Why it is Important to Teach Your Kids About Money
Do your kids understand how money works? Do they earn an allowance for doing chores around the house? Do they baby-sit or mow lawns to earn a few extra bucks? Do you take them to your office during school breaks so they see what its like to work a real job?
Do they know the fundamentals about saving? Do they understand how to figure out which is the best deal? Do you set a good example for them about handling money?
When I was HR Manager of a consulting company, we hired a college student to intern during the summer. He came to ask me about the FICA and Medicare deductions in his first paycheck. He politely told me he didnt want this deducted anymore, and I had to keep from laughing. I started to explain to him that payroll taxes are not an option, but realized this was his first job and he had never been taught how much of his paycheck he would actually get to keep. He truly believed it all was his- no one had ever told him about Uncle Sam getting his cut first.
The statistics on college students who graduate with thousands of dollars of credit card debt are shocking. Turns out, as they...
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