Two Great Ways to Properly Teach Kids the Value of Working Hard and Earning Money

It’s unfortunate today how big the gap is between children who grow up with no appreciation, or idea, of money and those who grow up with no money at all. A part of it is to blame on the parents, a part on schools and education, and a big part on the media and societal standards. For example, kids know that jewelry is nice and expensive and a luxury to have, but they don’t know why. They don’t understand why their teacher has a modest sized engagement ring from Kay’s, when their mom or a lot of women they see on TV have gigantic stones. It’s just not something that young minds comprehend, but here are a few ways that teachers and schools can help.

Hand Out Rewards Dollars

I remember a story a friend told me—when she was in school, she had one teacher that would hand out rewards coupons to students who either did well academically or morally. The teacher had a system just like the system of money we use today. If you were to act up, you would owe the teacher some of your money. If you didn’t have any money, you went into debt. If you got too far into debt, then you got detention. This system alone taught her the value of working for what you get. At the end of each two months, the teacher allowed her students to pool the money together and throw a pizza party or have a class wide auction to buy and sell candy, toys, baseball cards, etc. This system worked like a charm for young kids!

Hold a Mock Stock Market for a Term

This only works with older students but it works really well. The concept is to break the class into small groups, then give each group a predetermined amount of “money” to invest in whatever they want to. The idea is to get them researching where they can invest it, what are the safest options, and potentially where you can make the most. The idea is to see not only who was able to profit the most but to also see who was able to make the safest investments and also which investments didn’t pan out. It’s a great activity to do over an entire term to illustrate how longer-term investments work.

Care to share your tips for teaching kids the value of money? :)Thank you for dropping by! :) 

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