One of my son’s impossible requests the other week was to go to work and make money. This got me thinking about teaching him about money. He’s only 4 now, so that probably shouldn’t happen for a while.
I found this Katie Couric video, which talks about teaching your children about money. One of the things they talk about is giving a kid an allowance when they turn 6 and then actually involving them in household financial planning at age 12.
I think I will be giving my children an allowance and I agree that it shouldn’t be based on chores.
One statistic in the video was that 1 in 3 parents are more prepared to talk to their kids about drugs, sex, or alcohol than about money! That’s shocking. First, I have no idea how I’ll start talking to them about sex, but money seems simple. I just need to find some way to drill into their heads to save their money and spend less than they earn.
Another statistic stated that 75% of people never receive financial literacy education before college. I’m going to make sure that my children are part of the 25% that do.
Finally, I found this link that talks about 350 Financial Tips that you should use. This will be a good thing to go over with my kids when they get older.
