Wednesday, October 22, 2008
Teaching children about money...
Anyone who reads my blog knows that I really like Suze Orman... the advice she gives about money is always interesting and reasonable (even if she constantly reminds me Pat and I have a LONG way to go before we're financially secure for our future).
Suze was on Oprah today talking about the importance of teaching your children the value of money. This is something Pat and I were discussing today... how important it is to make sure Savannah and Julius are able one day to stand on their own feet and take care of themselves... financially and emotionally. It's a part of the parenting process that some people tend to forget... and they cheat their children and themselves by doing do.
Here are five tips Suze gave for talking to your children about money:
1. You should talk to your children about money as soon as they're able to understand math. You should talk to them about money, but not force your financial problems upon them and make it their burden to carry.
2. Don't reward your children with money just because they get good grades... instead reward them with your time. This is interesting because I thought it was a good motivation tool for children, but Suze said a child would much rather have one-on-one time with a parent than $10 for a good report card.
3. Kids do as you do, not as you say. Therefore, if you live beyond your means you are teaching them that it is OK to be irresponsible with money. Giving your children something because you didn't get it when you were a child isn't the right thing to do if you cannot afford it.
4. Teach your children how to prioritize. The most important things children need are the basics: A roof over their heads, food on the table and clothes on their backs. The rest is just extra and shouldn't come at the expense of the family's financial security.
5. Don't tell your children you can afford something when you know you can't. You will only do two things... lie to them and set your family up for failure.