fairly happy with her performance overall.

We have a massive credit card drawn on the lounge wall as a mural with a massive red cross through it and pictures of the devil in various forms all around it, so hopefully this will help. The majority of Sunday is normally taken up by memorising the financial tables in The Sunday Times and I've warned her about the dangers of BTL by taking her to a deserted new build block twice a week where we sit in the dark and cry together.

She has saved her birthday, Christmas and Easter money for all of her three years and has managed to save £43,000 so far, but she invested over half of it unwisely with Bernie Madorf and lost £20,000, but I think that's a valuable lesson that any 3 year old needs.

It's difficult to know how much to do though, isn't it?

mr.broderick

Cleaver wrote: »

I've got a three year old and I think it's tricky to know where pitch financial education. Obviously I've forced her to fill in my tax return this year and it goes without saying that I got her to do a two-week project producing an Excel worksheet with a comparison between paying of the mortgage and saving money on the top three ISAs on the market. She got some of the formulas slightly wrong, but I was fairly happy with her performance overall.

We have a massive credit card drawn on the lounge wall as a mural with a massive red cross through it and pictures of the devil in various forms all around it, so hopefully this will help. The majority of Sunday is normally taken up by memorising the financial tables in The Sunday Times and I've warned her about the dangers of BTL by taking her to a deserted new build block twice a week where we sit in the dark and cry together.

She has saved her birthday, Christmas and Easter money for all of her three years and has managed to save £43,000 so far, but she invested over half of it unwisely with Bernie Madorf and lost £20,000, but I think that's a valuable lesson that any 3 year old needs.

It's difficult to know how much to do though, isn't it?

£43,000 / 3years x 2 (Xmas and Birthday) = £22500 a year . Not bad going.

SingleSue

Funny you should say that Cleaver...my youngest keeps writing out cheques on bits of paper. No idea where he got the idea from as I don't actually use cheques!

Oh and I don't think he fully understands cheques either, he gives you a cheque when you owe him money and not the other way around.

Very handy taking him shopping though, he remembers all the prices and will tell you how much it comes to when you arrive at the checkout..and then what change to expect before the till can work it out...not bad for a 10 year old, even if he does get a bit obsessive with numbers, he was counting how many seconds between when the drum stops rolling to when it started again on my washing machine today! :rotfl:

mr.broderick

SingleSue wrote: »

Funny you should say that Cleaver...my youngest keeps writing out cheques on bits of paper. No idea where he got the idea from as I don't actually use cheques!

Oh and I don't think he fully understands cheques either, he gives you a cheque when you owe him money and not the other way around.

Very handy taking him shopping though, he remembers all the prices and will tell you how much it comes to when you arrive at the checkout..and then what change to expect before the till can work it out...not bad for a 10 year old, even if he does get a bit obsessive with numbers, he was counting how many seconds between when the drum stops rolling to when it started again on my washing machine today! :rotfl:

3 more years of writing this rubbish and i'll be doing the same.

fc123

Cleaver wrote: »

I've got a three year old and I think it's tricky to know where pitch financial education. Obviously I've forced her to fill in my tax return this year and it goes without saying that I got her to do a two-week project producing an Excel worksheet with a comparison between paying of the mortgage and saving money on the top three ISAs on the market. She got some of the formulas slightly wrong, but I was fairly happy with her performance overall.

We have a massive credit card drawn on the lounge wall as a mural with a massive red cross through it and pictures of the devil in various forms all around it, so hopefully this will help. The majority of Sunday is normally taken up by memorising the financial tables in The Sunday Times and I've warned her about the dangers of BTL by taking her to a deserted new build block twice a week where we sit in the dark and cry together.

She has saved her birthday, Christmas and Easter money for all of her three years and has managed to save £43,000 so far, but she invested over half of it unwisely with Bernie Madorf and lost £20,000, but I think that's a valuable lesson that any 3 year old needs.

It's difficult to know how much to do though, isn't it?

But are they out of night time Pampers yet?

I know you are being ha ha...but the above is a sort of parody on mums I have known .....and the kids are still in Pampers at age 4 and haven't learnt to share.....but they can count to 20 in 5 languages....and the rest.

Cleaver

fc123 wrote: »

I know you are being ha ha...

'Being ha ha'? That's biting, satirical humour my friend. Show some respect.

Cleaver

Cleaver wrote: »

'Being ha ha'? That's biting, satirical humour my friend. Show some respect.

I feel like I should have used a smiley to show that that was sarcastic. But then I'd have to kill myself.

incher

fc123 wrote: »

TBH at 2, I'd stick to the potty training and not thwacking a felllow 2 yr old for having a toy that they want to play with at the same time....teaching 'To Share Nicely'..that was a hard one too.

Mmm, well we're still working on all of that. He's very good at thwacking, headbutting, etc, getting better at sharing, but not really getting the point of potty training at all...

I will think hard about how to approach money with my 5-year-old. She's a tricky customer in so many ways, and requires careful handling.

But thanks for the tips!

logie28

geoffky wrote: »

My ten year old girl understands the role of banks and what they do with your money. she understands that debt is evil and all debt should be avoided.
she understands about money being printed and hence being produced out of thin air but takes great pride in her savings and shows her passbook to everyone..she has
three thousand pounds that she has saved herself..

Cant agree that all debt is evil, mortgage, student loans are inevitable for a lot of people..

Some people need to get into debt to get a head start. Education or home.

I believe some privileged people can pay for their education out right, even their homes.

I dont believe a 10 year old can save 3grand on their own, unless overly privileged/spoilt or working illegally!!(delete when appropriate)

BTW, if she knows the role of banks , she should contact a few CEO 's.

In theory money may be printed, but it does not appear out of thin air, in my own experience it is produced through hard work.. that is what i will be installing in my little girl....

fc123

Cleaver wrote: »

'Being ha ha'? That's biting, satirical humour my friend. Show some respect.

Biting, satirical humour isn't ha ha? Makes me go ha ha....with lots of respect thrown in too.
You don't really have a 3 yr old do you?;)