Mum-of-three and New York Times best-selling finance author Beth Kobliner knows a thing or two about money and parenting. So when it comes to teaching kids the value of the dollar she well versed on the subject.
In her new book Beth states research has found parents have the biggest influence on their child’s money habits – something which is learnt by the time they turn 7.
So what's the one thing we can do to set our kids up for financial success? Well, according to Beth, delayed gratification.
“I think the number one thing [to teach] is waiting,” she told Business Insider during a Facebook Live interview.
“Saving up and waiting for something you want is really the key to money.”
By saving up for a big ticket item instead of frittering their allowance away daily, they will learn the value of money.
“That really helps kids get a concrete sense or what they need to do to save money in the long term.”
It's never too early either, with Beth advising you can start teaching your child this from as young as age 3.
So what's one of the worst mistakes you can make? Expressing your anxiety around money, such as constantly talking about how bad you are with it or complaining about how little you have.
Another mistake, and something quite surprising, is making them do chores to earn pocket money as research shows having household duties is good for family responsibility but tying money to these tasks only "confuses the issue" of money for children.