From the course: Personal Finance Tips and Tricks
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How to talk to kids about money
From the course: Personal Finance Tips and Tricks
How to talk to kids about money
- According to a 2014 Planning and Progress Study, a majority of parents would rather talk to their kids about death or sex than about money. Many parents worry that kids will ask questions they're not prepared to answer. But money is a subject of natural curiosity for children and it's important to teach financial values. So here are some tips to help you ace the money talk. When a child comes to you with personal questions about money don't assume that you know why they're asking. As a parent, you should always respond first with why do you ask, just to make you understand where they're coming from. It's also a good stalling tactic while you think about how to answer. Another tip is to only answer the question that was asked. Now, let's say you are a financial wizard and every time your kid comes to you, you rattle off a response. This can actually disempower your child. Instead, engage them in exploring those subjects with you. Teach them how to use resources, compare points of…
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