# What are you teaching your kids?



## Plugging Along (Jan 3, 2011)

I grew up with a decent 'financial education' from my parents and family. Now that I have kids of my own, we are trying to teach them about finances and have started young. When I describe what we're doing with our child and trying to teach them, many people we know are quite surprised and think it's too much too early.

So, for those of you who have kids, I'm curious. At what age did you start teaching your kids about money/finances, and what lessons were you trying to instill in them, and how did you do it? 

I'm interested in work in progress stories too, we're are just beginning our work.


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## FrugalTrader (Oct 13, 2008)

Our toddler is around 2.5 yrs old, and we've opened a bank account, and just started to teach the concepts of "more" "less", and the names/values of Canadian coins. I usually bring the toddler when I go on bank machine deposit runs, and get her to help put the money in the machines. However, when it was time to put her own money in her account, she wasn't too fond of that.  That's phase two...


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## fraser (May 15, 2010)

I taught them that the bank is NOT your friend. Despite all the nice words, their primary goal is to get you to incur service charges or rent money to you-The latter is done for business not because they like you.

Next I taught them never to incur interest on credit cards, live below their means, save a little because if you take care of the dimes, the dollars will take care of themselves. And not to borrow money to buy consumables or assets that depreciate. 

One gets it, the other is half way there.


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## Sampson (Apr 3, 2009)

Our newborn is 2 months old, and we opened a bank account for him. I am currently teaching him the value of not puking on our couch, otherwise it hurts daddy and mommy's bank account.


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## Four Pillars (Apr 5, 2009)

Sampson said:


> Our newborn is 2 months old, and we opened a bank account for him. I am currently teaching him the value of not puking on our couch, otherwise it hurts daddy and mommy's bank account.


Haha. I've successfully taught my daughter to keep coins out of her mouth.


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## the-royal-mail (Dec 11, 2009)

fraser said:


> I taught them that the bank is NOT your friend. Despite all the nice words, their primary goal is to get you to incur service charges or rent money to you-The latter is done for business not because they like you.
> 
> Next I taught them never to incur interest on credit cards, live below their means, save a little because if you take care of the dimes, the dollars will take care of themselves. And not to borrow money to buy consumables or assets that depreciate.
> 
> One gets it, the other is half way there.


Excellent!

And I completely agree about the service charges and fees. They are inventing new ones constantly. It is quite tiring to have to play mental math with business these days to try and figure out what stuff actually costs.

They should be paying us, not the other way around.


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## crazyjackcsa (Aug 8, 2010)

My son is almost 3.

So far he knows his name. He knows that Mario is the best videogame ever.

And best of all, he knows Zombies stick their arms out and go "UUUHHHHH, BRRRAAAIIINNNS"


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## dogcom (May 23, 2009)

When my kids used to complain and want something I would sometimes buy it and then work an overtime shift at work. When they then complained that we where not able to have any fun on my weekend or go out, I told them it was because I had to work overtime to pay for the stuff they wanted.


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## Plugging Along (Jan 3, 2011)

We've been doing a weekly allowance for the past year. She gets all the coins. We go through the name and the value. We've been doing equivalents (10 pennies is a dime, etc). Then we have her allocated the largest portion (her choice with some guidance) into a 'Save' section, some into spend, and some in give. When she complains it gets too heavy, we make change into the bills.

We also have her pay for toys that we don't want to buy her or items she has been careless with. We talk about the amount of time we work, and if she wants more things or is careless. We've been going through the idea of buying on sale, but really just teaching if she waits for something to go on sale, she could have it plus more money back. She still doesn't really grasp how much things cost though. 

I'm trying to teach her about interest, but haven't quite figured it out how to turn it into a lesson. Same with investing. I was thinking about opening her own account that she can deposit her saved money. How ever with rates so low, I'm wondering if she'll think it's not worth the effort.


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## Plugging Along (Jan 3, 2011)

Four Pillars said:


> Haha. I've successfully taught my daughter to keep coins out of her mouth.


Our older one was recently putting money in her mouth (not sure why at this age), then someone in her class told her that their little sibling swallowed it. 

We told her to get the money back, it had to come from poop. She was pretty grossed out, and no more money in mouth. 

Too bad the 2 year doesn't get how gross it is.


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## Kim (Jan 10, 2011)

I am of the belief that kids are very smart and if approached correctly they can learn way more than we give them credit for. I am trying to teach my 7 yr old son what an asset is. How it's important to get money working for you - not you working for money. I try and show him examples of assets in our daily life. He already knows that Dad has to be away working in order to have money to pay for things and that it's no fun for anyone when Dad's gone. I have tried to describe interest and shares. He sounds bored and replies that Hot Wheels and Barbie will be coming to McDonalds next month in their Happy Meals. But I just keep bringing the topic of money up and eventually he'll know some basics....I hope.


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## Dana (Nov 17, 2009)

Ours are 8 and 5. Both seem to understand that time = money. They know that Daddy exchanges his time for money so we can pay for what we need and save for what we want. 

I think they both understand that it is wrong to spend more than you have. They _should_ get this, we drill it into their little brains on a regular basis - whenever they want something and don't have the money for it. 

They know that Mommy and Daddy don't like debt. 

Both kids understand how their savings accounts work and that we work hard for what we have so we take care of our stuff. They also understand sales tax in a general way and other forms of tax in an abstract way.

Both kids understand about giving to causes that are important to us, and we teach them that giving your time is just as valuable as giving your money. 

My youngest can relate to the value of money in terms of loonies. For example, when he lost my earbuds and decided he didn't want to find them, I told him he could find them or give me 30 loonies for new ones. He didn't want to part with 30 loonies (but offered to part with 5) and found my earbuds.

My oldest has a wider understanding of money. She knows that if she wants us to lend her money for something she doesn't want to save up for we will charge her 'interest'. For example if we lend her $10 for a new Webkinz she has to give us $12 back. She has never taken us up on it and seems to be more of a saver than spender anyway. 

She also know that we pay for all of her needs and most of her wants and she doesn't have to _worry_ about money. That being said, if she wants a really cool pair of shoes that cost $50 and I am only willing to pay $25 for a pair of kids shoes that will only fit for three months anyway, that she has to pony up the $25 difference. She has only taken me up on this a couple of times, she usually settles for something we can both agree on.

She also declared recently that it would be better to own a store (like Mr. Crabbs) instead of being a cashier in the store (like Squidward) because the cashier gets paid but the owner gets to keep all the money in the till. We had a brief talk about overhead and expenses and she decided it would still be better to own the store instead of work there (like Spongebob). Sorry for the Spongebob references - but it illustrates that there are lessons to be had in the weirdest places.


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## Montrealer (Sep 13, 2010)

I don't have kids yet, but when I do I will teach them the following:

- The value of money and how not to waste it on useless things.
- How to save at least 10% of your income.
- How to invest and make money with your money. 
- How real estate is one of the best investments and the stock market is risky over time.
- Getting a job at a young age and making your own money to understand it's value. 

Aside from that, I don't believe in RESP's and I don't think I would open an account for my kids before the age of 12 or so.

I also believe that kids should start working part time in high school and carry on until they are finished college and/or university.


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## Plugging Along (Jan 3, 2011)

Dana said:


> She also declared recently that it would be better to own a store (like Mr. Crabbs) instead of being a cashier in the store (like Squidward) because the cashier gets paid but the owner gets to keep all the money in the till. We had a brief talk about overhead and expenses and she decided it would still be better to own the store instead of work there (like Spongebob). Sorry for the Spongebob references - but it illustrates that there are lessons to be had in the weirdest places.


I love the lesson. Our oldest is just 5, so we haven't let her watch Spongebob yet. I alway thought that that was an awful show for kids ( I like it), but maybe there is a lesson to see.

We've been talking about time and money too, and her job is to go to school now, and learn as much as she can, so she can make the most money with her time. 

She's more worried about being a princess or fairy, but says that if those don't work out, she might be an entrepenurer (she want's to be able to tell everyone what to do)


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## sprocket1200 (Aug 21, 2009)

speaking of kids putting money in their mouths, does anyone know why coins have 'rims or edges' on them? yup, in the fifties a surgeon approached the federal reserve and complained that he couldn't grab the coins kids were swallowing cause he couldn't get grip on them. edges were created and implemented world wide for this worthy cause.

18months to 3 yrs seems to be the most frequent ages that kids put money into their tummy bank!

our twins are nearly three and are still learning to do their chores (washing their dishes, cleaning up their toys, and taking out their diapers) so we are leaving the money part out until they master their basic chores.


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## Addy (Mar 12, 2010)

I've taught my 3.5 yr old that the thrift store is the "toy store" and she is welcome to have ANY toy she wants from that store. We have a piggy bank for her but she doesn't get the value of saving money quite yet... she mostly just plays with it. 

I'm curious at what age do people here give their kids an allowance? (age of the kid, not your age!)


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## marina628 (Dec 14, 2010)

My daughter put coins in the slots of the speakers of our TV.We had to get a repair guy out and when he took it apart all the coins were causing the issues.My husband always told our oldest how many hours he had to work to buy stuff for her and she really had to decide one or the other but not both .She is probably one of few 18 years old who has bought all her clothes at a second hand store since she has been 12 or 13 years old.
My parents were savers but also growing up my Dad was very sick at times and suffered quite a bit but still had to work.Seeing my Dad struggle made me always be careful with my money.I have done very well for myself but my proudest moment was when i went to Newfoundland in August 2010 and we took my parents and I bought them a new 2010 Ford Escape for them.He had a 1999 Mazda truck but was having some issues with it and I knew I did not want them driving it this winter and get stuck.They have to drive an hour to get to a store ,literally living in middle of nowhere.


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## Kim (Jan 10, 2011)

Pluggin Along - your daughter's interest in being a Princess doesn't sound like a bad choice - her finances would probably be very good! lol 

When I read the Spongebob analogy I thought of this. My son loves the show Wipeout - I think it's so dumb. 

He says "I would like to go on the show and win the $50 000". I respond " I would be very dissapointed if I saw you on there and that if you want to have more than $50 000 you should INVENT a show you would like to go on - get all the money and off camera try it as many times as you like since you would own it!

To which he replies " Uh huh ".


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## Plugging Along (Jan 3, 2011)

Addy said:


> I've taught my 3.5 yr old that the thrift store is the "toy store" and she is welcome to have ANY toy she wants from that store. We have a piggy bank for her but she doesn't get the value of saving money quite yet... she mostly just plays with it.
> 
> I'm curious at what age do people here give their kids an allowance? (age of the kid, not your age!)


I've used the general rule of when they stop eating putting it in their mouths (or sticking in stereos or equivalents) and they are starting to ask me to buy them things in the store. For us, we did it for her 4th birthday. She already knew kind of what money was, and that we used it to buy things. 

For my second child, she's only two, but she is not hitting the same milestones as my first, so we may wait longer. We'll have to see.


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## Plugging Along (Jan 3, 2011)

Kim said:


> Pluggin Along - your daughter's interest in being a Princess doesn't sound like a bad choice - her finances would probably be very good! lol
> 
> When I read the Spongebob analogy I thought of this. My son loves the show Wipeout - I think it's so dumb.
> 
> ...


I don't disagree that a Princess occupation would be a good financial one. I would full support it. However, being she doesn't have the geneology from us, it is not very likely. I wanted her to have a back up. That's why she choose a fairy as a back. She said, 'If I can't be a princess, then I want to be a fairy that has magic to turn me into a princess'. Can't fault that logic. I keep pushing the entrepenuer route


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## I'm Howard (Oct 13, 2010)

Lesson from my Daddy, a $10 Starbucks coffee really costs $14 because that is how much you must earn to get that $10, think in Pre Tax Terms.

I always made my lunch, the office staff woud go out to buy theirs..

Buy Quality over Quantity, you get what you pay for.


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## sprocket1200 (Aug 21, 2009)

wow, that is a low tax bracket, lucky you!


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## marina628 (Dec 14, 2010)

I'm Howard said:


> Lesson from my Daddy, a $10 Starbucks coffee really costs $14 because that is how much you must earn to get that $10, think in Pre Tax Terms.
> 
> I always made my lunch, the office staff woud go out to buy theirs..
> 
> Buy Quality over Quantity, you get what you pay for.


When my husband was working at his old job he took lunch 4 days a week but went out on Friday.I believe in Quality over Quantity too!I buy one pair of Nike Shoes and can get 2+ years out of them ,I have friends that buy 2-3 cheap pairs a year at Walmart ,what's the difference ?My feet are very comfortable for same price as their 6 pairs of the cheap kind!


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## Assetologist (Apr 19, 2009)

*Age 14 & 16*

*Education:* work smart in school. Work hard and long ie. make an exceptional effort when needed . We have encouraged a goal of achieving solid careers/professions as the most reliable way to translate their human capital (time and expertise) into a stable bond (regular piecemeal income) in order to provide for a very good lifestyle.

*Entrepreneurship:* keep an eye out for opportunities to make things better along the way. Consider how this improvement can become a successful business and don't de afraid to start a business. We often discuss business ideas and they have seen a few ideas translate into businesses.

*Save to Invest*: I see little point for a young person to save money that could have been used to broaden their experiences and enlighten their mind if it is not invested (aggressively) for the future. My kids save at least 10% of all money that they receive to invest - see below.

*Investment:* Convert a portion of their hard earned money into investments which give them money while they sleep, or play or relax.....
We can do this by buying a diverse basket of assets ie. investments that put money in their pocket. A house is not a financial asset. They have had investment accounts in trust for several years.

*Live Life: *Use a portion of your money to discover the world and in the process yourself. We tend to grow more when we step outside our personal comfort zone. Enjoy life. Don't be so consumed working, saving and investing that you forget to look up and around every so often. My kids see that I take 10 weeks of the year completely off and we travel as much as possible. 

*Philanthropy:* It is important on many levels to give to others. My kids allocate at least 10% of money in to give away each year. This contribution is matched by the BMD and can be given to any cause they choose around xmas time. We are looking into a cost-effective method of starting a family foundation.

These are some of the idealistic, and hopefully realistic, goals we have for our children as we set them upon their own wings.


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## SaveURFinances (Jan 15, 2011)

Our 7 year old daughter accompanies us on whenever we are doing business with our rental properties, and we explain everything to her - how much insurance costs, property taxes, repairs, etc. She knows we have to pick up a cheque from the renters (get paid), deposit it in the bank for the mortgage (pay the expenses), and hopefully when she's a young adult, she'll see us get a nice chunk of change when the property is sold. 

She also saw the not-so-nice aspect of being a landlord when we spent 5 days a week at the rental house fixing and cleaning for two months after a bad tenant - she didn't think that was much fun...

We're trying to teach that a "job" isn't the only way to make money, but I think it is still a little bit over her head for now. She just opened a savings account, so hopefully when the first interest payment comes in (no matter how small it is) she'll be a little more excited about making money.


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## Dana (Nov 17, 2009)

SaveURFinances said:


> Our 7 year old daughter accompanies us on whenever we are doing business with our rental properties, and we explain everything to her...


We do the opposite. Our kids are aware of our rentals, and understand in theory how they work, but they never accompany us to the properties. I'm sure when they are older they will become more involved. They do accompany us when we are viewing potential properties to purchase though. I don't think our tenants even know we have kids...


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## Plugging Along (Jan 3, 2011)

SaveURFinances said:


> Our 7 year old daughter accompanies us on whenever we are doing business with our rental properties, and we explain everything to her - how much insurance costs, property taxes, repairs, etc. She knows we have to pick up a cheque from the renters (get paid), deposit it in the bank for the mortgage (pay the expenses), and hopefully when she's a young adult, she'll see us get a nice chunk of change when the property is sold.
> 
> She also saw the not-so-nice aspect of being a landlord when we spent 5 days a week at the rental house fixing and cleaning for two months after a bad tenant - she didn't think that was much fun...
> 
> We're trying to teach that a "job" isn't the only way to make money, but I think it is still a little bit over her head for now. She just opened a savings account, so hopefully when the first interest payment comes in (no matter how small it is) she'll be a little more excited about making money.



My parents did the same when I was young. Everyone had a job in the family. Back then, my job was to come home right after school and the answer the phone and book the appointments for showings (no cell phones back then). When my older siblings got home, then my job was to ride my bike over to the rental and give them any updates. It was the whole families job to clean the place after a renter moved out, or for maintenance. When I was older (about 14), then I got to go along for the showings, and we would sit around as a family and discuss which renter would be the best and why. When I was 18, it was my job to manage the rentals. 

I have to admit I hated it when I was younger because I had to work and do boring stuff while my friends were out. As an adult, I'm able to confidently able to manage my own rental. We have slowly been getting our oldest into it. However, we haven't had a renter move out in a few years. We do talk to her about it though. She wants us to get another place, so they can each have their own when they are older.


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## BballDad23 (Mar 9, 2011)

*Raising a Generation of Financially Savvy Kids – Saving vs Spending*

Do you teach your kids about saving vs spending? What do you think is a good age to start teaching kids financial responsibility?
I ask because I want to start teaching my kids about financial responsibility, but they are only 6 and 9 years old. Right now all they want to buy is video games and candy, but I want to show them the power of saving money and investment. My parents taught me more about “working hard” that saving money and investing… What do you guys think about this?? Too young? Just right? Do you feel the same way?


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## Kim (Jan 10, 2011)

I think that if your mentioning it at a young age it's a better start than when they are 13 and all of a sudden you start in on money topics and they look at you like your speaking a foreign language. They are smarter than you think and are absorbing up the world around them.

I feel that is an important point to try and get across to children - that you might have to "work hard" to get money but then that money should work hard to make you money - not the cyclical, make money, spend money, make more money, spend more money and so on and so on.


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## Rico (Jan 27, 2011)

Kim said:


> I think that if your mentioning it at a young age it's a better start than when they are 13 and all of a sudden you start in on money topics and they look at you like your speaking a foreign language. They are smarter than you think and are absorbing up the world around them.
> 
> I feel that is an important point to try and get across to children - that you might have to "work hard" to get money but then that money should work hard to make you money - not the cyclical, make money, spend money, make more money, spend more money and so on and so on.


To add to these comments . . . kids are often drawn in to what adults are excited about and interested in. If you share financial matters with them in a way that shows your passion for the topic (if it's authentic), they'll pick up on that and perhaps be interested too. If not at first, sometimes it'll take time. 

With younger kids, make it very concrete. If you don't use an actual bank account, do it yourself at home using a jar (e.g., tell them what's left in the jar will be added to if it's not spent; tell them their allowance is $20, minus "taxes" for something; give them a saving goal and if they reach it, double their money).

With a bit older kids, you can open a practice trading account and track stocks together.


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## cosmica76 (Jan 31, 2011)

Good topic!

Firstly, the financial education is very important for our child from some logical reasons. The child can build up a responsible relationship how to work with money, especially work with own money. Parents have to explain a very important fact for the child that money don´t present everything in his/her life, its an only currency! Now we come back into a dilemma. Which ages? I assume that its individual, but on the other hand 7-9 ages are ideal for the start of teaching your children how to work with money. Why not earlier? I´ve an one interpretation from the behavioural theory. Many pedagogues and psychologists say about child´s brain cannot perceive the inutility and usefulness of concrete things during the his/her pre-school period. That´s my pedagogical interpretation.


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## ronandsan (Mar 11, 2011)

*Did it really sink in?*

We started giving our children an allowance at a young age, 6 & 8. They have daily chores they do and as they get older, their responsiblilities increase, and so does their allowance. Back in 2006, my in laws brought us on a trip to Disneyworld. The kids both had some of their own money and my oldest did real well with hers, my youngest, not so well. She had no concept, granted she was only 7 years old. My wife and I both agreed, it is "work in progress". Again in 2008, my in laws brought us to Disney, this time though, we had told our youngest, who was now 9, that each day she would be allowed "X" amount of money daily, and that she could choose to save it for something bigger, or spend it as she wished. She was broke daily after 3 trips through the gift shops at the end of the rides. She had no idea on the value of a dollar. If she had $5.00 in her pocket and saw a stick of bubble gum for $5.00, "well why not, I want it and I got the money". After that trip, we realized we really have to do something. I started showing them with monopoly money, how much money my wife and I earned, how much the government took, and how much it took to run the household. Then we decided that we were going to put our youngest on the jar system. We set up 3 jars, 1 for savings($5.00), 1 for charity($2.00) and 1 for mad money($8.00). For the first 4-5 months the mad money was gone like that. However, as she started noticing the savings money pile up, she started wondering what she could do with it. We told her that she should think of something that she wanted and then we could bring her to buy it. Her first pair of Converse Chucks it was. 3 years later and she has banked over $1200.00 with birthday presents and gifts. She rarely spends all of her mad money, and when we went to Disney in February, she came home with money and "WE" had to encourage her to spend some money while there. We believe she has truly has a sense now of what things are worth. We are going to look at Saving Bonds to get her a little extra on saved $$$,


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## BunkyBunky (Mar 11, 2011)

*The kids and their money*

I have two little ones. One is 2.5 years and the other is 2 mths. Both kids have bank accounts (ING Children's Savings 2%), RESP's (BMO RESP Intuition Growth) and In Trust Funds (equities). My plan is to deposit their birthday money etc. into their bank account and as it accumulates transfer it in chunks to their ITF which I'll tell them about one day. As for their RESP I intend on maximizing the CESG and hope to fund university in full as was done for me. As for teaching them about money I also plan on starting young. My toddler understands that we need money to buy things like toys. He also knows that if he takes his piggy bank to my husband's night table, he can find coins to feed his piggy. In time they'll both be getting allowances but we're not quite there yet.


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## greeny (Jan 31, 2011)

Very clever words!



cosmica76 said:


> Good topic!
> 
> Firstly, the financial education is very important for our child from some logical reasons. The child can build up a responsible relationship how to work with money, especially work with own money. Parents have to explain a very important fact for the child that money don´t present everything in his/her life, its an only currency! Now we come back into a dilemma. Which ages? I assume that its individual, but on the other hand 7-9 ages are ideal for the start of teaching your children how to work with money. Why not earlier? I´ve an one interpretation from the behavioural theory. Many pedagogues and psychologists say about child´s brain cannot perceive the inutility and usefulness of concrete things during the his/her pre-school period. That´s my pedagogical interpretation.


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## I'm Howard (Oct 13, 2010)

People are born with an inate attitude to money, some are spenders , some are savers, regardless of their background.

You can educate to the cows come home, but if a person is born with a certain attitude to life, social extrovert, social introvert, you can teach them all you want about money, their lifestyle will be dictated by their personality.

My children understand very much the details about money, one lives in Asia, always on the edge, doesn't care, the other is in local neighbourhood, should write a book on frugal living.

Both very happy with their choices.

I handle family portfolios, I have a great interest in Investing, Brothers, less than zero, just don't lose any of their money, so cautious investing is the mantra.


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## Plugging Along (Jan 3, 2011)

I'm Howard said:


> People are born with an inate attitude to money, some are spenders , some are savers, regardless of their background.
> 
> You can educate to the cows come home, but if a person is born with a certain attitude to life, social extrovert, social introvert, you can teach them all you want about money, their lifestyle will be dictated by their personality.
> 
> ...


I do agreed that there are different personalities, however I think there is a lot of influence from the family, and the persons history.

I know being the youngest, I was considered the most irresponsible, and even though I had a good financial education from my family, I was a spender, and still am. However, thanks to having my older siblings and parents as phenominal role models, I have found a better balance. I think that parents/family can influence kids the most when it comes to money and in life in general. I think the problem is that most people (not people here) know how to talk to their kids about money.


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## peterk (May 16, 2010)

I don't really believe that people have innate attitudes towards spending or saving. It has to be an environmental factor. 
There is no inherent human ability to even comprehend what money is, without the appropriate background. I would conjecture that our human nature in regards to "saving" would stem from an ancestral need to store resources (food, clothing, wood) during the summer so as to survive the winter. But that there is no instinctual ability to save anything for more than a year. Perhaps that could explain why it's relatively easy for individuals to save up money for 6 months, but only as a means to a purchase. While retirement savings so many people struggle with. 
I don't have kids, but I was certainly taught at a young age the value of money, and was given free reign over any allowance I was given. I find a lot of people my age (early 20s) have had their finances too controlled by their parents, and as a result lack the fundamental understanding of things like saving, properly allocating you money (budgeting), and interest, both the kind you pay and the kind you earn.
There should certainly be a strong push to teach these fundamentals in schools.


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## Plugging Along (Jan 3, 2011)

I do think environment is a huge factor. However, now that I have two kids, I have learned that personality is something that they are just born with, and I think this will influence their spending too regardless of what you teach them. The trick is figuring out how to get through to the individual personalities.


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## greeny (Jan 31, 2011)

Me too. I don´t believe that the enviromental factor could influence on the financial education. On the other hand, the personality of child and his/her cognitive thinking are much more important infactors.


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## I'm Howard (Oct 13, 2010)

Eight of us, all boys, several were trades people, lived in small bungalows, now retired with several millions in accounts.

Moi, same background, no huge savings, very large house, adequate guaranteed indexed cash flow.

I like Audis, they drive Pontiacs.

My Mother, as a young man,She would always give me the Beer Money income, Champagne tastes lecture, even as a kid, money burned a hole in my pocket.

My Brothers, now retired, cannot spend, their money,it just accumulates and their children will be the recipient of their largess.

I am fortunate in that my Dad, almost 92, is a saver and investor, my Sons will receive monies, one will save it and buy a house, the other will use it to explore parts of the world He has not yet visited.

I try to talk to friends about ETF's etc, most just tune in, would rather leave it to a hired gun.


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## Plugging Along (Jan 3, 2011)

greeny said:


> Me too. I don´t believe that the enviromental factor could influence on the financial education. On the other hand, the personality of child and his/her cognitive thinking are much more important infactors.


I actually think that the environmental factor is a huge influence too, as well as the childs personality. It's the whole nature vs. nuture piece of it. Its really hard to split out the two, even from the same parents. 

With our two daughters, both had REALLY different personalities from birth, even friends and relatives could see that within a month. Because of that, we need to teach and guide them in different ways that works for them. As a result, they will be raised differently. So they will be a product of both the nature (their personalities) that influences how they are nutured.

The constant is our values, and view on money, which I think has a huge influence on the child. The challenges is how to transfer some of our values in ways that are complimentary to the childrens personality.


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## Plugging Along (Jan 3, 2011)

I'm Howard said:


> My Mother, as a young man,.


I was just curious if this is really what you meant to type... not that their's anything wrong with that...


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## Toronto.gal (Jan 8, 2010)

Plugging Along said:


> I was just curious if this is really what you meant to type... not that their's anything wrong with that...


I think that is called accidental spoonerism or slip of the tongue.


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