Archive : Financial Literacy

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Money Management Lessons From My Son

Money Management Lessons From My Son

I consider myself fairly sophisticated about money management and how important it is to teach our children financial responsibility. But it took a conversation with my frustrated nine year-old to open my eyes to two-key elements I had been overlooking. And what a difference they can make to a kid’s understanding of handling money. Here’s what happened and what I learned.
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What Is This Thing Called Money?

What Is This Thing Called Money?

By definition, money is “any article or substance used as a medium of exchange, measure of wealth, or means of payment.” Money makes complete sense to us today but it has taken us around 3,000 years to get here. Prior to money, bartering was the means by which people exchanged goods or services. Bartering involved a direct trade and required finding another person or community who wanted or needed the goods or services being offered.  It worked but not always very efficiently.
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