Ask:
I tape Good Morning America every morning and then just watch the news, consumer reports and financial sections out of it.
This morning there was a good segment on taking to your kids about money.
Here is a link to the article it talked about. I'm trying to find the video to the segment if I can.
How do you talk to your kids about money?
Answer:
I totally agree with the points the article makes. It is SO important to teach kids about money. Schools don't begin to scratch the surface, that's one of the reasons why so many adults are having trouble with money!
I'd go beyond the things the article says and when the kids are old enough to understand, start teaching them about investing, options, risk, and the principles of compound interest and why saving when you're young is SO important.
With younger kids I agree that allowances are a great tool for teaching the value of money. My seven year old totally gets this concept - my only fear is that she saves TOO much and is becoming a little miserly. She has been saving her allowance for over a year and has over $100 saved.