What should parents teach their kids about money?

16 Answers

Jack Mahon Profile
Jack Mahon answered
That it doesn't grow on trees, it's hard to save but easy to spend, it doesn't bring you happiness, you can't take it with you when you go, and the love of money is the root of all evil.
Merlin Paine Profile
Merlin Paine answered
Don't let your money burn a hole in your pocket. Teach them to save a little for a rainy day, because in life it does rain. Teach them to practice spending their money wisely. Show them ways to be thrifty,how to get the best bang for their buck, and how to avoid scams. Also teach them that money isn't everthing and to not let their frugality tern into greed.
Midnite star Profile
Midnite star answered
They shoud teach them that they R not their ATM machines !! That they hafta earn what they spend & spend less than they want to. Necessities come 1st & always pay your bills on time to get good credit for the future. Keep a credit card in your name on ly for safety's sake, but don't pull it out to use it unless U absolutely hafta & can afford to pay it off within 3 months time.(unless it's a large, unusual purchase ) then it can take longer, but never pay only the minimum payment.
Start a 401/IRA as young as U can. It will get U a million bucks B-4 U know it if U leave it in there & let it grow.
Don't loan your money to friends unless your sure U can afford to not get paid back. U will lose a friend in the process if they don't pay U back. Avoid it as much as possible.
Always try to save part of your allowance or paycheck every week. There will always be a rainy day. Don't waste money on useless fads. They will pass B-4 U realize it. Stick to standard fair & U'll be safer. Buy a gently used car instead of brand new one. As soon as U drive a new one out of the showroom, it loses half it's value. An' a car that's only a year or 2 old will last just as long & be just as pretty.
There  R so many lessons to teach. I hope I've taught mine the majority of them. They seem to be doing alright, so I must have. But mostly by example.
Karen Profile
Karen answered
Everything. Mine has always heard me talk. At 11, I began directing it toward her. At 12, she received a bank account, debit card and continued lessons. Then the credit reports, etc information. AT 16 she was prepared to go and has passed economic courses on credit without having to think. She also as a credit card for gasoline and shopping. No mistakes thus far and no big spending.  I have also taught her how to do banking transfers, etc and learned about my income because I felt if I were to die, she'd need to stay afloat. I also taught her about where to go and what to do in my death and how to get the money.
I am a BIG critic on cemeteries. I would not be living there so don't blow $12,000 putting me there. Cremate me or give my body to science. I taught her this many years. We carry the memory of our loved ones in our hearts. I do not believe in WASTING money on a useless cause. Just my opinion but my daughter agrees so I am happy!!
Joan Profile
Joan answered
A large amount of money is not an indicator of a good person and it ($)makes them no better than the next person.  You should have a minimum of 3 months salary put aside for an emergency such as losing your job or illness.  Never pay the minimum payment on your credit card debt, double the minimum if you possibly can (it's best to pay it off monthly, if possible).  Pay your bills and pay them on time!  Do not borrow money for anything that is not a necessity (if you have furniture, new furniture does not fall into the necessity category, etc.).  Remember, someday your paycheck will cease and you will no longer be able to work whether it is by choice (retirement) or otherwise (health or lay-off).  Plan for the future!
Annie Devore Profile
Annie Devore answered
Try To Save More Than You Spend. Don't Use It For Naughty Things Like Drugs..  Spend It Wisely. Earn It The Right Way And Buy Yourself Something You Can Appreciate.. It Does Not Buy Love. If You Spend It All At Once .. You Have To Work To Get More..  Don't Take Out Loans Unless You Can Pay Them Back ..  Money Can Make People Love You  For The Wrong Reasons  Or Be Jealous Of You. Be Careful Of It.. Because People  Will Become Different. If They Know You Have Some.  Or A Lot
John Profile
John answered
The money is God's.(so be a good steward of that money)so the first ten percent of all your gross income(any money earned) to the church.the second ten percent to charity.and then fourty percent in the bank(savings,cds,investing) and the other fourty to pay bills (food,clothes,shelter,medical,dental,vision,auto insurance,home insurance and so on and so on) and anything left over can be either put back in the bank : ) to save for a rainy day or for an emergency. Use your money as a tool to make your life and others lives better.
Ihab Marzouk Profile
Ihab Marzouk answered
That they should use them for a good reason, not waste them n unimportant things and that they should be responsible and practical while using them.
Tolo Tolo Profile
Tolo Tolo answered
That it's okay to have money......but also teach them on how to manage it  from a tender age...you can reward them with it when they have done something good,you can also make them work towards a certain goal that will bring them money.
greg gowen Profile
greg gowen answered
If you have money you have no time, if you have time, you have no money. Government is always trying to steal your money, in the name of "fairness", along with all those who have less than you.
Anonymous Profile
Anonymous answered
I don't know. But my great grandmother gave me 20 cents the other day and told me to spend it wisely.

...Fml

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