Should You Tell Your Kids How Much You Make?

Jun 1 • Financial Planning, Life Planning • 1206 Views • No Comments on Should You Tell Your Kids How Much You Make?

By Joni Lindquist

There is a recent, good article in the New York Times by Ron Lieber titled: Why You Should Tell Your Children How Much You Make.

Lieber argues that it makes sense to talk to your children about money basics, starting with easily understood things such as the grocery bill, when they are 6 or 7 years old.  He gives examples of some families who focus on expenses that come from the children’s extracurricular activities.  Parents can let the child decide – do you want to do this, and give up something else, or not do this.  Shielding children from financial realities may lead to poor money management as they enter into college and adulthood.

Remember, if you don’t talk with your children, they will create their own story, given the wealth (pardon the pun) of information out there.  Wouldn’t you rather teach your values regarding money rather than have them learn from the internet?

For more information about how to talk finances with your family, schedule a meeting by clicking below, contact Joni Lindquist –jlindquist@makinglifecount.com, or call (913) 345-1881.

Photo credit: Tetra Pak / Foter / CC BY-SA

 

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