Comments on: Teaching Children about Money: Ten Principles

By: me+gary

me+gary — Sun, 15 Nov 2009 08:12:22 +0000

Our children must EARN their allowance, no freebies!! As a single parent that was *less* than good with money throughout my youth, teaching children about money is CRUCIAL, in my mind. I

By: awdata

awdata — Sat, 07 Mar 2009 01:51:14 +0000

Savings relies on having more income than expenses. For children, I recommend an allowance with a component that they can spend as they want, and one for some of their “regular” candy/toy/clothing purchases. Then for savings, let them build short term and long term savings, where they can raid the short term savings for certain jointly approved purchases.

By: Gina Wadding

Gina Wadding — Fri, 09 Jan 2009 16:03:43 +0000

I have two comments, where can I put a dollar a day away and get 8% return?

with my children I sometimes let them help me with the bill paying I let them put the checks in the envelopes and put the stamps on them then check pd on my Budget chart for that month. I answer all there questions and help them to understand that everything costs money. We even got to pay for the water that is used when we flush the toilet.

By: 8 Ways to Raise a Thankful Child | Preschool Education & Everything Preschool

Sat, 27 Dec 2008 02:20:11 +0000

[...] Teach him the value of a dollar with a weekly allowance earned for chores [...]

By: Retirementsketch

Retirementsketch — Sun, 02 Nov 2008 23:08:48 +0000

[...] benefit of teaching children about money are substantial. By understanding savings, investing, and borrowing, children can develop fiscally [...]

By: Parker T

Parker T — Sat, 18 Oct 2008 04:36:38 +0000

Great write up.

Tony

By: Stacy

Stacy — Tue, 12 Feb 2008 22:01:59 +0000

I think these are good ideas. It is good to be open (to a point) about money with kids. I especially like the part that was added about making kids wait to make large purchases.

By: Jeffrey Reeves

Jeffrey Reeves — Thu, 29 Nov 2007 23:15:37 +0000

And you would expect one of the top ten principles to deal with saving – but, no. Lots about spending but nary a hint about saving.

It seems paying a fee for finacial advice does not require the advisor to have judgment – just knowledge. Proof again that folks who take on the mantle of financial planning and write about money often are so bound up with conventional wisdom that they overlook common sense.

By: Minimum Wage

Minimum Wage — Thu, 29 Nov 2007 01:48:10 +0000

I just tried out the millionaire calculator and came up with an inspiring result, which is even more inspiring after reading this post.

If a parent invests $30 per month ($1 per day) at 8 percent for their child starting the day the child is born, and the child takes over at the point they are able to earn money for optional jobs, if they maintain this $30 per month pace, the child will ultimately have a cool million in about 814 months (68 years).

Now THAT is a retirement plan I can relate to.