Rich Kid Smart Kid: Financial Literacy for Children

Personal finance for each individual couldn’t be more in a rut nowadays. Apparently retirement savings aren’t enough, credit card and mortgage debt is rising, and people just don’t have enough for health care. Because of the ongoing financial concerns and the way the economy is going, it’s only wise to hope that our children will learn to be smarter about their finances than us.

However, despite these very real concerns, financial literacy just isn’t being taught in schools. Even when your child reaches college, there just doesn’t seem to be a course that would help them be prepared in terms of managing money. Luckily, some financial gurus have recognized the need for financial education especially among the young, and many have come up with resources and even games to promote financial education among kids.

One of these resources is “richkidsmartkid.com”. This website is an offspring of Richdad.com, which is the website of millionaire entrepreneur Robert Kiyosaki. Mr. Kiyosaki is well known for being the author of the Rich Dad series of books which opens the eyes of the average Joe with regards to some very simple concepts of money. One of these concepts is the differentiation between an asset and a liability. Many were shocked when Mr. Kiyosaki claimed that you house is in fact not an asset, but a liability.

Richkidsmartkid.com is an interactive website for children which features several games which children can play that is based around a core financial concept. It is a fun and easy way for kids to learn about the way money works without being faced with financial jargon.

Introducing the concept of money at a younger age helps kids become more prepared for the inevitable time when they will be managing their own finances. Building a solid framework of principles can guide them in their future decision making, preparing them for both savings and investments. For those who are financially literate, it is a given fact that the younger you begin investing, the higher the chances of reaping colossal rewards.

For those parents who are eager to help their kids become more responsible with money, there are many other resources available online. Gradually exposing children to the world of money can help them live a financially free life when they’re older.