Five ways to raise a financially savvy child

Studies show when parents talk about money with their children, they'll grow up financially smart.

Here are five tips to get started.

1. Don't buy supplies alone. Let your child be part of the buying process.

2. Conduct a price comparison. Ask your child which product is worth more.

3. Do the math. Help them learn profit and loss statements.

4. Call their activities what they are. Give your kids' actions important names, such as marketing.

5. Choose a cause. Let them donate to their favorite cause.

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