Tuesday, April 19, 2016

Tell Kids Why They Should Care About Money

Today’s fantastic family finance article is:

Who Cares Hundred Dollar Bill

I don’t care too much for money,
money can’t buy me love.
~ The Beatles

Do your kids care about money? Why? Why not?

Where do their feelings about money come from? Friends? Media? Social media? Music?

If you’re not on that list, the answers might surprise or even shock you.

Have the “Why money?” conversation with your kids. Have it often. After all, the influences in a young person’s life change very rapidly.

Not sure what to emphasize? Today’s article includes some handy points.

  • Money can’t buy love, but a shortage can ruin relationships. Money related issues top the list of reasons for divorce. Caring about money helps you get on the same financial page with your partner.
  • Money can’t buy good luck, but it can bail you out of bad luck. As they say, “stuff” happens. When it does, you’ll probably need money to help fix it. Caring about money helps you set aside the funds you’ll need to rebound gracefully from life’s inevitable emergencies.
  • Money can’t buy happiness, but it can prevent a lot of unhappiness. Unhappiness is not being able to put food on the table or cover your other basic needs like clothing and shelter. Unhappiness is never being able to indulge in occasional “wants.” Unhappiness is dealing with late payments, overdraft fees, payday loans, bill collectors, or even bankruptcy. Caring about money helps you develop the skills and habits you’ll need to avoid financial stress.
  • Money can’t buy meaning, but it can give you the freedom to pursue it. Caring about money helps you build the financial reserves you’ll need to do what you want to do with your life. Without financial independence, you’ll remain beholden to someone else’s agenda.

So, it’s true, money can’t buy you love, luck, happiness, or meaning. But it’s definitely worth caring about. Make sure your kids hear why. From you.

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