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's well versed on the subject.
In her new book Kobliner states research has found parents have the biggest influence on their child’s money habits – something which is learnt by the time they turn seven.
So what's the one thing we can do to set our kids up for financial success? Well, according to Beth, it has to do with 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. Kobliner advises starting the lessons from as young as age three.
And the worst mistake you can make? According to Kobliner, expressing your anxiety around money, such as constantly talking about how bad you are with it or complaining about how little you have will leave a mark on your little one.
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.