How to teach your children about money
Posted by Cari @ The Kathleen Show
“There’s a big machine out there, it’s called the consumer credit industry. They’re preparing our children right now to be the future debtors of America.” ~Mary Hunt
The fastest growing segment of people now filing for bankruptcy is kids—they're college students under the age of 25. Are you confident that you’re teaching your children what they need to know to handle money and grow up to be financially responsible and financially independent adults? Or are you unwittingly passing on your own bad money habits and setting them up for a lifetime of debt? (And all the stress, depression, divorce that comes with it?) In this must-hear interview for parents, Mary Hunt, mom, author and reformed credit card junkie, gives practical, step-by-step advice on teaching kids the skills they need to live within their means. She tells about her own dark days of overspending (to the grand total of $100,000 in debt), and how once she made changes in her own life she knew she needed to pass that knowledge on to her kids
Mary shares how important it is to teach kids the value of a dollar (like life and death important) and give them financial responsibility (and consequences) while living under the safety net of the parent’s home. She took a radical leap and gave her kids a “salary” and made them “certified financial managers.” The result? Two sons who are now financially responsible adults. Amen.
Listen to Mary’s interview for hilarious personal antidotes and a smart, tough love approach for teaching kids about money:
And listen to Kathleen’s personal "oh crap" moment about modeling good financial behavior for kids:
Related:
Your money or your life…which do you choose every day?
Dollars and dames: What every woman needs to know to take control of her money
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