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    Kids and Money: A Guide For Parents and Curious Kids on Saving, Spending and Money Mgmt
    Kids and Money: A Guide For Parents and Curious Kids on Saving, Spending and Money Mgmt
    Kids and Money: A Guide For Parents and Curious Kids on Saving, Spending and Money Mgmt
    Ebook86 pages1 hour

    Kids and Money: A Guide For Parents and Curious Kids on Saving, Spending and Money Mgmt

    By Leslie Reitman

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    About this ebook

    Financial Independence. Someday our kids will grow up - because of what we do and in spite of what we do. Before that day comes, we have the time and the opportunity to help them understand the world of money. How much should they save? Do they know what a budget is? How much financial information is too much? What should you do about allowance? What about credit cards? How do we teach them to make the right financial choices?

    Whether you have a young child who is just learning about the value of currency or a teenager who thinks he can live on a certain salary and be well off for the rest of his life, all types of topics are covered in this book. There is a lot to learn over an 18 year period.

    Under your guidance, your child has a tremendous opportunity to learn, make mistakes and learn again - all before leaving home. This book covers a variety of topics and is intended to be a resource for parents and children of all ages.

    The lessons kids learn at any age can have a tremendous impact for their financial health over the long term.
    LanguageEnglish
    PublisherBookBaby
    Release dateNov 14, 2014
    ISBN9781483542867
    Kids and Money: A Guide For Parents and Curious Kids on Saving, Spending and Money Mgmt

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      Book preview

      Kids and Money - Leslie Reitman

      Material

      PART I: The Background

      1

      Why This Book?

      When you think about your kids being launched or having left the nest, what comes to mind? Do you have visions of them living happily and financially on their own? Do they stop by your house to say hi? Maybe they stay for dinner? Or do you fear that junior might be living in the basement, asking for cash and leaving you his laundry?

      Whether you are motivated by the American dream or by anxiety, there’s plenty of time to put your kids on the right financial track. We all want financial independence for our children, but this is a skill that is learned through much practice and repetition. As parents, we have about 18 years to build those skills day after day and year after year. The lessons we teach kids now about proper money management can have a significant impact on their future financial success.

      Unfortunately, many households in the United States live with the buy now, pay later mentality. Moms and dads spend, borrow and then go to work to pay it back. Often people pay only the minimum due on their credit card and mortgage balances, which just increases and prolongs their debt. A great number of people find it difficult to save and live within their means.

      According to the Federal Reserve and other U.S. government data, as of November 2014, the following statistics make up the U.S household consumer debt profile:¹

      • Average credit card debt: $7,274.

      • Average mortgage debt: $153,184.

      • Average student loan debt: $32,511.

      In total, Americans have more than $880.3 billion in credit card debt and more than $1,122.7 billion in student loans.

      Think of the attitudes about money in your home. Does your family budget money well? Is money managed in a way that allows you to live within your means? Are you able to afford the things you like to do? Is money a cause of stress or anxiety?

      What about your kids? Do your kids have an idea of what things cost? When they go to a store and want something, do they assume that you are going outside to shake the money tree? Do they usually get what they want—sooner or later?

      Our ability to teach kids about money is critical for their future financial success and for their future relationships. Good habits breed good habits, and the reverse is also true.

      Before you start talking to your kids about money, you and your partner need to be on the same page. Using your own methodology about money is fine if you are a single parent. However, if you are co-parenting, clear and consistent messages to your children about money are most effective.

      Just as many of us were told to play outside and come back before it got dark, some of us were left to our own devices to figure out personal money management. Knowing what we know now, we can do a better job preparing our kids for financial success.

      My hope and my goal is that we change the way future generations will save, spend, and manage money.

      2

      Not If but When

      Whether we want to believe it or not, our kids will grow up. Despite the fact that at times we can’t imagine how we or they are going to get through the next injustice that plagues their world, the drama that befalls them, or the academic challenges that they stress about, it will happen. In fact, my brother has a great quote that I often remember. He is a child psychiatrist who says, They will grow up because of what you do and in spite of what you do. I suppose that’s somewhat reassuring. At any rate, it is the truth.

      They will have bills to pay, retirement to plan for, investment prospects, mortgages, and more. Will they be ready to handle those responsibilities? Were you ready? Could you have used some help understanding the financial world before it was thrown at you? If you could have anticipated what might be coming your way, in terms of high interest rates on credit card bills, the significance of having money in savings, or the importance of a good credit score, would you have done things differently when you were starting out?

      Not only do we have an opportunity to teach our children about understanding proper money management, we have a responsibility. We must teach future generations that there is a better way to understand, manage, and work with money. This way, they will have the chance not only to eliminate a good portion of unnecessary debt from their adult lives but to live within their means.

      While our kids are young and impressionable, we have a limited window to shape their perceptions of, and attitudes toward, money. This includes a working knowledge of personal finance, saving, investing, charitable contributions, and more. During his or her first 18 years, your child’s attention (more or less) is yours. The skills and life lessons learned during this time can be reinforced, practiced, corrected, and revamped day after day and year after year. The practice and repetition of these lessons can turn into habits that last a lifetime.

      Conversations about money should become an ongoing but not all-consuming topic at home. If you are going to have discussions with

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