The Best Money Lesson for Kids? Independence.

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It is unfair to blame all parents on how they manage their children. As stated in the article, there are a lot of factors that determine the making or breaking of a child until they reach adulthood like friends or people around, media, school etc.

mrc of FL 4:05PM January 12, 2011

It is so easy to say "we should teach our children self-reliance" but difficult to do. I guess 'self reliance' does not come as a single entity. We should also teach the children 'discipline'. Yes, we do not want our "kids to grow up expecting to get what they want when they want it,unless they would work for it'. But we should also consider that the "work" differs with every age bracket that our child belongs to.These things we do because we love our kids.
I disagree that, as a parent , we are creating a generation of losers. No single parent would want his/her child a "loser". Parents want to make their children 'champions'. Parents usually manage their children the same or different and contradictory from how they were managed by their own parents when they were kids, depending on how the former evaluate the outcome. The same- if the outcome in these parents are good, but different if not.

mrc of FL 3:52PM January 12, 2011

If we listen to the Government on how to be financially Literate we will all
be in a mess. It is very hard for average to lower income groups to listen to anyone for leadership and here is the reason. Actors and sports players making
millions, politions stealing us all blind and then making us pay. TV programs
and movies constantly showing riches. crime paying BIG time. Our just toooo
wonderful greedy ultra liberal president Obama taking million dollar vacations all
over the world,people on welfare making more than many people working. I
could go on and on but what is the use. When a person is making 2 to 3 hundred
a week THERE IS JUST NOT MUCH TO CUT OUT AND SAVE.

Darryl of MS 7:38PM January 11, 2011

I was very impressed by your comments. Parents are damaging their children and our future by their bad example, enabling laziness, and nelecting to teach children that the real world is not easy, its hard work but we all have to do our part. Rarely do I hear such honest remarks as yours. Keep up the great attitude and pass it around. Hopefully it will lead to positive results.

Kate of CA 3:10PM January 11, 2011

My parents had no money when I was growing up and I learned fast not to want anything that I couldn't pay for. I started working at 12 years old in order to buy $40 jeans and quickly learned that the $10 jeans at Caldors were just as good. I am already telling my kids to get a job, and that doesn't mean doing things for me so I can give them money. It means getting money from someone other than our household. If my kids want anything that is optional, such as a Cell Phone, IPod, or cable TV, they have to work for it. It doesn’t matter if I have the money or not. My kids will not grow up expecting to get what they want when they want it, unless, of course, they are willing to work hard for it.
We are creating a generation of losers. We are working for our kids and forgetting to teach them. Our kids need tough love if this planet and the human race is going to survive. We need to teach self reliance, not dependency.

Nick of NJ 8:48AM January 11, 2011

If you are able to live with your parents rent free until you have a stable income, you can still pay your parents with services. You can help cook dinner, put out the trash, mow the lawn, weed the garden, and so forth. Your parents would appreciate the help around the house because it eases their burden. Most importantly, it is a well received token of your appreciation for their allowing you to return to their home after you have left the nest. You do not have a right to live there under your parents protection... it is a privilege. If you were living on your own, you would be doing many of these household chores anyway.

Sallie of LA 2:07PM January 04, 2011

I worry less about my kids boomeranging that my hubbys parents - neither of whom have a pension, or anything saved. Since one of them (they are divorced) has no health insurance, we've been paying out-of-pocket for medications.
We can't keep this up and save for our own retirement. So, there will be a rude wake-up call next month. We SAID we couldn't pay anymore, but were we taken seriously? Time shall tell.

Amanda of OK 12:23AM January 04, 2011

Love the independence message. I think having your kids help shoulder the cost of "perks" early on is a great approach - even if it's fairly token. It builds important awareness that life isn't free. E.g., we have all our kids pay for monthly cell phone insurance (we pay for basic service) - or they can opt for paying the full cost of a replacement if they lose/break a phone (they will). Allowing them to learn from financial mistakes early on - like blowing the annual clothing budget on a fancy pair of designer jeans - is a great educational tool as well.

Bill at FamZoo of CA 3:03PM November 18, 2010

When I was a kid, I didn't have control of my passbook (and my mom only allowed me 20 dollars a week from my paychecks). Needless to say I was usually a saver more than I was a spender. While I did "spend" a lot in the form of college loans, I've become more comfortable with that recently as I've realized that they will be paid off in 10 years.
As a boomerang child (a fate I don't wish on my worst enemy, some people love it....but I don't), once work became more stable I did start paying rent. It's not a lot of money, but it defrays the cost of my living here.

veronica of NH 6:52PM November 17, 2010