What to Teach About Money to Kids in High School?
The topics and concepts that we can teach our children about money at different ages and school periods will support their financial literacy and financial freedom journey in their future.
We started from kindergarten and went all the way to high school. Maybe saying “guiding” instead “teaching” a is better as they are on the way of being young adults. Let me start by sharing few ideas and please let me know your ideas and ways in comments. Let’s grow and develop ourselves together.
Teaching Money Concepts to Kids in High School
When it comes to teaching about money, don't just think of teaching terms, definitions and telling them what to do and when. In fact, the most important progress is to give a mindset and to support them while forming new habits on personal finance.
Giving a perspective that will positively affect money management from the period when our children's characters are formed can be one of the best trainings on the concept of money.
Ahh! It comes to my mind my son opened a shop in the middle of living room and sold something and he rented that shop and opened a larger one in our bedroom and added new sections with the money he earned (virtual of course). Anyway, let's cut my mother-ish emotional moments here and see what we can give to our children in high school.
Entrepreneurial Mindset
In today's ever-changing world, it is more important than ever for high school students to develop an entrepreneurial mindset. An entrepreneurial mindset is a set of beliefs, knowledge, and thought processes that equip people to recognize opportunities, take initiative, and succeed in diverse settings.
Here are some of the benefits of developing an entrepreneurial mindset in high school students:
Increased problem-solving skills: Entrepreneurs are constantly faced with problems and challenges. By developing an entrepreneurial mindset, students learn how to identify and solve problems creatively and effectively.
Enhanced creativity and innovation: Entrepreneurs are always looking for new and innovative ways to solve problems. By developing an entrepreneurial mindset, students learn how to think outside the box and come up with new ideas.
Improved communication and teamwork skills: Entrepreneurs need to be able to communicate effectively with a variety of people, from customers to employees. By developing an entrepreneurial mindset, students learn how to communicate clearly and concisely, and how to work effectively with others.
Increased self-confidence and resilience: Entrepreneurship is a risky business. By developing an entrepreneurial mindset, students learn how to deal with failure and setbacks, and how to bounce back stronger than ever.
A greater sense of purpose: Entrepreneurs are driven by a desire to make a difference in the world. By developing an entrepreneurial mindset, students learn how to identify problems and create solutions that can improve the lives of others.
Developing an entrepreneurial mindset is an important skill for high school students to have in today's world. By developing this mindset, students can increase their problem-solving skills, creativity, communication, and teamwork skills. They can also increase their self-confidence, resilience, and sense of purpose. If you are a high school student, I encourage you to explore ways to develop your entrepreneurial mindset. It could be the key to your future success on managing personal finance.
Being Brave and Keep on Researching
There are many ways for high school students to develop a brave and research oriented mindset. Here are a few ideas:
Take entrepreneurship classes: Many high schools offer entrepreneurship classes that can teach students the basics of business and entrepreneurship. If there is no, then you take the responsibility as parents.
Participate in entrepreneurship competitions: There are many entrepreneurship competitions for high school students, such as the Young Entrepreneurs Program (YEP) and the Future Business Leaders of America (FBLA). These competitions can give students the opportunity to develop their business ideas and compete against other students from around the country. You can check if there is similar programs in your country.
Intern with entrepreneurs: Internships with entrepreneurs can give students firsthand experience of what it's like to run a business.
Read books and articles about entrepreneurship: There are many great books and articles about entrepreneurship that can help students learn more about the topic.
Network with entrepreneurs: Networking with entrepreneurs can give students the opportunity to learn from experienced business owners and get advice on their own entrepreneurial dreams.
Importance of Quality and Related Networking
I feel bad and sad while writing this. Because I am very bad at networking, communicating and maintaining it. But I know that having a quality network gains importance from high school years.
Networking is the process of building relationships with people who can help you advance your career or achieve your goals. It is an important skill for everyone to develop, but it is especially important for high school students.
Networking can help our kids to get a job or internship.
Networking can help our kids to learn about different career paths.
Networking can help our kids to build a resume.
Networking can help our kids to build a confidence.
Networking can help our kids to make friends.
There are many ways to network in high school, such as attending career fairs, joining clubs and organizations, and reaching out to people they admire. The more people you meet and connect with, the stronger your network will be.
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Cash and Asset Management
By teaching your high school kid about cash and asset management, you're giving them a valuable lifelong skill. They'll be better prepared to make sound financial decisions and reach their financial goals. Here are some tips on how to explain and teach a high school kid about cash and asset management:
Start with the basics. What is cash? What are assets? What are the different types of assets? Once your child understands the basics, you can start to discuss more complex concepts, such as compound interest and asset allocation.
The difference between cash and assets. Cash is money that you can spend right away. Assets are things of value that you own, such as a car, a house, or stocks.
Use real-world examples. When possible, use real-world examples to illustrate your points. For example, if you're talking about compound interest, you could show your child how much money they would have if they invested $100 in a savings account and earned 5% interest each year.
The importance of saving money. Saving money is important for a number of reasons, such as having an emergency fund, saving for retirement, or paying for college.
The different types of investments. There are many different types of investments, such as stocks, bonds, and mutual funds. Each type of investment has its own risks and rewards.
How to diversify your investments. Diversification is the practice of spreading your money out among different types of investments. This can help reduce your risk if one type of investment loses value.
Make it fun. Learning about money doesn't have to be boring. There are many fun and interactive ways to teach your child about cash and asset management. You could play games, watch videos, or read books together.
How to create a budget. A budget is a plan for how you're going to spend your money. It can help you track your spending, save money, and reach your financial goals.
The importance of financial planning. Financial planning is the process of setting financial goals and creating a plan to achieve them. It's important to start financial planning early in life so that you have time to reach your goals.
Be patient. It takes time to learn about money. Don't expect your child to master everything overnight. Just keep providing them with information and opportunities to learn, and they'll eventually get the hang of it.
Passive Income Methods
Passive income is money you earn from assets that generate income without you having to actively work. You don’t work for money but your money works for you with passive income methods. You can start teaching and trying one of a passive income model together with your high school kid by giving them authority and responsibility then they will start having motivation to have one or more.
Dividened stocks
Airbnb rentals
Royalties (NFT, stock visuals...)
I hope these above ideas will help you to start financial literacy journey with your high school kids.