"Being wealthy is a lot of fun" according to Mr. Money Mustache. In fact, being wealthy is so much fun for him that he is making a great effort to show his son how to manage money at a young age so that he can be wealthier early on in his life as well. In Mr. Money Mustache's blog "What I'm Teaching my Son about Money," he proves that it is actually very simple to teach your child the basics of money very early on. His main goal in this blog was to introduce his simple ways of showing his son how to maintain money because he believes that it is his job as a parent to help his child become the "happiest and most capable adults" through the world of money. I definitely think that Mr. Money Mustache is heading in the right direction with his child. He is teaching his son that money is finite, keeping money is profitable, and interest compounds exponentially through what he calls the "Bank of Mr. Money Mustache." The child is earning money from family and for walking/biking in instances when a car could be used. This money goes into the bank and he earns interest for the money he keeps there. I think that he is doing a great job at showing the child how money works in a bank, however I think that he is missing the point that money is not handed to you. Yes, he claims that the child will have to actually work as a teen seeing that he believes working is almost more important than a school education in his eyes, however he is now becoming accustomed to doing simple little things and being paid decent amounts of money. I think that Mr. Money Mustache has great ideas in the fact that he is teaching his son how to manage his money now so that he will be used to it later, but I think he needs to be a little more realistic with his son when he tells him that he won't have to work when he is older if he doesn't want to just because he has started saving now.
http://www.mrmoneymustache.com/2015/05/20/what-im-teaching-my-son-about-money/
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I completely agree when you say the MMM needs to be realistic with his son. Just because it worked for him does not mean it will all go exactly the same for his son. As years go on Inflation is taking place and even those who have money saved will still need to work in order to keep up with the economy.
ReplyDeleteI also agree that Mr. Money Moustache is doing a fine job in the methods he is using to teach his kid about money and the importance of saving. Learning comes best at a young age like his son, and it will probably stick with him throughout his life. Many people will reach adulthood without any knowledge behind finances and saving, and that is never good.
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