How to Talk to Kids About Money

I live in Michigan and I have the best example for my daughter. I have shown her all the lost jobs that was caused by other Americans spending their money for foreign cars. Peole don't know all the ramifications of what they do. I never worked directly for the Big 3, but at one time I did work as an independant parts supplier. The cost to the small business owners has been terrible, their the first to feel the impact. The Japanesse have never cared for the cival rights of others or even their own. I'm so happy they lost the battle, but are we going to let them win the war. Maybe when we are eating each other to stay alive, will we wake up and see what we have done to ourselfs, but I doubt it. I think we are very heavy sleepers.

I do not understand the philosophy that children should do chores because "they are part of the family"; they should be expected to do chores in order to learn how to clean up after themselves and to take care of the house that they will own in the future. I never had a defined list of chores, but I did clean up and I helped clean up around the house because I knew that the faster me and my parents made the house tidy the more time we could spend doing enjoyable things together.
I would never expect anyone to clean up after my messes, especially since I have always been a bit of a mad scientist (I would never let my parents go near any of the more bizarre messes that I made since they would not know how to handle some of the stuff that I play with). I will not be responsible for harming someone else with my own curiosity because they do not understand some of the risk involved with hot glass, HCl, making Vaseline glass (hint: they stopped making this stuff in the 40's), or any other of my more dangerous experiments. After half the stuff I have done at college I cannot understand why they will not let be bring a Tesla coil in the house.

I want to say I read a different article on this site that said you're not supposed to give an allowance based on chores done because then your child will associate money with work done and won't do anything for you without any monetary compensation.

By the way, I am an artistic glass blower and painter so I never had any real problem making dough. My parents used to give me money for grades and holidays. Now they just give me 20-40 bucks when they visit me (I live five hours from home).
Parents should encourage their children to learn to have a trade that they can fall back on if they are broke, or at least teach them/encourage them to be able to make jewelry/art that they can sell in order to earn money when they are in their teens.

I talk to my daughter all the time about money, always have. We're on a budget, she knows that, and knows to ask about things that cost. I sincerely hope she will learn from my example in life.

I agree with you Douglas, there is great need to separate allowance from payment for chores done. Our kids need to know that they ought to do certain chores in the house since they are a part of the family. Giving them allowance help to inculcate in them the value of money and how to spend it wisely.

That's a great comment, Douglas. You have explained it much better.I agree with your view on allowance.

That's a great comment, Douglas. You have explained it much better.I agree with your view on allowance.

Thanks Douglas-you summarized the whole idea very well.Very balanced view indeed!

Wastrel, I think it's incredibly shameful of you to umbrella an entire group of people like that. Yes, as a populous whole they have made mistakes; and so has the U.S.A. I'm not saying that such a rudimentary explanation even begins to make up for either nations' indiscretions. However, as this is with regard to money, I believe that all things needs to be tempered. Money doesn't solve the world's problems, but even children need to have an understanding of it. I do, however, hope that from now on you temper knowledge with tolerance and respect for others.

Thanks Douglas, I was a bit apprehensive when I read children should be paid for chores, and I agree with your views 100%. Give an allowance and teach them to use it wisely.
Teach them to spend money only when necessary. Two great lessons every one needs to learn.

That's a great comment, Douglas. You have explained it much better.I agree with your view on allowance.

"all the other mommies are doing it"?? No dads? lol.

Well said Douglas, you have put the allowance vs. chores payment into perspective.

I completely agree with Douglas! I couldn't have said it any better! Thankfully my daughter knows the difference haha

I've done paying kids after doing their work. But ended like I am stress out doing it on my own because they won't do the things when not paid for.

Yeah, yeah douglas. You did good, however, ever been to the store with kids that refuse to listen to anything you say cause they want what they want when they want it. Try teaching a yelling, screaming kid about money. Please, come on now.

FINALLY A TOPIC HITS HOME!!!!!!!!!
Why is no education in our school system about MONEY?!!!!!!! how to handle it, make it and for most SAVE IT!!!!!!!!!!
we have to teach people, children teenagers about money.

NO CREDITCARDS PLEASE! when they will understand ,that have cash in your hand is powerful, and when you have no bills coming in - you become KING and QUEEN! I'm in my 60-ies, and NOOOOOO creditcards in my wallet! and will newer be. you can live without them just fine.
CASH IS STILL KING.....Just look et the BANKS! they have it but sitting on it still. and they are the KINGS! they know what they do not want you to know..

That's a great comment, Douglas. You have explained it much better.I agree with your view on allowance.

I like Douglas view. I have same. I added to that they their "job" is school also. So , I have to go to my job to get money for it , they have to go to school to get grades for it. At home they are not guests , and they are not aliens so pick the things and work on them ( even a bathroom and laundry). I have other problems with my child. He never EVER spends anything from the money we gave him - NOTHING .. I am afraid that he will become so stingy that it will be hard to live with him. I am not stingy for things I need but for extra things that I can live without it I do not spend my money. With my son, well, he will not spend one dime on anything. You can see that he wants something but no, first checking on million sites, then comparing with stores,then looking coupons then saying NO. He is only 14 , shouldn't he be more open for spending?