Financial expert Rachel Langlois gives us insight into how to talk to kids about money.
Money messaging with Kids:
• 'I want, I want, I want'`
o Can be a constant fight at the store. Explain why you are there.
o Incentive program. $ for not asking
• Why did you work so much?
'I work so you can play sports, take music lessons—I`m doing this for you.'
o Look at where this is coming from? Do they want more time with you?
o Try not to make them feel guilty for enjoying activities you`ve provided, they may choose not to continue to 'help' you
• Want something expensive (clothes, experiences, toys, etc)
'That`s too expensive, I`m sorry but I can`t afford it.' --sticking to budget isn`t a need for apologizing
o 'Our budget is...' state matter-of-factly without emotion, then help provide solutions
• 'I don`t know how we are going to pay the bills this month'
o Kids can take on the worry and stress. We shouldn`t involve them in things they are powerless to change.
o Instead present a confident front, but involve them in solutions
• 'Are we rich'
o Ask: What does it mean to be rich?
o Discuss how you are able to provide and share what your goals are
• Don`t be silent, they will make own conclusions, but be wise
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