Parents: do kids learn about $$$ in school?

[jennyo]

I think the difficult family situations meadandale and Cbad describe are exactly what caused them to be more financially cautious and learn how to manage their money well. And I absolutely agree that it is the parents’ responsibility to teach this–leaving it to the schools is not a wise options these days. My parents simply didn’t make an effort to teach me. It may have been because I was a girl and even as late as 1980s in my religiously conservative family, it was simply accepted that I had no need to learn about finances, because I would get married and be a housewife like my mother and her mother before her.

I would have loved for my father, who is an extremely good saver and investor, to take the time to teach me about how finances work, how investments and compounding interest work, and why debt is bad. He raised four kids on a firefighters salary in San Diego county and retired with well over a million dollars in the bank, a 90 percent pension, and two houses owned free and clear. He still buys his clothes at thrift stores and only recently splurged on a 1998 chevy truck with leather seats. Clearly TG and others are instilling these values in their kids, and are to be commended for it.

What I went through in terms of screwing up my finances and credit may have been necessary for me personally to learn from the mistake. Had it not happened, my life may have turned out differently, but the same thing would be true if I had gone to Stanford instead of a nationally-recognized party school. It is what it is at this point.

[dharmagirl]

It sounds like most posters believe that providing basic financial education to kids is a waste of time and money. Maybe it’s no different than sex ed or phys ed. You can arm a kid with information, but if values and family experience lead them down a different path, the knowledge may not matter.

As a teenager, I knew that my parents were not financial wizards but I didnt realize that I had the POWER to do things differently. I had no clue what compound interest was, how to save, or how to manage a checking account.

My parents rarely discussed money, and when they did it was tense and my mom usually got angry/upset. For a long time, talking about money put my stomach in knots.

I still have some residual trepidations and fears about money and talk to other women all the time who do, too. Two years ago, I heard a fascinating lecture by Barbara Stanny. Her father was the ‘Block’ in H&R Block. He always told her she didnt have to understand money – that her husband would handle that.

Well, she let her husband manage her huge trust fund and I think he gambled it away. When she went to Daddy for help he said, “sorry kid, figure it out yourself.”

Stanny got a job as a reporter. At one point, she interviewed successful women to find out what made them successful and realized that they all understood and respected money. This led to her career as a successful author of books about women and money. I think there is an entire industry built around helping women overcome fears about money.

Who knows…maybe the current financial crisis will be a hard lesson for the next generation. Many parents are more progressive about discussing finances with their kids and there is also so much info that simply did not exist when we 40+ somethings were kids. There was no Suze Orman, MSNBC, internet, etc. There is also less stigma about discussing money.

Kudos to all of you posters out there who help your kids understand finances. And, TG, your kids sound amazing.

[dharmagirl]

It sounds like most posters believe that providing basic financial education to kids is a waste of time and money. Maybe it’s no different than sex ed or phys ed. You can arm a kid with information, but if values and family experience lead them down a different path, the knowledge may not matter.

As a teenager, I knew that my parents were not financial wizards but I didnt realize that I had the POWER to do things differently. I had no clue what compound interest was, how to save, or how to manage a checking account.

My parents rarely discussed money, and when they did it was tense and my mom usually got angry/upset. For a long time, talking about money put my stomach in knots.

I still have some residual trepidations and fears about money and talk to other women all the time who do, too. Two years ago, I heard a fascinating lecture by Barbara Stanny. Her father was the ‘Block’ in H&R Block. He always told her she didnt have to understand money – that her husband would handle that.

Well, she let her husband manage her huge trust fund and I think he gambled it away. When she went to Daddy for help he said, “sorry kid, figure it out yourself.”

Stanny got a job as a reporter. At one point, she interviewed successful women to find out what made them successful and realized that they all understood and respected money. This led to her career as a successful author of books about women and money. I think there is an entire industry built around helping women overcome fears about money.

Who knows…maybe the current financial crisis will be a hard lesson for the next generation. Many parents are more progressive about discussing finances with their kids and there is also so much info that simply did not exist when we 40+ somethings were kids. There was no Suze Orman, MSNBC, internet, etc. There is also less stigma about discussing money.

Kudos to all of you posters out there who help your kids understand finances. And, TG, your kids sound amazing.

[dharmagirl]

It sounds like most posters believe that providing basic financial education to kids is a waste of time and money. Maybe it’s no different than sex ed or phys ed. You can arm a kid with information, but if values and family experience lead them down a different path, the knowledge may not matter.

As a teenager, I knew that my parents were not financial wizards but I didnt realize that I had the POWER to do things differently. I had no clue what compound interest was, how to save, or how to manage a checking account.

My parents rarely discussed money, and when they did it was tense and my mom usually got angry/upset. For a long time, talking about money put my stomach in knots.

I still have some residual trepidations and fears about money and talk to other women all the time who do, too. Two years ago, I heard a fascinating lecture by Barbara Stanny. Her father was the ‘Block’ in H&R Block. He always told her she didnt have to understand money – that her husband would handle that.

Well, she let her husband manage her huge trust fund and I think he gambled it away. When she went to Daddy for help he said, “sorry kid, figure it out yourself.”

Stanny got a job as a reporter. At one point, she interviewed successful women to find out what made them successful and realized that they all understood and respected money. This led to her career as a successful author of books about women and money. I think there is an entire industry built around helping women overcome fears about money.

Who knows…maybe the current financial crisis will be a hard lesson for the next generation. Many parents are more progressive about discussing finances with their kids and there is also so much info that simply did not exist when we 40+ somethings were kids. There was no Suze Orman, MSNBC, internet, etc. There is also less stigma about discussing money.

Kudos to all of you posters out there who help your kids understand finances. And, TG, your kids sound amazing.

[dharmagirl]

It sounds like most posters believe that providing basic financial education to kids is a waste of time and money. Maybe it’s no different than sex ed or phys ed. You can arm a kid with information, but if values and family experience lead them down a different path, the knowledge may not matter.

As a teenager, I knew that my parents were not financial wizards but I didnt realize that I had the POWER to do things differently. I had no clue what compound interest was, how to save, or how to manage a checking account.

My parents rarely discussed money, and when they did it was tense and my mom usually got angry/upset. For a long time, talking about money put my stomach in knots.

I still have some residual trepidations and fears about money and talk to other women all the time who do, too. Two years ago, I heard a fascinating lecture by Barbara Stanny. Her father was the ‘Block’ in H&R Block. He always told her she didnt have to understand money – that her husband would handle that.

Well, she let her husband manage her huge trust fund and I think he gambled it away. When she went to Daddy for help he said, “sorry kid, figure it out yourself.”

Stanny got a job as a reporter. At one point, she interviewed successful women to find out what made them successful and realized that they all understood and respected money. This led to her career as a successful author of books about women and money. I think there is an entire industry built around helping women overcome fears about money.

Who knows…maybe the current financial crisis will be a hard lesson for the next generation. Many parents are more progressive about discussing finances with their kids and there is also so much info that simply did not exist when we 40+ somethings were kids. There was no Suze Orman, MSNBC, internet, etc. There is also less stigma about discussing money.

Kudos to all of you posters out there who help your kids understand finances. And, TG, your kids sound amazing.

[dharmagirl]

It sounds like most posters believe that providing basic financial education to kids is a waste of time and money. Maybe it’s no different than sex ed or phys ed. You can arm a kid with information, but if values and family experience lead them down a different path, the knowledge may not matter.

As a teenager, I knew that my parents were not financial wizards but I didnt realize that I had the POWER to do things differently. I had no clue what compound interest was, how to save, or how to manage a checking account.

My parents rarely discussed money, and when they did it was tense and my mom usually got angry/upset. For a long time, talking about money put my stomach in knots.

I still have some residual trepidations and fears about money and talk to other women all the time who do, too. Two years ago, I heard a fascinating lecture by Barbara Stanny. Her father was the ‘Block’ in H&R Block. He always told her she didnt have to understand money – that her husband would handle that.

Well, she let her husband manage her huge trust fund and I think he gambled it away. When she went to Daddy for help he said, “sorry kid, figure it out yourself.”

Stanny got a job as a reporter. At one point, she interviewed successful women to find out what made them successful and realized that they all understood and respected money. This led to her career as a successful author of books about women and money. I think there is an entire industry built around helping women overcome fears about money.

Who knows…maybe the current financial crisis will be a hard lesson for the next generation. Many parents are more progressive about discussing finances with their kids and there is also so much info that simply did not exist when we 40+ somethings were kids. There was no Suze Orman, MSNBC, internet, etc. There is also less stigma about discussing money.

Kudos to all of you posters out there who help your kids understand finances. And, TG, your kids sound amazing.

[CBad]

My parents rarely discussed money, and when they did it was tense and my mom usually got angry/upset. For a long time, talking about money put my stomach in knots.

I still have some residual trepidations and fears about money and talk to other women all the time who do, too.

I can definitely relate to this.

My take away from watching my parents was that I never, ever wanted to be in their position where money ruled my life and was the cause of so much fighting and unhappiness. My father made a fantastic salary growing up and my parents spent every single dime and borrowed like there was no tomorrow. Only problem was that tomorrow came with an unexpected layoff and they never recovered. Part of my initial attraction to this board is watching this insane housing market and seeing clones of my parents all around me. Pretty soon many will be going through the motions of layoffs, having everything you’ve ever “owned” taken away, and foreclosures. The only difference is that foreclosure now seems sorta “in” compared to when it happened to me it was unbelievably humiliating.

So which is it? Is it that kids learn from their parents what to do or what not to do because there are plenty examples of both. Personally I think it can be either or anything in between depending on the individual. And I think the same can be said for whatever schools are teaching: it’s up to you what you take away from it.

[CBad]

My parents rarely discussed money, and when they did it was tense and my mom usually got angry/upset. For a long time, talking about money put my stomach in knots.

I still have some residual trepidations and fears about money and talk to other women all the time who do, too.

I can definitely relate to this.

My take away from watching my parents was that I never, ever wanted to be in their position where money ruled my life and was the cause of so much fighting and unhappiness. My father made a fantastic salary growing up and my parents spent every single dime and borrowed like there was no tomorrow. Only problem was that tomorrow came with an unexpected layoff and they never recovered. Part of my initial attraction to this board is watching this insane housing market and seeing clones of my parents all around me. Pretty soon many will be going through the motions of layoffs, having everything you’ve ever “owned” taken away, and foreclosures. The only difference is that foreclosure now seems sorta “in” compared to when it happened to me it was unbelievably humiliating.

So which is it? Is it that kids learn from their parents what to do or what not to do because there are plenty examples of both. Personally I think it can be either or anything in between depending on the individual. And I think the same can be said for whatever schools are teaching: it’s up to you what you take away from it.

[CBad]

My parents rarely discussed money, and when they did it was tense and my mom usually got angry/upset. For a long time, talking about money put my stomach in knots.

I still have some residual trepidations and fears about money and talk to other women all the time who do, too.

I can definitely relate to this.

My take away from watching my parents was that I never, ever wanted to be in their position where money ruled my life and was the cause of so much fighting and unhappiness. My father made a fantastic salary growing up and my parents spent every single dime and borrowed like there was no tomorrow. Only problem was that tomorrow came with an unexpected layoff and they never recovered. Part of my initial attraction to this board is watching this insane housing market and seeing clones of my parents all around me. Pretty soon many will be going through the motions of layoffs, having everything you’ve ever “owned” taken away, and foreclosures. The only difference is that foreclosure now seems sorta “in” compared to when it happened to me it was unbelievably humiliating.

So which is it? Is it that kids learn from their parents what to do or what not to do because there are plenty examples of both. Personally I think it can be either or anything in between depending on the individual. And I think the same can be said for whatever schools are teaching: it’s up to you what you take away from it.

[CBad]

My parents rarely discussed money, and when they did it was tense and my mom usually got angry/upset. For a long time, talking about money put my stomach in knots.

I still have some residual trepidations and fears about money and talk to other women all the time who do, too.

I can definitely relate to this.

My take away from watching my parents was that I never, ever wanted to be in their position where money ruled my life and was the cause of so much fighting and unhappiness. My father made a fantastic salary growing up and my parents spent every single dime and borrowed like there was no tomorrow. Only problem was that tomorrow came with an unexpected layoff and they never recovered. Part of my initial attraction to this board is watching this insane housing market and seeing clones of my parents all around me. Pretty soon many will be going through the motions of layoffs, having everything you’ve ever “owned” taken away, and foreclosures. The only difference is that foreclosure now seems sorta “in” compared to when it happened to me it was unbelievably humiliating.

So which is it? Is it that kids learn from their parents what to do or what not to do because there are plenty examples of both. Personally I think it can be either or anything in between depending on the individual. And I think the same can be said for whatever schools are teaching: it’s up to you what you take away from it.

[CBad]

My parents rarely discussed money, and when they did it was tense and my mom usually got angry/upset. For a long time, talking about money put my stomach in knots.

I still have some residual trepidations and fears about money and talk to other women all the time who do, too.

I can definitely relate to this.

My take away from watching my parents was that I never, ever wanted to be in their position where money ruled my life and was the cause of so much fighting and unhappiness. My father made a fantastic salary growing up and my parents spent every single dime and borrowed like there was no tomorrow. Only problem was that tomorrow came with an unexpected layoff and they never recovered. Part of my initial attraction to this board is watching this insane housing market and seeing clones of my parents all around me. Pretty soon many will be going through the motions of layoffs, having everything you’ve ever “owned” taken away, and foreclosures. The only difference is that foreclosure now seems sorta “in” compared to when it happened to me it was unbelievably humiliating.

So which is it? Is it that kids learn from their parents what to do or what not to do because there are plenty examples of both. Personally I think it can be either or anything in between depending on the individual. And I think the same can be said for whatever schools are teaching: it’s up to you what you take away from it.

[meadandale]

“We’re talking about an entire course in school when that’s the 2 second lesson right there: “Don’t buy what you can’t afford.” Pretty simple.”

I’m sure this has already been posted here (maybe not) but it dovetails nicely with Cbad’s comment…

http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php

[meadandale]

“We’re talking about an entire course in school when that’s the 2 second lesson right there: “Don’t buy what you can’t afford.” Pretty simple.”

I’m sure this has already been posted here (maybe not) but it dovetails nicely with Cbad’s comment…

http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php

[meadandale]

“We’re talking about an entire course in school when that’s the 2 second lesson right there: “Don’t buy what you can’t afford.” Pretty simple.”

I’m sure this has already been posted here (maybe not) but it dovetails nicely with Cbad’s comment…

http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php

[meadandale]

“We’re talking about an entire course in school when that’s the 2 second lesson right there: “Don’t buy what you can’t afford.” Pretty simple.”

I’m sure this has already been posted here (maybe not) but it dovetails nicely with Cbad’s comment…

http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php

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