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« Deducting Investment Losses Off Your Taxes | Main | What Truly Matters, Part 1 »

November 08, 2008

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The most important tab here is number two. When your kids want something, it is a perfect opportunity to teach your kids the different ways of earning money. Without this lesson, kids are destined to do what the average person does and earn 100% of their income through employment.

Caleb

I suppose I was lucky enough for our family to have a family business. All work at the house was considered a "given" and wasn't monetarily compensated; all work at the business was considered extra and I was paid minimum wage for it.

Needless to say, it didn't take long before I discovered that work = money, which was the best financial lesson I've ever learned.

I'm a firm believer that parents should teach their kids (older kids, that is) about the dangers of credit. Credit is why our economy is collapsing.

My kid has a red square piece of plastic that she got with some toy, and my mother-in-law, who spends like there's no tomorrow, saw the plastic, thought it was an old credit card and said "a girl after my own heart." I almost gagged.

We need to teach our children to live within their means, which to me and my wife means if we don't have it in cash, we don't spend it.

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