Page 116 - South Mississippi Living - April, 2023

HEALTHY LIVING
Saving money, making financial decisions, and understanding how
to manage your resources can be confusing. For kids, it’s a totally unknown world and foreign language. That’s why it’s vital to help teach kids and teens healthy money habits. Roy Murrell, entrepreneur, real estate investor, manufacturers representative for NCH Corporation and father, shares how we can help our kids learn positive money habits.
If you step into a finance course,
the verbiage can be confusing, but Murrell helps us simplify the process. He says, “One tenant I live by is, before spending, save a portion of any income that you receive. It’s absolutely not
about how much you make but how much you save.” For your kids and teens, starting to save at a young age can help them prepare for adulthood and learn how to manage their money before they leave the nest.
Murrell has a tip for helping you offer your children financial literacy. “Parents can teach their children about investing by withholding part of their allowance and designating it for a savings account,” he says. This way kids can start to get into the habit of putting money away first before using the remainder towards expenses, going out with friends, and so on.
Murrell quotes Albert Einstein by saying, “Compound interest is the
story by Luke Height eighth wonder of the world.” One great
tool to offer your children is to teach them to invest early and often. Murrell says, “A good way for young people to think about money is to not think about its current value, rather what it can be in 10-20 years.” By investing in index funds, children can learn the value of compound interest and start thinking about money in longer terms. That way, they learn to forgo instant gratification and can focus on building wealth and creating opportunities that span far beyond what is available to them today.
For our children, financial literacy is just as important a skill as any other and these tips can help you prepare your children to take on the world.
116 | April 2023
www.smliving.net | SOUTH MISSISSIPPI Living
TEACHING Kids & Teens
MONEY HABITS
APRIL: Financial Literacy Month
Healthy