Taking the time to invest in teaching a child about money is akin to the old mantra to "teach a man to fish" rather than simply giving them the fish in the first place. U.S. News points out that teaching financial literacy can generate dividends by teaching: The time value of money. Delayed gratification. The development of deeper socio-economic awareness. Confidence to buy a home, save for retirement, and even start businesses.
The other way teaching a firm financial literacy foundation pays off is by making the other recommendations on this list more effective. The responsibility of getting the most out of things like choosing the right college path or funding a UGMA account (both of which are explained further down) ultimately falls on your child.
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