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

By: KathyRo

KathyRo — Wed, 08 Jun 2011 21:40:31 +0000

One day I picked up my 3 year old nephew from day care and he asked me to take him to McDonald’s. I didn’t have any cash on me and I didn’t want to swing by an ATM either but to keep it simple I just told him, “No, I’m sorry, I don’t have any money.” This prompted the following exchange:

Nephew: Did you go to work today?
Me (puzzled): No, that’s why I’m picking you up.
Nephew ( with a stern gaze ) : First you go to work, then you get money!

I couldn’t help it — I just laughed and laughed.

By: Terri

Terri — Sun, 19 Sep 2010 08:49:37 +0000

Very good article. Just found it when looking around and thought
she did well. I have two boys-7 and 10 years. We are trying to teach
them about earning nonessentials sometimes and doing chores to help
out in the family-not just because they are going to be getting allowances.
It’s funny, my 7 year old is already asking for extra chores so that
he can save up money-he already has almost 40 dollars saved.
Unfortunately, my 10 year old gets a dollar and just has to spend
it on something. Obviously personality affects how well they child
is going to control the money they earn.

By: Deb

Deb — Mon, 09 Aug 2010 14:18:18 +0000

One of the worst things parents can do is pay their children for grades they get on school report cards. Children’s roles are to go to school, and part of that is to do the best they can. If parents pay their students for grades, the message becomes,”do well only if you get cash.”

This goes for jobs that are part of being a family member also. Making their beds, doing the dishes, recycling, and taking out the trash are, quite simply, examples of the distribution of labor that must be done to make the family environment run smoothly. Getting good grades is part of school life, doing tasks at home is part of family life. Payment for these things send the message that kids should only do these things if they get money for them.

Getting paid for everything is not real life. It can erode such values of responsibility, obligation, community generosity, and human kindness because they are the right things to do.

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 18:02:07 +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.