Tuesday, July 30, 2013

Do you talk to your parents about money?

MONEY Talk 

 Most don't talk at all 



“People don’t understand the basics about money,” says Vince Shorb, CEO of National Financial Educators Council. “In the U.S. it has to do with parents not talking about money, not bringing them into activities that involve money. At grocery stores you see children begging and throwing tantrums over wanting something and parents just cave instead of making it a teachable moment.”


“What we have lived through over the past several years with the economic meltdown and all of its ramifications is that we as a nation are woefully financially illiterate,” says Adam Levin, co-founder of Credit.com. “The only problem is that many of our parents will admit they never received financial training.”


“They are exposed to consumption of money 24-7 on TV, magazines, mobile devices and billboards, they are constantly being engaged to spend money, but they don’t know that they have to earn it as well,”



How to approach money discussions and lessons should depend on a child’s age and maturity level, but experts say the earlier the better.

“Every parent wants best for their kid, so teach them about money because it impacts their wellbeing, emotional health and overall health. It allows them to live out their dream and be successful, it’s the biggest important lesson parents can pass on to their kids,” says Shorb.
Here’s a look at what age parents and teachers should teach money topics to establish lifelong money skills:


Middle-School-Aged Children
Parents might be hesitant to share their paycheck with children, but Yang says pre-teen and teenage kids can accept the responsibility and learn how a paycheck is portioned out to cover the mortgage, utilities, groceries and other spending. “Make sure they know not to tell anyone the amount, but this will show them they need to start thinking seriously about budgeting expenses and will start getting thinking about career goals and desired lifestyle and how they can get there.”

Towell suggests showing this age group the value of compounding interest and what it can do to small amounts of money to encourage them to save more.

High-School-Aged Children
When children enter high school, experts suggest parents start cutting the purse strings and have kids pay for any discretionary expenses.

This age is also the time to start having real-life discussions. “Go over how to buy a car, what’s needed to rent a place, how to manage life and a job,” says Shorb. He also says now is the time for them to create a credit and budget plan that includes how much money they want to have in an account before opening a line, how much college savings they have and how much they plan to spend at school.

“Here’s the main problem: We have teenagers signing off on $20,000 student loans without being able to balance a checkbook,” says Shorb.


Read more: http://www.foxbusiness.com/personal-finance/2013/05/06/why-parents-dont-talk-money-and-why-it-hurts-their-kids/#ixzz2aXtE2bYc




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 The most remember the talk about money you got. money doesnt grow ion tree NO you cant Got to school get a job and save