From CNBC, by Nicolas Vega
Parents shouldn’t wait until their kids are old enough to have an allowance before teaching them about money.
That’s according to Ken Eyler, certified public accountant and CEO of Aquilance, a financial services company dedicated to “highly affluent families.”
Over his 31-year career advising high-net-worth families, Eyler has watched upwards of 100 kids grow into adults. He advises his clients to start teaching their children about money young, around age 5 or 6, in order to help them build lifelong habits and a positive relationship with it.
“By the time they are 11, 12, 13 and starting to reach adolescence, they should be fairly well-versed in how money works in society,” he tells CNBC Make It. “Money is a tool, and having that for whatever purpose is really important.”
From savings to taxes, here are three pieces of knowledge he says all parents should consider teaching their children when they’re young…