Talking to your kids about money

Talking to your kids about money – Retirement Gordon Powers – Sympatico / MSN Finance:

“Talking to your kids about money education starts at home – and a child’s financial education should start with someone that cares for them the most at very important intervals in their life.

By Gordon Powers
April 05, 2008

Do you bend down to pick up those pennies you see on the sidewalk? I certainly do. And roughly three-quarters of adults say that they would too, according to a Gallup poll done last year.

But when Nuveen Investments asked a group of teenagers what sum they would bother to pick up, 58% said it would take at least a dollar or more. Talk about a generation gap.

Do pennies matter? Not in any real financial sense. But, I’d be disappointed if my kids felt this way — if only because my wife and I taught them otherwise. Not that we were the only ones talking to them, of course. From early on, children receive mixed messages about money. At home they hear one thing, at school and among their peers, another. Make sure yours is the dominant voice.

Even if you feel your children are too young to understand completely, you need to start talking to them early. Then, you’ll be teaching them about money while they still care, not during those rebellious teenage years when your IQ suddenly drops like a stone.

Here’s a rough timetable to help get you started.”

Click the highlighted title above to read the rest of the report by Gordon Powers.
In his report Gordon goes into age specific details on how to deal with your kids and money.

I don’t agree with his stake on giving your child an allowance, nor the exact ages for each step on the financial ladder, but other than that his ideas are great ones to start off with.

I hope you find this report helpful.
I’d love to read your comments on this report in my blog.

Cheers…..Amanda van der Gulik…..Excited Life Enthusiast!

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One Response to Talking to your kids about money

  1. I agree with you, you should try to start teaching children about money early in life. Not just about money but how it works, why it works and how to work it. Beleive it or not I had my daughter read “rich dad poor dad” when she was only 11 yrs old. She started her own small jewlery business when she was 12. Ofcourse I am no fool – it’s a life long process of learning and I do not expect my kids to know it all before the age of 18 – I certianly didn’t.

    But like I said – start early and make it an every day thing.
    With my son we are currently reading ” for children How to become rich successful and do well in school” – he also enjoys playing monopoly and this financial game I purchased a while back has been a family favorite. Learning can be fun – even if learning about money.

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