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Do you want to set your kids on the path to riches?

Excerpt from article by By SHEFALI ANAND (WSJ online)
On Children's Day this Sunday, here's a precious gift idea for your kids -- start making them more financially responsible.

Given the increasing demands on our money and growing complexity about how best to use and invest it, financial experts suggest teaching children about the importance of money from an early age.

Link to full article:


Asked by tasches at 5:50 PM on Nov. 12, 2010 in Money & Work

Level 48 (298,202 Credits)
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Answers (9)
  • I think it is vital that we teach our kids about finances, just like we teach them "please" and "thank you" and right from wrong and so on. That does not mean being materialistic but realistic. Truth is, these kids don't learn it in school because it isn't taught. Do you really want your child to get his/her first credit card at 18 without ever having learned the value of a dollar by having to earn it? My kids have been earning, saving, and spending for their own wants since they were 5 (now in college). I can't speak for everyone's kids but what I see in my nieces and nephews is appalling - the "gimme" attitude and how they believe they are entitled to everything. It's disgusting watching the parents perpetuate this behavior because they succumb and give in for fear of depriving their children. Such a disservice to everyone involved.

    Answer by Anonymous at 9:40 PM on Nov. 12, 2010

  • Sorry, to answer your question....I absolutely want my child to be financially responsible and learn the value of a dollar, and the importance of hard work and EARNING that dollar honestly.

    Answer by DMac08 at 6:35 PM on Nov. 12, 2010

  • Being materialistic and financially responsible are two different things....sorry, I get annoyed when people throw the bible into every question.

    Answer by DMac08 at 6:34 PM on Nov. 12, 2010

  • my kid was counting change at three. he saved money from collecting recyclable plastics to buy his wii ( he is 7). i don't want my son to be materalistic, then he will never be happy, but he knows he has to work and save to buy the things he wants.


    Answer by nonni2 at 7:39 PM on Nov. 12, 2010

  • That was very well written and I agree with most of it. I do want my son to know how to manage money well. He just turned three and quite honestly he doesn't really understand money yet, but when he gets a little bit older we'll work on it with him.

    Answer by Erica_Smerica at 8:00 PM on Nov. 12, 2010

  • Absolutely. I have always taught my children about financial security vs job security.

    Answer by wellnessgirl at 12:54 PM on Nov. 13, 2010

  • My children almost age 9 and 7 have had piggy banks and "junior savings accounts" since they were 5 years old. When the piggy banks become full, we go to our local bank, and the kids get to put the money in the coin counter, and that money is added to their junior accounts. My almost 9 year old now understands the value of a dollar, and when we take a special trip to the toy store, and he gets to spend $10 to $15 of his OWN money, he has learned (with help of course) what things really cost and often times when he sees that his money will only buy something small, he chooses to refrain and save his money for something bigger and/or better! And my children have special it's extra enjoyable from my perspective to see them learning now how to manage their money!

    They do not know that they will have trust funds and will not have to worry about money, but I feel strongly that they learn to appreciate its value!

    Answer by LoriKeet at 1:04 PM on Nov. 13, 2010

  • If anon knew more about what the Bible says about wealth, riches, money etc. they would know that God has freely blessed us with these things & wants us to enjoy His blessings. Not to hoard & be greedy, but to balance our enjoyment of it with unselfish giving & blessing of others who have less. It also says when we are responsible with a little, He'll in turn give us more. It is the LOVE OF MONEY that is the root of all evil, not MONEY.

    Answer by ghostwriter777 at 1:12 PM on Nov. 13, 2010

  • No, the bible says not to lay up our riches here on earth. I don't want them being materialistic

    Answer by Anonymous at 6:29 PM on Nov. 12, 2010