How to raise financially savvy kids

Recently, I overheard my seven-year-old son and his best friend talking about mortgages.

“People need a mortgage because they don’t have all the money to buy a house,” he said.

“Houses cost a lot of money,” concurred his friend.

“Yeah,” said my son. “Like, a house could cost a thousand dollars.”

I was amused. I was also proud that my son was picking up on some of the financial concepts I’m trying to teach him, and dismayed at just how much more he has to learn. Like most parents, I want to raise financially savvy kids.

So, I asked three experts for their insights on how teach kids about money.

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