Comments on: 8 Fundamental Money Lessons for Kids http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm Building Wealth through Saving and Investing Fri, 19 Mar 2010 19:36:23 -0400 http://wordpress.org/?v=abc hourly 1 By: Lianne http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-105478 Lianne Fri, 25 Sep 2009 23:56:48 +0000 http://www.milliondollarjourney.com/?p=766#comment-105478 Hi, Kathryn. I love your idea of giving kids their allowance in cheques. The more they go to the bank, the more comfortable they feel. And it's equally important to have them get used to dealing with people at the bank as well as online and at the ATM. My kids still freak out over going to the bank and they're teenagers. But one day, they'll have to negotiate a mortgage and it won't be on the computer! (Or maybe it will...?) Hi, Kathryn. I love your idea of giving kids their allowance in cheques. The more they go to the bank, the more comfortable they feel. And it’s equally important to have them get used to dealing with people at the bank as well as online and at the ATM. My kids still freak out over going to the bank and they’re teenagers. But one day, they’ll have to negotiate a mortgage and it won’t be on the computer! (Or maybe it will…?)

]]> By: FrugalTrader http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-105021 FrugalTrader Wed, 09 Sep 2009 23:58:37 +0000 http://www.milliondollarjourney.com/?p=766#comment-105021 masihmark, feel free to link to the article - we prefer that you do not copy the text. masihmark, feel free to link to the article – we prefer that you do not copy the text.

]]> By: masihmark http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-105010 masihmark Wed, 09 Sep 2009 19:35:24 +0000 http://www.milliondollarjourney.com/?p=766#comment-105010 Hi! Kathryn! Nice blog. I recently just found your blog. You have share a very good article on parenting actually. Rising kids is a tough jobs and take a real effort to make them success. I had a request to you,can i post your article in my blog to share with my readers? Thanks Masihmark Hi! Kathryn!

Nice blog. I recently just found your blog. You have share a very good article on parenting actually. Rising kids is a tough jobs and take a real effort to make them success. I had a request to you,can i post your article in my blog to share with my readers?

Thanks
Masihmark

]]> By: masihmark http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-105009 masihmark Wed, 09 Sep 2009 19:24:54 +0000 http://www.milliondollarjourney.com/?p=766#comment-105009 Hi! Kathryn! I just found your blog. You have share a very good article on parenting actually. can i post your article in my blog to share with my readers? Thanks Masihmark Hi! Kathryn!

I just found your blog. You have share a very good article on parenting actually.
can i post your article in my blog to share with my readers?

Thanks
Masihmark

]]> By: mgronqui http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-76565 mgronqui Wed, 08 Apr 2009 04:11:17 +0000 http://www.milliondollarjourney.com/?p=766#comment-76565 Thank you so much for this post Kathryn! I don't have kids yet, but when I do, I will use these rules. A related article I'd like to share is how to eat healthy and nutritious meals for only $5 a day. It can be viewed here: http://colourfulmoney.com/?p=206 Thank you so much for this post Kathryn! I don’t have kids yet, but when I do, I will use these rules.

A related article I’d like to share is how to eat healthy and nutritious meals for only $5 a day. It can be viewed here: http://colourfulmoney.com/?p=206

]]> By: JG http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-69006 JG Wed, 04 Feb 2009 04:19:21 +0000 http://www.milliondollarjourney.com/?p=766#comment-69006 I have 4 kids, the older is 9 and found very interesting this post. For me, I have learned after 30 the benefits of savings and becoming financially free.... never late to start. With that in mind, I would like to save the learning curve for my kids. Bank account is a great idea, however it is ensuring you will have on loyal customer for life and a secure income of stream for the bank. There goes dilemma #1... The aggressive marketing campaings to incentive consumism in kids tv channels creates loyal spenders and consumers...there goes the savings. I would like to find more about games, in my days I was passionate about monopoly and I haven't found a game that would give kids such empowerment and basic concepts of passive income. JG I have 4 kids, the older is 9 and found very interesting this post.

For me, I have learned after 30 the benefits of savings and becoming financially free…. never late to start. With that in mind, I would like to save the learning curve for my kids.

Bank account is a great idea, however it is ensuring you will have on loyal customer for life and a secure income of stream for the bank. There goes dilemma #1…

The aggressive marketing campaings to incentive consumism in kids tv channels creates loyal spenders and consumers…there goes the savings.

I would like to find more about games, in my days I was passionate about monopoly and I haven’t found a game that would give kids such empowerment and basic concepts of passive income.

JG

]]> By: Jorge http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-68582 Jorge Fri, 30 Jan 2009 00:49:58 +0000 http://www.milliondollarjourney.com/?p=766#comment-68582 Nice article. Raising financially savvy kids can be really tough, especially when they are getting bombarded with advertsising 24/7! I wrote a nice post on my blog about using the "Money Savvy Pig" which has been really successful with my kids, ages 6 and 8. You can check it out here if you are interested: http://independentminded.org/2009/01/11/raising-money-savvy-kids/ Enjoy! Nice article. Raising financially savvy kids can be really tough, especially when they are getting bombarded with advertsising 24/7!

I wrote a nice post on my blog about using the “Money Savvy Pig” which has been really successful with my kids, ages 6 and 8.

You can check it out here if you are interested:

http://independentminded.org/2009/01/11/raising-money-savvy-kids/

Enjoy!

]]> By: Guffin Mopes http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-68071 Guffin Mopes Sun, 25 Jan 2009 02:17:57 +0000 http://www.milliondollarjourney.com/?p=766#comment-68071 I love -- LOVE -- the interest bonus for children. That's actually an amazing idea that I look forward to implementing. Real world lessons are the best. I love — LOVE — the interest bonus for children. That’s actually an amazing idea that I look forward to implementing.

Real world lessons are the best.

]]> By: Stealthy http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-68050 Stealthy Sat, 24 Jan 2009 18:18:11 +0000 http://www.milliondollarjourney.com/?p=766#comment-68050 Excellent points. I'm a firm believer in teaching children young about saving and onto investing. I hope to start following these steps in a couple of years (I just got married). Excellent points. I’m a firm believer in teaching children young about saving and onto investing. I hope to start following these steps in a couple of years (I just got married).

]]> By: sammy http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-68041 sammy Sat, 24 Jan 2009 16:38:34 +0000 http://www.milliondollarjourney.com/?p=766#comment-68041 i think parents should teach children to save money and build from there. start young. we use music and a child's character named sammy rabbit and have had good success not only connecting with kids, but with adults as well. as the author pointed out, language and communication are important. allowance has pros and cons, but if it can be consistently administered, it has a better chance of being successful as a teaching tool. the biggest negative other than sometimes being difficult to consistently manage is if it takes to much of a focus away from earning money. for many kids, some of the most informative and instructive lessons they'll learn about money comes from earning it. keep up the great work! we need more people advocating smart money habits and skills. sammy www.itsahabit.com www.sammyrabbitblog.com i think parents should teach children to save money and build from there. start young. we use music and a child’s character named sammy rabbit and have had good success not only connecting with kids, but with adults as well.

as the author pointed out, language and communication are important.

allowance has pros and cons, but if it can be consistently administered, it has a better chance of being successful as a teaching tool. the biggest negative other than sometimes being difficult to consistently manage is if it takes to much of a focus away from earning money. for many kids, some of the most informative and instructive lessons they’ll learn about money comes from earning it.

keep up the great work! we need more people advocating smart money habits and skills.

sammy
http://www.itsahabit.com
http://www.sammyrabbitblog.com

]]> By: Goal Hunter http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-67993 Goal Hunter Fri, 23 Jan 2009 17:22:53 +0000 http://www.milliondollarjourney.com/?p=766#comment-67993 Nice ideas. We pay our kid based on "Stickers" He has 3 things that he needs to do, which we agreed on with him and which change from time to time depending what he needs to work on. Every day we check to see if he earned a sticker for each of the tasks. At the end of the week we pay him a quarter per sticker. He doesn't have a bank account yet. He's only 4 so he doesn't really care about anything except toys and candy :) but he did save up for a few weeks to get a $10 dinosaur. Nice ideas. We pay our kid based on “Stickers” He has 3 things that he needs to do, which we agreed on with him and which change from time to time depending what he needs to work on. Every day we check to see if he earned a sticker for each of the tasks. At the end of the week we pay him a quarter per sticker. He doesn’t have a bank account yet. He’s only 4 so he doesn’t really care about anything except toys and candy :) but he did save up for a few weeks to get a $10 dinosaur.

]]> By: Stuart Fleming http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-67943 Stuart Fleming Thu, 22 Jan 2009 20:00:23 +0000 http://www.milliondollarjourney.com/?p=766#comment-67943 Loved your article Kathryn - very concise with lots of excellent pointers! Does anyone else find reading all the replies equally fascinating? There's such a broad spectrum between people, their experience with money and what they're teaching their children about money... I agree with Jorge: the four-part division of income is a great way to instill a habit of wealth creation + charity + spending. Smiles, Stuart The guy who stops parents and teens from fighting about money http://StuartFlemingBlog.com Loved your article Kathryn – very concise with lots of excellent pointers!

Does anyone else find reading all the replies equally fascinating? There’s such a broad spectrum between people, their experience with money and what they’re teaching their children about money…

I agree with Jorge: the four-part division of income is a great way to instill a habit of wealth creation + charity + spending.

Smiles,

Stuart
The guy who stops parents and teens from fighting about money
http://StuartFlemingBlog.com

]]> By: Jorge http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-67910 Jorge Thu, 22 Jan 2009 11:23:55 +0000 http://www.milliondollarjourney.com/?p=766#comment-67910 Great post! It's scary how much influence parents have on their children's financial (and other) behaviours and attitudes. I've had a lot of success using the 10/10/10/70 technique with my kids. Teaching them to donate first, then save, invest and spend, etc... We have recently started sponsoring a child in a 3rd world country as well, to teach them to appreciate how good they have it here. We'll see how well that works, they are currently 6 and 8. Great post! It’s scary how much influence parents have on their children’s financial (and other) behaviours and attitudes. I’ve had a lot of success using the 10/10/10/70 technique with my kids. Teaching them to donate first, then save, invest and spend, etc…
We have recently started sponsoring a child in a 3rd world country as well, to teach them to appreciate how good they have it here. We’ll see how well that works, they are currently 6 and 8.

]]> By: Joel http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-67896 Joel Thu, 22 Jan 2009 05:32:28 +0000 http://www.milliondollarjourney.com/?p=766#comment-67896 I also think that sponsoring a child is a great tool to help our kids (and the kid overseas). We have a kid for each kid we have, we go through Food for the Hungry (www.cfhi.ca). I saw them at work in Rwanda at the tail end of the Genocide, and they did a great job - best bang for my money. I also think that sponsoring a child is a great tool to help our kids (and the kid overseas). We have a kid for each kid we have, we go through Food for the Hungry (www.cfhi.ca). I saw them at work in Rwanda at the tail end of the Genocide, and they did a great job – best bang for my money.

]]> By: Jack http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-67866 Jack Wed, 21 Jan 2009 21:38:49 +0000 http://www.milliondollarjourney.com/?p=766#comment-67866 I love the idea of paying them interest. I also remember when I opened my first RBC Leo Young Savers account (about 13 years ago at nine). I was given a personal tour by the branch manager and was super impressed - and felt very important. The free five bucks was pretty cool too. Of course it only helps RBC in the long run. Banking in Canada is like a commodity - it's all the same. RBC has learned a lesson from the cigarette companies, "Get 'em while they're young". (Although I'd much rather my kids loved RBC than smoking lol) I love the idea of paying them interest.

I also remember when I opened my first RBC Leo Young Savers account (about 13 years ago at nine). I was given a personal tour by the branch manager and was super impressed – and felt very important. The free five bucks was pretty cool too. Of course it only helps RBC in the long run. Banking in Canada is like a commodity – it’s all the same. RBC has learned a lesson from the cigarette companies, “Get ‘em while they’re young”. (Although I’d much rather my kids loved RBC than smoking lol)

]]> By: Craig http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-67865 Craig Wed, 21 Jan 2009 21:28:13 +0000 http://www.milliondollarjourney.com/?p=766#comment-67865 It's the parents responsibilities to teach kids about finances and keeping them humble. I appreciate the job my parents did with me and teaching me the value of a buck, at the same time I appreciate them financially providing basically everything for me. It was a good balance. I had friends growing up who would just throw money away because it didn't matter to them. I had good lessons, and allowance, and was taught to save for something I truly wanted to buy. And if I did borrow from my parents, I had to make sure I fully paid it back. It’s the parents responsibilities to teach kids about finances and keeping them humble. I appreciate the job my parents did with me and teaching me the value of a buck, at the same time I appreciate them financially providing basically everything for me. It was a good balance. I had friends growing up who would just throw money away because it didn’t matter to them. I had good lessons, and allowance, and was taught to save for something I truly wanted to buy. And if I did borrow from my parents, I had to make sure I fully paid it back.

]]> By: bob http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-67858 bob Wed, 21 Jan 2009 20:04:32 +0000 http://www.milliondollarjourney.com/?p=766#comment-67858 The Bank of Dad is a fantastic book that uses many of the same techniques, only a bit more systematically. I highly recommend it. The Bank of Dad is a fantastic book that uses many of the same techniques, only a bit more systematically. I highly recommend it.

]]> By: Kathryn http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-67849 Kathryn Wed, 21 Jan 2009 18:09:57 +0000 http://www.milliondollarjourney.com/?p=766#comment-67849 FT ~ We sponsor children through Compassion Canada. I've done a lot of research on many of the sponsorship programs and have personally known people who've worked at several but overall I've been impressed with the work of Compassion Canada. I also appreciate the fact that they never ask for more money. When we were with world vision we got almost weekly letters asking for more. PFO- Good point. We may have to change that in the future. It's not a huge deal right now because my son hasn't kept $100 in his account yet and my daughter who has $300 is only costing us an extra $6 a month at this stage. It sure is a powerful lesson when one gets the bonus at the end of the month and the other doesn't. :-) FT ~ We sponsor children through Compassion Canada. I’ve done a lot of research on many of the sponsorship programs and have personally known people who’ve worked at several but overall I’ve been impressed with the work of Compassion Canada. I also appreciate the fact that they never ask for more money. When we were with world vision we got almost weekly letters asking for more.

PFO- Good point. We may have to change that in the future. It’s not a huge deal right now because my son hasn’t kept $100 in his account yet and my daughter who has $300 is only costing us an extra $6 a month at this stage. It sure is a powerful lesson when one gets the bonus at the end of the month and the other doesn’t. :-)

]]> By: Personal Finance Ology http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-67846 Personal Finance Ology Wed, 21 Jan 2009 17:45:06 +0000 http://www.milliondollarjourney.com/?p=766#comment-67846 Wow, $2/mo interest bonus. That is a very generous 24% return. I was always a saver, if my parents did that for me when I was a kid, I would be rich in no time(and they would be poor). There were a real lot of good tips though. Wow, $2/mo interest bonus. That is a very generous 24% return. I was always a saver, if my parents did that for me when I was a kid, I would be rich in no time(and they would be poor). There were a real lot of good tips though.

]]> By: csplice http://www.milliondollarjourney.com/8-fundamental-money-lessons-for-kids.htm/comment-page-1#comment-67845 csplice Wed, 21 Jan 2009 17:34:26 +0000 http://www.milliondollarjourney.com/?p=766#comment-67845 Great post. I am curious about your point of view on point #2. This is the only point where we don't see eye to eye on. Why do you think complaining is a bad thing? Controling your emotions with regards to money is probably the best lesson they can learn. We do say "We can't afford that, because we are saving for ???" to show them the benifit of long term saving. Simple re-adjusting next months budget seems to ignore the big picture. We also constuctively complain about money to show them that is is a struggle and it is work to keep finances in check. Complaining about how much we have to spend on heating this month really hit home when you show them the January and July bills side by side. It also gets them closing the door faster for about 3-4 days. Great post. I am curious about your point of view on point #2. This is the only point where we don’t see eye to eye on. Why do you think complaining is a bad thing? Controling your emotions with regards to money is probably the best lesson they can learn.

We do say “We can’t afford that, because we are saving for ???” to show them the benifit of long term saving. Simple re-adjusting next months budget seems to ignore the big picture.

We also constuctively complain about money to show them that is is a struggle and it is work to keep finances in check. Complaining about how much we have to spend on heating this month really hit home when you show them the January and July bills side by side. It also gets them closing the door faster for about 3-4 days.

]]>