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Are you passing on "money mistakes" behavior to your kids?

Self-made millionaire and personal finance expert David Bach created a career based on what he learned around the dinner table: money. His grandmother helped him buy his first stock in McDonald’s at age 7. His dad was a financial advisor. Now, the author of bestsellers like "Smart Women Finish Rich" and "Debt Free for Life" hopes to instill the same money curiosity in his 7-year-old son.

Bach started teaching his son the basics as early as age 3, and now he owns stock in Disney and is saving up to purchase shares in Apple. Recently, Bach mentioned to him that pop star Justin Bieber reportedly earned $100 million last year. His son’s response: “Wow he’s going to owe a lot in taxes, huh?”

One thing is clear to Bach: “Kids soak up everything.” And when it comes to money, he says, most parents are teaching the wrong lessons.


Asked by tasches at 6:44 PM on Mar. 22, 2011 in Money & Work

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Answers (3)
  • I'm no financial genius and neither is my husband, but we're trying! We are trying to do the Dave Ramsey thing and teaching our kids all about that as well. I wish I had been taught about money and saving and spending when I was little.

    Answer by lovingmy4babies at 1:32 PM on Mar. 23, 2011

  • Yes, if they have money they spend it.

    Answer by dancinintherain at 6:47 PM on Mar. 22, 2011

  • We've taught our kids about money and finances from day one practically. Each of my kids has earned, saved, and budgeted from a very early age. In fact, each has been buying their own toys and gadgets from the age of 5. My oldest was able to buy a new car at the age of 16 with money he saved up. My youngest is on the same path. Money and finances are regular topics in our household but more importantly, we've been able to show our kids, not just preach. Our mortgage has been paid off early, we haven't had car loans since 1987, and we have absolutely no debt. We want to set them up for success, not failure, as it pertains to money.

    Answer by Anonymous at 6:47 AM on Mar. 23, 2011