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poll: Kids and money

JustaKidAtHeartJustaKidAtHeart
in Success after IF

Yahoo has this interesting article.  Got me thinking.  What are your top 2 money lessons you are going to do with your kid(s)?

 

For me good grades and chores are just a part of life and family.  They are required and not paid for.  Extra money can be earned for extra help but it is not going to be the "If I do this how much will you pay me?".  

 

My boys will learn what a bank is and how it works.  They have a savings account (each already) and will learn how to keep it balanced.

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Re: poll: Kids and money

  • HarleyQ8HarleyQ8
    Interesting. I guess for me, I want my daughter to know that she has to earn her own money and not to rely on someone else to take care of her. I will also stress to her the importance of saving and having good credit.
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  • stepgirl21stepgirl21 member

    I think I have a good perspective on money/earning/spending/saving and so I will probably do what I parents did: We had an allowance but it was conditional on us doing our chores. If we didn't do our chores on time and satisfactory, we didn't get paid.

    We did NOT however get paid for getting good grades. That was just expected.


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  • ABC-123ABC-123

    I guess my top two financial goals would be:

    1. Independence.  I believe that it is important that my DS knows how to support himself (choosing careers & what money gets you) and live independently.

    2. Do not live on a credit card; be able to pay it in full every month. 

    Nothing to see here....
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  • AtlJuneBrideAtlJuneBride
    I will pay DD for chores on the condition that most of the money (even when she's little and it's not much $$) goes into a saving account so she learns about saving and banking.  No payments for good grades though.  Also, she will have to work at 15, I did and it really helped me gain perspective about working.  In my house, no job = no money from parents.  Also, I am going to make DD pay for part of her first car.  I intend to make her save the 20% down payment on it and then give that money to us and we will get the car (I won't tell her, but that money will go straight into her college account).  That way she'll also learn pride of ownership. 
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