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Is it easier to teach kids about sex than this ?

Posted by on Feb. 5, 2009 at 5:59 PM
  • 6 Replies

What is it? Managing money!! We teach our kids about almost everything but my informal research shows that we teach very little about managing money. I would think the economic mess would have parents scrambling to teach their kids about credit, avoiding debt, learning about investing etc. to prepare them for the future. There are very few good tools out there and very few discussions on this site about the subject and the few out there don't  pick up steam.

We encourage our kids to learn a sport, learn to read, musical instruments, and other things we think will help them in the future but not much about managing money. Why aren't families discussing this more? I'm a huge proponent of fiftyp.com because I believe that it's the best site and product out there for kids but even without it, there are other ways to teach kids valuable financial lessons.

Before you flip your lids, I'm not saying that nobody teaches their kids, but a lot of people don't and maybe would like to. So do you teach your kids about managing  money? Why or why not ? If you do, how do you do it?  If you don't, do you think it's important to start? 

by on Feb. 5, 2009 at 5:59 PM
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Replies (1-6):
JewelzMeow
by on Feb. 5, 2009 at 6:02 PM

I've taught my daughter about managing money, debt, and credit from when she was small.  When we went through bankruptcy, we didn't keep her out of the process.  We explained how, why, and the consequences of this.  It was a great learning experience for her.  Now that she's a teenager, she holds onto her money more than her peers.  She has no interest in credit cards either.  She even talks about saving up for a car.  So, I think she has learned and is learning.  Managing money is a lifelong learning process.

cmb121906
by on Feb. 5, 2009 at 6:04 PM

Oh I am drilling this into my kids' heads so they do not make the same mistakes as mommy & daddy.

 Come join my anything goes type of group  http://www.cafemom.com/group/46317/

MommyOnLI
by on Feb. 5, 2009 at 6:15 PM

my DS is almost 18 months old, but i will be teaching him about managing money.

my parents did it for me, and my DHs parents did it for him.  he started his own business at 18 and sold it at the age of 33.

he was able to put all that money aside and invest it wisely.

when DH and I were living together, and i was still working, we took my paycheck every month and put it away in savings... we did this for 2 1/2 years and saved over $300,000.

i will teach my son the value of the dollar, but at the same time i will not deprive him of the things he wants.


Erika_Steele
by on Feb. 5, 2009 at 6:21 PM

I agree with you and so my kids don't make the same mistakes I made, I am going to teach them from an early age.  None of that my kids are going to have what I didn't have BS that my parents did.

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EnigmaMuse
by on Feb. 5, 2009 at 6:23 PM

I started teaching my son about money from a very young age. But, I was an investment banker so he was around that type of thing his whole life.

He's really responsible and great with his money compared to many of his "20 something" friends that really seem to have no clue how to handle money.

                           

marl09
by on Feb. 5, 2009 at 6:34 PM


Quoting JewelzMeow:

I've taught my daughter about managing money, debt, and credit from when she was small.  When we went through bankruptcy, we didn't keep her out of the process.  We explained how, why, and the consequences of this.  It was a great learning experience for her.  Now that she's a teenager, she holds onto her money more than her peers.  She has no interest in credit cards either.  She even talks about saving up for a car.  So, I think she has learned and is learning.  Managing money is a lifelong learning process.

Truer words have never been spoken. I'm glad that you guys get that I am talking about learning to manage money - whatever you make - and not pushing that making a lot of money is what is important in life.

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