FLU’s theory about money being taboo is interesting. Never thought about it that way, but think he’s on to something.
The best thing my parents did was not cave in to my wants. We were expected to work and had no problem doing so.
My parents had me pay rent (about $150/mo in the 80s) from the time I was 15, and I worked my way through college.
Friends who were given cars for their 16th b-days (yes, MBs, BMWs and fancy trucks) crashed every single one of them — over and over again.
Parents need to teach their children about money from early on, as schools will never do as well nor get as detailed as parents can. You can use real-life examples and show kids what your budget is and how money can be saved vs. spent. Also, it’s good to teach them which side of credit/debt they want to be on (want to lose money or make it?).
