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Teaching our Children Finances

Posted by on Jun. 30, 2013 at 1:47 AM
  • 5 Replies

Anyone read the book "Rich  Dad Poor Dad?" I just finished it. 

Any thoughts on the book? I think it has a lot of great points of views and has slightly inspired me to study and get into finance and investment. I've always been the one at home that handles the budget, i like working numbers, and I like figuring out how we can spend less. But I want to learn more about how to make money grow now. Somehow the more i cut expenses the less money we seem to have! I want to learn more so I can teach my children better. 

Anyone also have suggestions, games etc... about teaching young kids to be smart about money?

by on Jun. 30, 2013 at 1:47 AM
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by on Jun. 30, 2013 at 9:50 AM
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We followed Dave Ramsey a few years ago and got out of debt.  We didn't follow it so much the last couple years as we were starting a business and such, and then a year ago we paid off our house and then used a lot of money to do things we had done without for a long time (big things like build a garage)  now I'm back at being very intentional with spending and saving.  I've made a goal of where I'd like to be at the end of the year so I have something concrete to work towards. Just saying "I want to save $" isn't going to work for me. I have a budget and a realistic number of what we can save by the end of the year.  We use cash for everything, don't use credit, cancelled directv and went to Netflix and amazon prime.   

That being said, my kids are 7 and 9.  I involve them in money discussions all the time.  We talk about paying bills, interest, business profits (have to pay bills and payroll first!), saving money, college funds, life insurance, the whole kit and kaboodle.  They may not understand every bit of it, but a lot of times they will come back later and ask me a question about something we've talked about, so I know they've been thinking about it,  they see me put cash in our envelope system, they watch as I only pay cash, and they know when a category runs out for the month (like the eating out monies).  

Dave Ramsey has a kids section of books and kits to teach kids about money, but I prefer just to make it a part of everyday life.  And when they get money, I encourage them to save some and spend some too. 

by Sonja on Jun. 30, 2013 at 6:36 PM
I've never really read any books specifically on the subject but I have taken excerpts here and there and used my own ideas of what I wanted to show my kids about finances. Right now my 4 oldest(17-12) are really good about saving their money and only spending it to buy what they want.
by on Jun. 30, 2013 at 9:17 PM

The kids and I recently started graphing out what our utility and grocery bills are each month. They have been terribly wasteful about certain things, and I want to make them more aware of the costs. They are also helping to meet certain budget goals. I set a goal, and if we meet it, then I want to do something cool for the kids. 

I have never been in debt besides some medical bills awhile back. So I have never been much into reading financial books. I just try to find frugal ways to live, always pay cash - within our means, and save for any "future emergencys". Now that I am single, this is more the case. Ive been kind of winging it... I don't really know how others do it. 

Live in the sunshine, swim the sea, drink the wild air... Emerson 

by on Jun. 30, 2013 at 11:06 PM
I haven't read it either, bump!
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by Silver Member on Jul. 1, 2013 at 11:17 AM
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I have never read it.  DS is learning about saving money and budgeting to figure out what he can and can't buy.  He has to put a certain amount in savings.  He helps me with the groceries, so he is learning about coupons and buying smart.  He has his own savings account and has a 'checkbook" for it.  He has to keep a certain amount in there so he keeps track of what he spends and what he puts in.

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