Raising financially responsible children
Money management November 19th, 2007
You hear it all the time — stories about young adults who went to college, signed up for their first credit card, and were up to their eyeballs in debt before they could say “spring break”. What are some of the steps you believe that we as a society or as parents should take to help raise financially responsible children?
November 19th, 2007 at 6:13 pm
From a young age, children need to learn how to do chores. Especially boys! Many college freshmen males (and plenty of women, too) are doing laundry for the first time, cooking for the first time, and cleaning. This is insane.
Their parents need to teach these kids how to do these tasks well before their college years so they can become comfortable with it.
Also, frequent talks about money need to occur before the children move out of their parent’s home. How else will they learn about personal finance?
November 20th, 2007 at 12:57 pm
practice what we preach!
we need to live with our own fiscal responsibility and teach children (and each other!) the value of work, the value of saving, and the value of giving. these are not innate things. the value of greed has overwhelming resources on its side, and a financially literate society is our best defense.
November 23rd, 2007 at 4:20 am
1. Money is Not the Be-All and End-All
2. Only Spend What You Have
3. Delay Gratification
4. Quality over Quantity
5. Pay Yourself
6. Shop Smart
A more detailed look at the list can be found at my blog (http://blog.lifeedit.net/2007/11/6-thoughts-on-raising-financially.html)