CHARLOTTE, N.C. — Learning to manage your money can be challenging. That's why experts say the sooner you start teaching your children financial literacy, the more financially independent they will become when they get older.
Gregg Murset, founder of BusyKid, told WCNC Charlotte he started the app when he was trying to teach his kids about money by instilling a work-money connection, which for kids, involves doing chores.
"They've got to understand that money comes from working," Murset said. "I've searched high and low. I haven't found a job where you can sit around and do nothing and still get paid. That doesn't really occur in the real world. Then once you get the money, how do you manage it in a way that's going to set you up for success in the future?"
Murset said once they earn the money, it's then about teaching them to be smart with it.
"If they just earn it and burn it all, then they're not getting anywhere," the father of six said. "They're just spinning their wheels. You've got to teach them a balanced financial approach and this is not that hard either."
Murset said that means saving, investing, and donating earnings. Once they've saved some, then they can use the rest for something fun.
"If you've got a boy who just can't get enough of sports and just wants to go professional baseball games all the time, great," Murset said. "Let them earn the money to go to the game and to buy the hot dog and peanuts and all that, just figure it out and then they'll run with it."
Murset said he hopes this will also help kids realize that every dollar matters.
"Go out to dinner as a family, let them help you pay the bill, right -- let them help you figure out the tip and all the things," Murset said. "Be more transparent and they're gonna be like, 'Oh my goodness! I can't believe that it cost us $70 to go out to dinner tonight and to earn $70 -- their eyes will start to open."
Murset said with a little practice, your kids can become experts.
"If you want to get good at something - you know the old adage, right? You gotta practice if you want to get good at basketball or dance or whatever, you gotta do it a lot," he said. "Same thing with money. You've got to learn how to earn it and then manage it properly. And the next thing, you know, you're gonna be pretty good at it."
Contact Jane Monreal at jmonreal@wcnc.com and follow her on Facebook, X and Instagram.