Do you think its a good idea to show your kids your finances?

[NoMorePie]

"See these Jordans you wanted for your birthday? You best believe I'm getting this money back one day"

 

[Booker Carver]

I talk to my kids about some aspects of our finances. Bills mostly. They don’t know how much we make but they know we make decent money. I do share with them how much is in their 529 plans. My wife disagrees because she doesn’t want them to rest on their laurels. I explain to them that we still expect scholarships and that the money could be used for post grad or for other opportunities. I want them to know the power of investing.

 

[DLo]

Kids love to brag and show out. You can teach your kids financial literacy without showing your bank account. No one should know how much money you got.

Agree. I walk my kids through the monthly bills so they understand how much shyt costs. So they don't know how much is coming in but they know how much is going out.

I also explained credit, credit cards, investments, etc

 

[HipHopStan]

No, because if I'm well off then I got to watch my back and be paranoid about my eight year old "accidentally" pushing me into busy traffic so he/she can someday inherit my wealth.


I kid, I kid.

 

[Umoja]

No.

Children should be able to enjoy their childhood without worrying about adult responsibilities. There is also an element of privacy.

I have a rough idea of how much my parents earn and what they spend each month, but I don't know the exact amount and I have not asked them because it is not my business.

I do think it will help to teach them how to budget, save and invest. There are a few things I plan on doing with my kids to set what I think will be a good foundation.

 

[Carl Tethers]

Nah. I'd just tell my kid I choose to spend my money on what I choose to spend it on - that's it

 

[Formerly Black Trash]

That's much different than showing your account balance. Kids don't need to know everything. But folks raise their kids how they see fit.

This is hypothetical(for me)
I don't have kids

 

[Formerly Black Trash]

No, because if I'm well off then I got to watch my back and be paranoid about my eight year old "accidentally" pushing me into busy traffic so he/she can someday inherit my wealth.


I kid, I kid.

Well, that happened

Son and two friends 'murdered hairdresser mother for insurance money'

Qawmane Wilson, 24, of North Austin, has been charged with murder and home invasion in the September 2012 death of his mother, Yolanda Holmes, 45, who was a well-known owner of a beauty salon.

www.dailymail.co.uk

 

[Uachet]

I taught my daughter how to budget; about investing in a home, stocks, and bonds; about the need for life and health insurances; and gave her the average cost she would incur living in certain areas she found interesting. I did not tell her how much we made, what our insurance amounts were, or any particulars on how much we are worth. She does not need to know those parts, because it is not her issues to deal with or benefit from directly.

You can give your child the skills they need to succeed without giving them a balance sheet on your finances. All they need to know directly about your finances are that they never had to worry about the following things: the utilities being off, being removed from their home, going to sleep at night hungry, lack of clothing to wear, and the cars being taken away. That is all they need to know directly about their parents finances.

 

[HipHopStan]

Well, that happened

Son and two friends 'murdered hairdresser mother for insurance money'

Qawmane Wilson, 24, of North Austin, has been charged with murder and home invasion in the September 2012 death of his mother, Yolanda Holmes, 45, who was a well-known owner of a beauty salon.

www.dailymail.co.uk

I shouldn't really be surprised.

 

[Heafcliffe]

Not mine but would give them a swath of examples of how much things cost and of personal finance as a whole.

 

[Maquina]

Would you be comfortable telling your kids

This is how much I make an hour/yearly
This is how much these bills cost
This is how much the mortgage is
Etc

I would at an age it’s appropriate - my family wouldn’t that , it was always secretive but I think you should discuss and even if it’s fake numbers . It’s the concept they need to understand

 

[Maquina]

Well it depends on your situation. Say you got a side baby you gotta pay child 1 for, you might feel like using some discretion because it could create unnecessary issues. I think they should at least get a general idea of how much money coming in, general expenses, etc. But not necessary line by line. Depends how open you want to be, their age, etc.

Agree . It’s about the concepts of money and maybe not telling them everything about your personal finances

 

[Professor Emeritus]

Modelling your behavior is a huge way that your kids learn how to be adults themselves. As she's capable I try to talk through all of our life with my daughter.

 

[Formerly Black Trash]

I would at an age it’s appropriate - my family wouldn’t that , it was always secretive but I think you should discuss and even if it’s fake numbers . It’s the concept they need to understand

I think I would tell them everything
To show them look, money is finite