I like to imagine I was raised to be financially intelligent (thanks ma and pa) but now that I have a kid of my own, I was curious what an expert had to say about raising kids to be good with money.
So I chatted with Beth Kobliner, the New York Times bestselling author of Make Your Kid a Money Genius (Even If You're Not).
Here are her tips:
1. Start talking about money early on.
2. Show them how money works and teach them the difference between wants and needs.
3. Explain to your kids what you do to make money.
4. Take them to set up a bank account and explain how banking works.
5. Teach them how to wait, which will teach them how to save.
6. Don't use money as the reason why you won't buy them something.
7. Review the pros and cons of allowances and do what feels right to you.
8. But no matter what, don't tie their allowance to chores.
9. Encourage them get a job early, explaining that the money they make is theirs to use how they want.
10. When they get their first paycheck, take the time to explain how taxes work and why putting money in a savings account is smart.
11. If college is part of the plan, start college financial talks as early as eighth grade.
12. Do your best to keep money from being associated with guilt or stress — and be open with your kids about your financial situation (to a degree).
13. But keep in mind there are a few boundaries that shouldn't be crossed.
14. Involve your kids when you purchase big-ticket items.
Do you talk with your kids about money? Share your experiences (like what's worked and what hasn't) in the comments!
And for more stories about life and money, check out the rest of our personal finance posts.