Comments on: Show AND Tell: How to Raise Financially Responsible Kids http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/ personal finance tips, tricks, and commentary Mon, 13 Feb 2012 18:22:18 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Squirrelers http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/comment-page-1/#comment-145431 Squirrelers Wed, 17 Mar 2010 03:30:21 +0000 http://www.fivecentnickel.com/?p=4581#comment-145431 This is an excellent article! Thanks for sharing it. The topic of teaching financial lessons to children is a fascinating one, and can pay dividends to your child for his or her life. Habits can be learned at a young age, both good and bad. And habits can be changed as kids get older and become adults, but its harder to change established habits than get them established at a young age in the first place. Save and invest. Those are the words I tell my 6 year old once in a while, and I make it seem fun and positive. She doesn't really comprehend it as an adult would, of course. However, she has decided on her own that it means keeping some money in the bank so it can grow into more money for your retirement. Not that banks pay much these days, but hey, it's the concept that counts here! Now, I have to say that for the most part I believe that kids need to be kids and shouldn't focus their minds on money but rather on school, socializing, family, activities, and playing. Being a kid was great for some of us, and I wouldn't want my child to have anything other than a happy childhood. But much like how kids can learn to regularly brush their teeth at least in the morning and at night, for example, they can learn to take an allowance and save part of it. Establishing good habits early can help build a foundation for a child to eventually grow into an adult who is able to think intellectually about money. This is an excellent article! Thanks for sharing it.

The topic of teaching financial lessons to children is a fascinating one, and can pay dividends to your child for his or her life. Habits can be learned at a young age, both good and bad. And habits can be changed as kids get older and become adults, but its harder to change established habits than get them established at a young age in the first place.

Save and invest. Those are the words I tell my 6 year old once in a while, and I make it seem fun and positive. She doesn’t really comprehend it as an adult would, of course. However, she has decided on her own that it means keeping some money in the bank so it can grow into more money for your retirement. Not that banks pay much these days, but hey, it’s the concept that counts here!

Now, I have to say that for the most part I believe that kids need to be kids and shouldn’t focus their minds on money but rather on school, socializing, family, activities, and playing. Being a kid was great for some of us, and I wouldn’t want my child to have anything other than a happy childhood. But much like how kids can learn to regularly brush their teeth at least in the morning and at night, for example, they can learn to take an allowance and save part of it. Establishing good habits early can help build a foundation for a child to eventually grow into an adult who is able to think intellectually about money.

]]> By: Financial Samurai http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/comment-page-1/#comment-145321 Financial Samurai Tue, 16 Mar 2010 13:20:15 +0000 http://www.fivecentnickel.com/?p=4581#comment-145321 Thnx for your thoughts. It is amazing how much our parents influence us. I feel it almost everyday in my spending habits. They were so frugal, and our incomes are so different, it's kinda strange. Best, Sam Thnx for your thoughts. It is amazing how much our parents influence us. I feel it almost everyday in my spending habits. They were so frugal, and our incomes are so different, it’s kinda strange.

Best, Sam

]]> By: Ken http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/comment-page-1/#comment-145091 Ken Mon, 15 Mar 2010 03:29:34 +0000 http://www.fivecentnickel.com/?p=4581#comment-145091 My wife and I have been teaching our kids from a young age how to manage their money. We set amounts for what we will pay for clothing, shoes, etc. If they want something more expensive than our budget amount they have to pay the difference from their allowances. Our teenagers chose to get cell phones and they pay for them from their allowances. They have learned to make decisions by deciding between buying lunch at school or packing, paying an extra $10 for shoes they like vs. something else that they want. They have learned to find deals on the internet and sales ads. We have also used the show & tell style. They assist me with completing our tax forms each year and we have shown them how saving in our 401k's and savings accounts has prepared us for retirement and emergencies. Most importantly they have chores to do to EARN their allowances. My wife and I have been teaching our kids from a young age how to manage their money. We set amounts for what we will pay for clothing, shoes, etc. If they want something more expensive than our budget amount they have to pay the difference from their allowances. Our teenagers chose to get cell phones and they pay for them from their allowances. They have learned to make decisions by deciding between buying lunch at school or packing, paying an extra $10 for shoes they like vs. something else that they want. They have learned to find deals on the internet and sales ads. We have also used the show & tell style. They assist me with completing our tax forms each year and we have shown them how saving in our 401k’s and savings accounts has prepared us for retirement and emergencies. Most importantly they have chores to do to EARN their allowances.

]]> By: jengod http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/comment-page-1/#comment-144881 jengod Sat, 13 Mar 2010 06:31:55 +0000 http://www.fivecentnickel.com/?p=4581#comment-144881 Great post. Great post.

]]> By: Kevin http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/comment-page-1/#comment-144861 Kevin Sat, 13 Mar 2010 02:23:40 +0000 http://www.fivecentnickel.com/?p=4581#comment-144861 I admire how your parents showed you all these things from a young age. A quote from one of my favorite movies, A Bronx Tale: "It's not what he hears, its what he sees." Your parents not only told you how to spend, but also showed that they really believe in what they preach. I admire how your parents showed you all these things from a young age.

A quote from one of my favorite movies, A Bronx Tale: “It’s not what he hears, its what he sees.”

Your parents not only told you how to spend, but also showed that they really believe in what they preach.

]]> By: Money Reason http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/comment-page-1/#comment-144851 Money Reason Sat, 13 Mar 2010 01:17:31 +0000 http://www.fivecentnickel.com/?p=4581#comment-144851 Your parents sounds very wise! I hope I'm as successful raising my kids as they were with you! I should show my amortization spreadsheet to my son so he gets a feel for it! He's only 9 but really good with math already! Thanks for the great idea, awesome article!!! Your parents sounds very wise!

I hope I’m as successful raising my kids as they were with you!

I should show my amortization spreadsheet to my son so he gets a feel for it! He’s only 9 but really good with math already!

Thanks for the great idea, awesome article!!!

]]> By: Ryan@TheFinancialStudent http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/comment-page-1/#comment-144781 Ryan@TheFinancialStudent Fri, 12 Mar 2010 23:03:32 +0000 http://www.fivecentnickel.com/?p=4581#comment-144781 Nice post! I definitely feel that parents should be as open as possible with their kids when discussing finances. Nice post! I definitely feel that parents should be as open as possible with their kids when discussing finances.

]]> By: Eric http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/comment-page-1/#comment-144761 Eric Fri, 12 Mar 2010 22:05:59 +0000 http://www.fivecentnickel.com/?p=4581#comment-144761 Great post Well Heeled. I personally was always appraised of my family's financial situation, thought I have friends in their twenties that had always been kept in the dark. I agree with you strategy. A combination of showing and telling is definately the way to go. Great post Well Heeled. I personally was always appraised of my family’s financial situation, thought I have friends in their twenties that had always been kept in the dark.

I agree with you strategy. A combination of showing and telling is definately the way to go.

]]> By: WellHeeledBlog http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/comment-page-1/#comment-144741 WellHeeledBlog Fri, 12 Mar 2010 19:55:50 +0000 http://www.fivecentnickel.com/?p=4581#comment-144741 Hi FCN - thanks for including my guest post. :) Anthony, Mike S, and Petunia - thanks for your kind words about this post. I thought about it a lot and realized that basically all of my personal finance leanings came from that first lesson, and I'll always be grateful to my mom for it. Hi FCN – thanks for including my guest post. :)

Anthony, Mike S, and Petunia – thanks for your kind words about this post. I thought about it a lot and realized that basically all of my personal finance leanings came from that first lesson, and I’ll always be grateful to my mom for it.

]]> By: Petunia http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/comment-page-1/#comment-144731 Petunia Fri, 12 Mar 2010 19:25:54 +0000 http://www.fivecentnickel.com/?p=4581#comment-144731 I could not agree more, we need to explain to our kiddos as well as demonstrate by example. My children are currently 19 and 14. One day a few years back, my younger child made a comment regarding my use of my credit cards. I do buy lots of things with my credit cards (love those rewards) but carry no credit card debt. I realized that my child did not see that I am consumer debt-free, my child only saw that I regularly reach for the plastic. "Telling" was definately in order! I could not agree more, we need to explain to our kiddos as well as demonstrate by example.

My children are currently 19 and 14. One day a few years back, my younger child made a comment regarding my use of my credit cards. I do buy lots of things with my credit cards (love those rewards) but carry no credit card debt. I realized that my child did not see that I am consumer debt-free, my child only saw that I regularly reach for the plastic. “Telling” was definately in order!

]]> By: MikeS http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/comment-page-1/#comment-144721 MikeS Fri, 12 Mar 2010 18:37:25 +0000 http://www.fivecentnickel.com/?p=4581#comment-144721 Great article!! I also have a daughter, who's 2, and have wondered the best way to educate her on personal finances. I never really got that when I was growing up, just trial and error as an adult. I agree that the best way is show and tell. I fully intend on showing my daughter our budget when she is old enough to understand. Thanks. Great article!! I also have a daughter, who’s 2, and have wondered the best way to educate her on personal finances. I never really got that when I was growing up, just trial and error as an adult.

I agree that the best way is show and tell. I fully intend on showing my daughter our budget when she is old enough to understand.

Thanks.

]]> By: Anthony http://www.fivecentnickel.com/2010/03/12/show-and-tell-how-to-raise-financially-responsible-kids/comment-page-1/#comment-144651 Anthony Fri, 12 Mar 2010 14:07:18 +0000 http://www.fivecentnickel.com/?p=4581#comment-144651 This is an amazing article. My daughter is only 11 weeks old now, but I have been thinking about the best way to teach her about financial responsibility, savings, frugality, etc. I agree SHOW and TELL. I am fortunate because I willed myself to learn about all of these things. I started about 2 years ago... and I am in a MUCH better financial situation because of these things. My parents were not great savers. We bought cars after cars (albeit used), but we had a car for each of us: At one point, we had 6 cars in the yard! My mom owns her own business now, but even still, I fear that she's not saving and will work until she dies. This is an amazing article. My daughter is only 11 weeks old now, but I have been thinking about the best way to teach her about financial responsibility, savings, frugality, etc. I agree SHOW and TELL.

I am fortunate because I willed myself to learn about all of these things. I started about 2 years ago… and I am in a MUCH better financial situation because of these things.

My parents were not great savers. We bought cars after cars (albeit used), but we had a car for each of us: At one point, we had 6 cars in the yard! My mom owns her own business now, but even still, I fear that she’s not saving and will work until she dies.

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