Secrets of Success

Teach Your Children Good Money Habits

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When I was young, parents (at least MY parents) never discussed money. It was only when I took over my elderly mother's finances that I discovered they had paid cash for cars, rented from inlaws while saving to buy their modest home for cash, invested in stocks, & paid all credit cards in full each month. When my father's salary increased, he saved the extra until he had enough to buy a $1000 CD (certificate of deposit) several times/year. It took decades for me... (click title for more info)

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to learn good money habits on my own. Don't discuss specifics with children, but when opportunities arise, teach them the pitfalls of credit card spending, benefits of saving & investing, bargain hunting, & good money management skills. And above all, practice what you preach.

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  • STORMY724
    To PUGLOVER1999: I agree that few people have good money-management skills. The school where I taught before retiring started to teach home ec. to both boys & girls in grade 6 with an emphasis on the "economics" in home economics. They taught budget-making, check writing, responsible credit card usage, etc. I saw this as a positive move.

    When my skills were faulty, I read library books, magazine articles, & took continuing-education courses, eventually getting myself out of debt & able to invest for retirement. For those who have poor money management skills, I would recommend a personal-finance continuing-education course at a local school or community college. It will be good for you, & if you pass on your knowledge, it will help your children avoid your mistakes. - by STORMY724
  • emoticon emoticon - by SMITHANI
  • Unfortunately, not many people know how to handle money, much less teach their children. My family didn't teach me, but I'm married to a man who grew up knowing ... and had a very successful career managing money (comptroller). I'd probably be more like my own family if I didn't have him! :) - by PUGLOVER1999

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