Money Matters
What are your thoughts about teaching kids about the value of money? This could be a touchy subject...DO you think parents should pay for college for their kids no matter what? Do you think they should pay for cars, insurance, cell phones...etc?
Just wondering what your thoughts are- also you can feel free to comment if you don't have kids- maybe share an experience that you had as a child that helped you. I'm doing some research here-
Here are some pics of our little Apprentice and her friends at their first Lemondae Stand. They grossed $15.85, though we didn't make them take the "start up" costs out of the pot...They each got $3.00...
posted by metromom @ 7:44 AM
4 Comments:
I think parents should teach children about money, for sure. How to save it, how to delay gratification, how to make wise choices, how to keep track of it, how to build good credit, etc.
As for paying for everything, I think that's an individual choice. Personally, I never had anything handed to me and I think I appreciated what I had to work for. There came a time when I was in school and working and my mom said, now that you have a job, you need to buy your own clothes. But they never forced me to work: I wanted to.
I tend to think kids who have cars or phones or whatever handed to them start to feel entitled to those things.
I just read a quiz in Money magazine the other day that really made me think.
The question asked: "As a condition for getting an allowance, a child should be required to... A.)Do chores. Kids need to learn at an early age that if you want money, you have to work for it. And that lesson should start at home. B.)Work hard at school. Getting a good education should be a kid's top priority. An allowance helps a child understand the connection between school & success. C.)Actually, you shouldn't attach any conditions. An allowance is a tool to teach kids how to manage money, nothing more. Anyway, you don't want your kid to expect payment for making her bed or doing anything else she should do simply because it's the right thing."
"C" is what really stumped me. I'd never thought of an allowance like that. As a kid we were pretty poor and I had to work for everything I had of luxury. But I wouldn't trade it for anything. I think it teaches you self discipline and a strong work ethic. Most importantly, it makes you appreciate life more.
I agree we should teach our kids about money. No one ever taught me anything and I paid a heavy price b/c of it. I think they should be taught to give 10 and save 10 as a start and then go from there. They should have to work for the things they want beyond the basic neccessities of life. There are very few kids these days who have any kind of work ethic, it makes me so mad b/c they just think it shoud be handed to them and not have to work for anything and I feel, as a parent like the minority b/c I stress to my kids things have to be earned. I don't care though, my kids will always be taught to go above and beyond.
I agree with everyone here. I've been working since I was 14 and from that, paid for private college by myself, bought all my own cars, and had to live off a very tight budget up until I got married. It wasn't easy, but I appreciate everything I have down to the smallest basic item. You can't replace that sense of hard work and appreciation for things in your life.
I really want to give those values to my kids because its best in the long run. I have a friend who was given everything her whole life and we had vastly different experiences after college. She really struggled after college with getting a job and money and budgeting and was in shock at the lifestyle she could afford on her own. Because of all my experience with this since I was young, I was prepared with a limited budget and knew how to land work.
I always love it when I meet a younger person than me who really apprecites hard work and values what they have in life. I would entrust a lot to a person like that because I know they'll care for it.
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