B.E. Senior Editor of personal finance, Stacey Tisdale, says there are three ingredients needed to cook up money smart kids.
Example: We must be the role models our children need us to be if we expect them to create financial well-being.
Experience: We must give our children real life experiences to learn how to manage and relate to money.
Communication: We must have open and honest conversations about money with our children so that they learn how to have healthy financial discussions, and learn how to ask for the help that they need in order to create financial stability throughout their lives.
[Below: Watch Tisdale discuss these topics with Tracie Strahan on NBC’s Positively Black]