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5 money tips parents should teach kids
In an article that originally ran on Oprah.com titled “Best Money Lessons to Teach Your Kids” financial expert Suze Orman said that when it comes to helping your children become financially secure adults, there are five things every parent should know.
They are:
1. Start talking about money. “Open up the conversation,” Orman says. “As we said earlier, kids do as you do. Not as you say. So for you, you now have to open up the conversation with your actual actions.”
2. Teach your kids to value money. It’s hard for kids to grasp how much you’re actually paying for items when you do so with a credit or debit card, Orman says. Kids need to see something more concrete. “Start paying for things in cash. That’s what you really need to do,” she says.
3. Don’t reward your children with money. An A on the report card doesn’t equal $50, Orman says. “Love them. Spend time with them,” she says. “[They’ll say:] ‘I got an A. I get to go out with Mommy and Daddy. I get to spend time.’ Teach your children the value of a personal relationship — not that everything comes down to money.”
4. Be an example for your children. “Kids do as you do, not as you say. And don’t think that they don’t watch everything that you do,” Orman says. “Don’t tell them you can afford something when you can’t. All kids want from you is honesty. All this world wants from you is honesty. And all you should want from yourself is honesty.”
5. Teach your kids to prioritize. Sure, kids may want everything, but Orman advises to have them sit down and make a list of what they want the most. “If they still want it a month from then, let them come back to you, but prioritize. What is really important?” she says. “And Mom and Dad, help them prioritize — what do you need versus what you want? And out of all the things you want, what’s the most important thing that you want?”
For the complete article, visit www.cnn.com/2008/LIVING/personal/11/26/o.money.lessons.teach.child/index.html
What are some tips you would add?
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