What not to say when teaching your kids about money

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What not to say when teaching your kids about money

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One of the major mistakes that parents make, either consciously or unconsciously, when they're teaching their kids about money is they really espouse this philosophy of do as I say and not as I do. And we have to be really careful about teaching our kids through our example. And so for example, if I tell my kids that they shouldn't have all these fancy new tech gadgets but I have every one of them, that sends a message. Now, that's not necessarily telling you that you can't have those fancy gadgets, because maybe you use them in your work and they're important. Well, that's a great conversation piece to have with your child. "You don't need it because you're 12. I need it because I have a job and that helps provide for our family." That's totally fine, but you need to have that conversation. "You're 16 and you don't need a fancy car, but maybe I need a little bit better car in my profession or whatever. We need a better car for the family that's more reliable etc, etc." So you can have those kinda conversations, but we need to be really careful that we're not just living one way, telling them to live another way, and not making the connection between the two. That's where you really get into a problem with teaching your kids about money and that's one of the biggest mistakes that parents make.

See Gregg Murset, CFP's video on What not to say when teaching your kids about money...

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Gregg Murset, CFP

Founder & CEO, MyJobChart.com

Gregg Murset, CFP, is the father of six children, a Certified Financial Planner and the Founder and CEO of the fastest growing website, MyJobChart.com, which teaches kids about work and money.

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