This special series is part of CentSai’s commitment to financial literacy at every level. We’re collaborating with financial education advocate Sam X Renick on a series of short interviews, videos, and tips. In this installment, Cary J. Green, Ph.D. — the author of Success Skills for High School, College, and Career — tells Renick a money lesson he learned as a child and shares advice for teaching kids about money.
Sam X Renick: What is the most important money habit you learned as a child? Briefly share the story of how you learned the habit and tell us about the impact it has had on you throughout your life.
Cary J. Green: My dad impressed on me at a young age the importance of saving something from each paycheck. At that time, I didn’t have a paycheck, but I got in the habit of saving something each time I received some money.
Unfortunately, my dad passed away at a young age. His savings habit, however, allowed him to provide for his heirs.
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Now that I have a daughter, I’m passing on this age-old piece of advice. I encourage parents to share it with their kids. And I also encourage young parents to save something, no matter how modest. This habit will pay future benefits.
Renick: If you could teach a child only one money habit, what would it be? Briefly explain why.
Green: As I mentioned, I’m teaching my daughter to save something from the money she receives. Although she’s in elementary school, when I recently asked what she was going to do with some of her birthday gift money, she said, “Probably save some for college.”
Renick: Cambridge University research indicates that adult money habits are set by age seven. What if the research is wrong and those habits are formed earlier, perhaps around the age the “give mes” set in? What does this mean for families, schools, and the financial education industry?
Green: I think we can teach our children, regardless of their age, important skills by actively talking about them. We can model the behavior we want to develop in our children. We need to deliberately equip them with skills to succeed financially as well as in other aspects of life.
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We can commend our children when they display the skills we want them to develop; and we can nudge them and encourage them as needed.
Make a savings deposit toward one of your goals.
Discover more about Cary J. Green, Ph.D. at his LinkedIn.
Mfululizo huu maalum ni sehemu ya kujitolea kwa CentSai kwa elimu ya kifedha katika kila ngazi. Tunashirikiana na mtetezi wa elimu ya kifedha Sam X Renick kwenye mfululizo wa mahojiano mafupi, video, na vidokezo. Katika sehemu hii, Cary J. Green, Ph.D. - mwandishi wa Ujuzi wa Mafanikio kwa Shule ya Upili, Chuo Kikuu, na Kazi - anamwambia Renick somo la pesa alilojifunza akiwa mtoto na anashiriki ushauri wa kuwafundisha watoto juu ya pesa. Sam X. Rennick: Ni nini tabia muhimu zaidi ya pesa uliyojifunza kama mtoto? Tuambie kwa ufupi jinsi ulivyojifunza tabia hii na jinsi ilivyokuathiri katika maisha yako. Cary J. Baba yangu alinifundisha tangu nilipokuwa mchanga umuhimu wa kuokoa kitu kutoka kwa kila mshahara. Wakati huo, sikuwa na mshahara, lakini nilizoea kuokoa kitu kila mara nilipopokea pesa. Kwa kusikitisha, baba yangu alikufa akiwa na umri mdogo. Hata hivyo, zoea lake la kuhifadhi pesa lilimruhusu kuwatunza warithi wake. Sasa kwa kuwa nina binti, ninakupa shauri hili la zamani. Nawatia moyo wazazi wawaambie watoto wao. Na pia ninawatia moyo wazazi wachanga wawekee akiba, hata iwe ndogo kadiri gani. Mazoea hayo yatakuwa na manufaa wakati ujao. Ikiwa ungeweza kumfundisha mtoto tabia moja tu ya pesa, ingekuwa nini? Eleza kwa ufupi sababu ya hilo. Green: Kama nilivyosema, ninamfundisha binti yangu kuokoa kitu kutoka kwa pesa anazopokea. "Wakati mmoja nilipomwuliza ni nini atakachokifanya na pesa za zawadi za siku yake ya kuzaliwa, alisema, ""Labda ataweka baadhi kwa ajili ya chuo kikuu.""" Namna gani ikiwa utafiti huo ni mbaya na mazoea hayo hufanyizwa mapema, labda karibu na umri ambao "kutoa mes" huanzishwa? Hii inamaanisha nini kwa familia, shule, na sekta ya elimu ya kifedha? """Nafikiri tunaweza kuwafundisha watoto wetu, bila kujali umri wao, ujuzi muhimu kwa kuzungumza juu yao." Tunaweza kuiga tabia tunayotaka kukuza katika watoto wetu. Tunahitaji kuwapa ujuzi wa mafanikio ya kifedha na katika mambo mengine ya maisha. Kufungua Savings Builder Account ni rahisi <unk> Get Started <unk> Tunaweza kuwapongeza watoto wetu wakati wao kuonyesha ujuzi tunataka wao kuendeleza; na tunaweza kusukuma yao na kuwatia moyo kama inahitajika. Weka akiba ya pesa kwa ajili ya moja ya malengo yako. Jifunze zaidi kuhusu Cary J. Green, Ph.D. katika LinkedIn yake.