Teaching kids the value of money

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Teaching kids the value of money

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You teach children the value of money in context and sometimes that means being more transparent than families want to be. Transparency simply means they understand what it costs to live as a family and usually, children are cavalier about the cost of almost everything, because they assume that you have endless supplies of money; it's not until there are really concrete ways a family to talk about: "Where we're going to spend money, where we're going to save it, where are we going to give it, what are we going to do together?" When children are part of that conversation, they now have a reason for getting the context, to understanding that "I can't throw, I can't lose my iPhone for the third time, because there's literally a limit to how much my parents will allocate to lost iPhones". It is this notion of allocation and making choices and consequences around money that are such a difficult part of financial lives, it's why there are so much financial drama in families? Because children have these fantasies and parents tend to be very arbitrary about where they set their boundaries, as opposed to having an ongoing process and transparency about what's going get paid for or not within the family.

See Joline Godfrey's video on Teaching kids the value of money...

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Joline Godfrey

CEO of Independent Means

Joline Godfrey is the CEO of Independent Means and the author of Raising Financially Fit Kids; Our Wildest Dreams: Women Making Money, Having Fun, Doing Good; No More Frogs To Kiss: 99 Ways to Give Economic Power to Girls; andTwenty $ecrets to Money and Independence: The DollarDiva’s Guide to Life.

A clinical social worker by training, at the beginning of her career, Godfrey was an executive of the Polaroid Corporation where she provided in-house family and therapeutic services to officers and employees. One of the first women in the nation to manage a spin-off from a Fortune 500 company, she launched Odysseum, a spin-off from Polaroid, and sold it in 1990. Odysseum was a creativity training company serving other Fortune 500 firms.

Godfrey is a graduate of the University of Maine and Boston University and was awarded an Honorary Degree in Business from Bentley College in 1995. She was a Kellogg Leadership Fellow and the recipient of the Leavey Award for Excellence, as well as the Beta Gamma Sigma Entrepreneurship Award.

Recognized in features for The Today Show, Oprah, Fortune, Business Week, The New York Times, and more, Ms. Godfrey is a frequent speaker and consultant worldwide. Godfrey grew up in a family business in Maine and lives in Ojai, CA.

More Parenting Videos from Joline Godfrey >
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