Comments on: 8 Bad Things You’re Teaching Your Kids About Money

By: Megan

Megan — Tue, 26 May 2009 18:44:47 +0000

This is a good article, but I’d like to add something to the last point:

Although I agree that your child should understand why you’re going to work, they should NOT be taught to solely rely on their job for money.

Parents and children together should sit down and read the book “Rich Dad, Poor Dad,” which helps the reader learn that once he/she has learned how to invest in assets (not liabilities) that continue to provide a recurrent income to him/her, then the paycheck he/she brings home from said “job” is just an “extra” – - – and they actually get to do what they enjoy. This way, if they get fired or laid off, it’s not a life-altering crisis.

The poor and middle class know how to work for money.

The rich know how to make money work for them.

By: Michael

Michael — Mon, 15 Dec 2008 14:05:38 +0000

The credit is a dangerous place. The first thing kids need to realize is that money don’t grow on trees and there is a limit to it… Hard to teach these things though, don’t you think?!

By: Danielle

Danielle — Mon, 15 Dec 2008 14:03:32 +0000

So true!!!! Especially the first point – whatever the kid wants, he usually gets if not by asking once, then by crying like a maniac

By: Track Your Spending

Track Your Spending — Fri, 05 Dec 2008 19:19:02 +0000

I don’t know about everyone else, but my preschooler is very quick to call me out on hypocrisy. Keeps me accountable! So now I’m getting chided by a 3-year-old for leaving the room without turning off the lights!

Paulette Fellwock
SpendTrackerUSA.com

By: CreditMom

CreditMom — Thu, 04 Dec 2008 19:02:07 +0000

Just yesterday I realized I wasn’t sure if my kids understood the difference between credit and debit cards. Since I pay with debit only I was afraid they thought I was charging everything. So I sat them down and explained that credit is a loan that you pay back with interest. So take a Wii game at $50 and put it on loan and pay it out a little each month and it may end up costing you $75…not worth it right?

But, the only way you can use debit is if you have the money in the bank. If there’s no money you can’t buy it because the store will decline your card.

BIG DIFFERENCE

By: Dominique

Dominique — Wed, 03 Dec 2008 05:16:16 +0000

I echo your thoughts about the importance of teaching kids the value of money and that it should be earned not dished out on a silver platter. I too have been trying to teach my toddlers that they have to “work” before they will receive their rewards.

By: Elisheva Wiriaatmadja

Elisheva Wiriaatmadja — Sun, 30 Nov 2008 06:11:04 +0000

One of the most effective way to teach them about money is to let them have their own little pocket money and teach them to save to buy their own stuff so they may learn how to manage their finances at a very early age. This way the know that things aren’t cheap.

By: Lorenzo

Lorenzo — Sat, 29 Nov 2008 22:51:16 +0000

Try getting your kid an ATM card. Have kids look at a bank statement, make deposits, save, earn, make withdrawals, and master the standard financial access tools of the current time. They will use money in some form, so teach them the basics, and even have them get a j-o-b!

By: Play Games Win Prizes

Play Games Win Prizes — Sat, 29 Nov 2008 05:59:45 +0000

Great guest post. A lot of parents are teaching their kids the wrong things and it’s just horrible when my wife and I walk by families that just cuss to each other…:(

-Mike

By: Arman Rousta

Arman Rousta — Sat, 29 Nov 2008 02:30:26 +0000

Hello,

This is a good blog post and a GREAT topic! Essentially, what you are saying, which I agree with, is that, in order to teach your kids, YOU as the Parent have to mature in the way you handle money. Teaching yourself good habits is the best way to influence your kids.