It seemed like a simple enough post online.. wise guy dad.. and some money fun with his kid:
“borrowed $3 bucks from 10 yo… when she asked me for it back I asked her for the $200,000 it takes to raise a kid and told her now she only owes me $199,997”
But it set off an interesting debate online… should I be including my kids in money talks, what things cost, what THEY cost for that matter… or not.
One wrote: It’s one thing to teach your kids about finances and what things cost, it’s another to make them feel like they owe you simply for existing.
Another wrote: I think parents who remind their children how much money we spend (are) terrible… I have have never borrowed money from them and never will…
For the most part people understood that I was just joking.. although I did really borrow the three bucks from her and did really tell her how much it costs to raise kids.
One wrote: If you aren’t teaching your kids what things cost, you are setting them up for failure…
Another wrote of her own 7 year old: that it’s about “learning the difference between wants and needs, as well as the value of time, efforts, and money.”
I guess you know where I stand by now. All joking aside..
We are doing a disservice to our kids if we don’t teach them about money and borrowing and mortgages and spending and bills and payments and savings… and here are my reasons why:
#1 kids who know what things cost have a better basic understanding of what money is and why it’s important.
#2 kids who know what things cost have a better respect for the idea that things aren’t free in life. ((Yes, I have them use the little price scanners in Target to see what the price is))
#3 kids who know what things cost can then understand the idea of savings… sometimes you need to wait and save to get something you really want.
#4 perhaps most important, kids who know what things cost maybe just maybe have a better idea of the sacrifices their parents make each and every day. Yes us. All of us.
By the way.. for the record.. I gave the three bucks back. I always do. And no I didn’t give her interest. Just the three bucks.. it’s the cost of doing business and living under my roof. Let me know what YOU think:
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