kids and money

[7window]

Would you tell your kids what your worth? Would you tell them if you have a million dollar? What is the negative or positive if you tell them your worth?

 

[SamQuint]

Do you remember Lyle and Erik Menendez?

 

[MrChad]

 

[Vic Vega]

I may when they become productive adults. Before then, there's no reason to and that's privileged information.

 

[Saint Nick]

Probably go around and tell everyone about how much money their parents have. Makes you look bad to other parents.

 

[mvbighead]

Probably go around and tell everyone about how much money their parents have. Makes you look bad to other parents.

This.

 

[Train]

Would you tell your kids what your worth? Would you tell them if you have a million dollar? What is the negative or positive if you tell them your worth?

Of course not, that's what ATOT is for.

I'm rich bitch!

 

[7window]

Do you remember Lyle and Erik Menendez?

remember that really well. I followed that case but thats a lot of money though.

 

[nageov3t]

my parents never did.

it wasn't until I was a teenager/adult that I realized we were really poor when I was a kid (though upper/middle class in my adolescent/teenage years after my parents moved to the east coast and got better jobs than they had living as hippies in Oregon)

 

[Dirigible]

Of course, when they're a bit older (oldest is 5 right now). And I will tell them how I earned and saved that money, and how I currently budget and invest my money. I want them to be educated on finances, and won't send them out on their own a clueless money noob.

I also teach them about tact, so am not too worried about them blabbing all over town.

 

[Jeffg010]

I would when they get to be teenagers. I would also show them how to invest and how to save the money and look for deals and that kind of thing. At some point you have to teach your kids the value of money. If you never let on and go about your business they will never learn. I'll show them the bank account, 401k, stock market and the whole deal but only when I think they are mature enough. My dad at 14 help me invest in mutual funds at 14 and still have that account. I did use most of the money for college when I was 27.

Now if you just tell your kids how much you have and that is that well that is sure to fail.

 

[Baked]

You don't tell anybody how much you're worth, except your accountant.

 

[Farmer]

I have a million dollar!

 

[BladeVenom]

Tell them that you have enough money to replace them if they misbehave.

 

[rcpratt]

My parents were rather open with me about their financials when I was a teen. Partly because I was interested (in money/finance in general), partly because they trusted me, partly because I sometimes was curious. I couldn't have given you exact numbers at the time, but I probably knew most things about their situation (income, net worth, home equity, etc.) to within 10-20%.

I would consider myself in the upper range of "financially savvy," for lack of a better term, people my age. How much has to do with what my parents shared/didn't share when I was younger? I don't know. But I bet it didn't hurt.

 

[BurnItDwn]

A kid, no.
When they are grown up, and have proven to be responsible, then I would pick the one I would think to be the "best with money" to share all the financial info with, and make executor of the will.... But, I have no kids at this time.

 

[PenguinPower]

What's the point of telling them? They'll find out exactly how much my estate is worth when I'm dead, and I plan on that being $0...maybe $1 if they are lucky.

 

[HardcoreRobot]

You don't tell anybody how much you're worth, except your accountant.

this is my philosophy too. no good can come from other people knowing what you have or don't have, including friends and family.

 

[Sixguns]

Didnt know when growing up and dont know now and dont really care. I know they take care of themselves so they must be making enough.

 

[theknight571]

Didnt know when growing up and dont know now and dont really care. I know they take care of themselves so they must be making enough.

This.

Although I wish my dad (cause I'm sure my mom doesn't know...lol) would have discussed finances more with me as a youth, even without specific amounts etc.. Whatever he is doing is working. He put 4 kids through college and didn't starve to death.

I, on the other hand, have learned the hard way. I am just now recovering from poor financial decisions and am basically finally back to ground zero.

I think more discussions might have saved me some (a lot) of grief.

 

[Murloc]

You shouldn't tell anyone your wage or your worth except if it's absolutely necessary or you're anonymous. This is the safest why to avoid people getting all jealous or burglarizing your house.
Also you can't tell kids because they'll repeat it around.

When they're teen-agers you can let out more if they're responsible, but there's no need to say how much you earn or do a full disclosure to teach about money responsibility.

I feel that being more open about the administrative stuff (bills etc.) with teen-agers would be better instead of being an accountant for your kids which is sorta what happened to me. I just learned to be a penny pincher from them.

 

[Gintaras]

Older americans could tell their kids:

"we were pretty rich because we worked very hard, a lot of things was "made in u.s.a." - Levi's, GM, we had TVs - Zenith, RCA...etc...
Now, kids, you can tell The whole World - you have nothing...all you have is a DEBT - average per US citizen: ~ $187,000.00 :

http://www.usdebtclock.org/

How long to work to pay that debt? Maybe people will be transfered to factories with a sign at the entrance: "Work Makes You Free"

If not Federal Reserve and their money printing machines(want to try at home, what Federal Reserve does so called legaly?) if not for CC Co's, you would be just another kid running naked and hungry somewhere in Zimbabve.....

Most do not own houses, cars, computers - that they use to make posts on this forum...

What if tomorrow someone comes and says: "I need you to pay what you've borrowed ALL - down to every penny"?

What would you do?

Go and tell "how rich you're"?

 

[Mixolydian]

I wouldn't tell my kids how much I/we are worth. Sometimes it's easy to find out though. My parents never told us how much money we had, but they were obviously loaded.

 

[drum]

I can't think of a single reason why you would need to tell your child something like that

 

[PenguinPower]

I wouldn't tell my kids how much I/we are worth. Sometimes it's easy to find out though. My parents never told us how much money we had, but they were obviously loaded.

If they never told you, you don't necessarily know that. A lot of people spend above their means.