This is a good article. With all "latest technology" or the "must have" items out there I wonder what we are teaching our kids. Education is a MUST.


Will our kids be dumb and broke? - MSN Money

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dh and i are second generation of frugal people and we are teaching our kids about money( they shall be third generation frugals).

we do not have a big screen tv( nor do we need one)
we do not have cellphones for all of us( dh has but work pays for it)...nor do we need one each.
we do NOT have mp3 players, or Ipod's or the likes( if they want them they can get jobs to pay for them when they are older)
we do not have gaming systems( wii, ps 3 and so on) nor will we buy them..fresh air and friends are more important.

if our kids want any "extras" then they have to work around the house or for neighbours( snow shovelling, raking, walking pets) to save the money up for them. they seem to take better care of them then when they have to work for them.

Unfortunately for my kids, I'm an accountant with a finance major and I love numbers...they've gotten talks from me about money since they were born. I don't believe mine will be dumb and broke..I stress education and responsibility, so hopefully, mine will be smart and comfortable.

I was always taught - if you had to save for it and buy it yourself...odds are you are going to look after and respect that item a whole lot more than if you were just given it. I firmly belive this.

My husband and I both wish we were taught about money earlier in life. We had to learn the hard way. In our early twenties we didn't realize how bad it was to get a new car as long as the payment was the same. We didn't know how to save, create a budget, how bad home equity loans are, etc.

my family never taught me about budgeting, finance or anything of the sort. Then I married someone who also we never guided by parents so we are still learning some hard lessons, cleaning up past mistakes but moving forward and planning to teach our kids better.

Hopefully, we will break this cycle.

Rebecca

Mine did a so-so job. It was my personal interest in numbers and math that got me to self educate myself some thing that my sister never did. The big difference is that she is a lot more free with her money and doesn't keep as good of records.
I too hope to teach my kids how to be responsable adults. My plan is to involve them in our finances and choices.

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Kimberly Proud Mommy to Bethany Rose April 2006

I can see where that could easily be a problem. I like to think that dh and I are teaching are children better than that. We are not perfect, I wish we had saved better for retirement (we have a plan, but I know we should have done better in that area). My kids do get things, however, they only get when we can afford to buy them (not go into debt for them) and when we deem them okay. Once they start working, I hope to help them set up a financial plan to see them through their adult life.

Well, my kids won't...they've known from an early age about money, saving, what credit is, what investments are etc My parents taught me from a very young age...same for DH. We're doing the same for our kids.