Comments on: Ten Ways You Can Teach Your Kids About Money http://moneysmartlife.com/ten-ways-you-can-teach-your-kids-about-money/ Money Tips for a Better Life Wed, 17 Mar 2010 08:27:06 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Sunday Reading http://moneysmartlife.com/ten-ways-you-can-teach-your-kids-about-money/comment-page-1/#comment-81418 Sunday Reading Mon, 28 Apr 2008 00:53:02 +0000 http://moneysmartlife.com/?p=809#comment-81418 [...] You know the economy is going south when teenagers are spending less. Or are they just spending less because we have less money to give them? Mir also includes some of Karen’s tips on teaching kids about money. And her is another 10 ways to teach your kids about money. [...] [...] You know the economy is going south when teenagers are spending less. Or are they just spending less because we have less money to give them? Mir also includes some of Karen’s tips on teaching kids about money. And her is another 10 ways to teach your kids about money. [...]

]]> By: AJC @ 7million7years http://moneysmartlife.com/ten-ways-you-can-teach-your-kids-about-money/comment-page-1/#comment-80573 AJC @ 7million7years Fri, 18 Apr 2008 22:37:14 +0000 http://moneysmartlife.com/?p=809#comment-80573 Encourage them to start a business: My son started his own eBay business at 12 y.o. - borrowed $50 'capital' from me for expansion (giving me 45% equity in his 'business' ... he was smart enough to buy me back out 14 days later!) - now he earns $30 a WEEK ... his allowance is $26 a MONTH. And, there are flow on benefits: because he eans his own money, he buys most of his own 'stuff' (our only rule is that he must save at least 50% of what he earns, for 'retirement' ... I showed him the power of compounding from such a young age). Encourage them to start a business:

My son started his own eBay business at 12 y.o. – borrowed $50 ‘capital’ from me for expansion (giving me 45% equity in his ‘business’ … he was smart enough to buy me back out 14 days later!) – now he earns $30 a WEEK … his allowance is $26 a MONTH.

And, there are flow on benefits: because he eans his own money, he buys most of his own ’stuff’ (our only rule is that he must save at least 50% of what he earns, for ‘retirement’ … I showed him the power of compounding from such a young age).

]]> By: Emily @ Taking Charge http://moneysmartlife.com/ten-ways-you-can-teach-your-kids-about-money/comment-page-1/#comment-80565 Emily @ Taking Charge Fri, 18 Apr 2008 20:36:07 +0000 http://moneysmartlife.com/?p=809#comment-80565 Here's another one: Teach your kids about credit!!! My parents taught me everything about saving, checking, giving to charity, etc., but they forgot to teach me about credit. My mom let me be an authorized user on her credit card, but I only used it for gas and emergencies -- I didn't understand how it actually worked, I just thought it was my mom's money. I didn't get my own credit card until the end of college because my boyfriend taught me about the importance of building credit, and through working at CreditCards.com, I've learned so much more. I had other friends who learned the hard way -- they weren't taught about credit cards, but got them early on in college and racked up tons of debt, and are now paying for it. Young people need to know everything about credit and credit cards before they leave home, whether to learn how to avoid credit or build credit -- that's the one thing I want parents to know. Here’s another one: Teach your kids about credit!!! My parents taught me everything about saving, checking, giving to charity, etc., but they forgot to teach me about credit. My mom let me be an authorized user on her credit card, but I only used it for gas and emergencies — I didn’t understand how it actually worked, I just thought it was my mom’s money. I didn’t get my own credit card until the end of college because my boyfriend taught me about the importance of building credit, and through working at CreditCards.com, I’ve learned so much more. I had other friends who learned the hard way — they weren’t taught about credit cards, but got them early on in college and racked up tons of debt, and are now paying for it. Young people need to know everything about credit and credit cards before they leave home, whether to learn how to avoid credit or build credit — that’s the one thing I want parents to know.

]]> By: Frugal Dad http://moneysmartlife.com/ten-ways-you-can-teach-your-kids-about-money/comment-page-1/#comment-80523 Frugal Dad Fri, 18 Apr 2008 13:23:00 +0000 http://moneysmartlife.com/?p=809#comment-80523 Excellent ideas! Kids and money topics are near and dear to me as I have two kids and am trying to increase their financial IQ. We just recently opened an ING account for my daughter so she could see the daily interest accrual (this was our lesson on compounding). There is a product called Money Mammals that is also great for teaching money to young kids (think Little Einstein for money). Excellent ideas! Kids and money topics are near and dear to me as I have two kids and am trying to increase their financial IQ. We just recently opened an ING account for my daughter so she could see the daily interest accrual (this was our lesson on compounding). There is a product called Money Mammals that is also great for teaching money to young kids (think Little Einstein for money).

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