Comments on: How to Teach Kids about Money

By: Barbara Baker

Barbara Baker — Fri, 19 Mar 2010 18:35:55 +0000

I have a business that teaches high school and university students basic money management, which requires the parents to attend. It is clear based on the outcome of the session that the parents themselves have limited or no understanding of basic money management so it is easy to see why the kids are not getting the life skill they need. Trying to get my program as part of the Catholic and Public school systems but it’s a hard nut to crack.

By: The Chinook Guy

The Chinook Guy — Sun, 14 Mar 2010 07:28:04 +0000

Hi Neal,

I totally agree with you that we have to start teaching personal finance to our kids at a young age.

I have a five year old son, and to teach him the basics we have opened a bank account for him. Every now and then, we would give him coins to put in his piggy bank. When he wants some toys, for example, I would gently tell him “lets see how much you have in your piggy bank” and see if you can afford something (and which one he would like- Toy A or Toy B, but not both)

By teaching him the basics, hopefully he would learn to delay gratification and at the same time train him to make good financial decisions in the future.

By: Dana

Dana — Sat, 13 Mar 2010 01:34:56 +0000

With a divorced and then blended family, it was very difficult to have a unified set of principles surrounding money. I have noticed that since my daughter has had her own job and is responsible for her own books, food, clothes, entertainment, etc., she has grown up pretty fast on her own in terms of money management. I think a few overdraft charges helped as well. On the other hand, her dad’s extreme “thriftiness” around money issues seems to have been counterproductive in certain ways.

By: Daniel

Daniel — Fri, 12 Mar 2010 20:58:05 +0000

I think not depending on your parents is a gradual process that should start in high school. By the time I was in college, my spending money was everything I earned over the summer. I love my parents for helping with tuition, and the rest is student loans, so I learn the debt lesson without the $160,000 trouble. .-= Daniel´s last blog ..How Aggressive Should A 22 Year Old Be With Retirement Funds? =-.

By: Financial Samurai

Financial Samurai — Fri, 12 Mar 2010 17:49:52 +0000

Cool! Guest posting by fellow Yakezie Challengers! Most excellent effort. I'd love to get a discussion going regarding thoughts on The Bank of Mom & Dad. When should we stop ever depending on our parents for money? 22 perhaps? .-= Financial Samurai´s last blog ..The Art of The Interview =-.