Ideas for Teaching Financial Values to Kids

SUSIE GHARIB: Teaching kids about money is more than just counting
pennies. Tonight’s “Kids & Cash” explores what it means to teach financial
values. Here’s James Wood, author of “From Ramen to Riches.”

JAMES WOOD, AUTHOR, “FROM RAMEN TO RICHES”: When teaching your kids
about money, it’s helpful to get them thinking about the role they want
money to play in their lives. After all, money is embedded into every nook
and cranny of our lives — not just physically, but philosophically. Why do
some who are rich flaunt it and others live such a low-key life that their
neighbors have no idea of their wealth? Why do some who aspire to the
trappings of the rich subsume themselves in so much debt that, in reality,
they are poor?

We all have some kind of philosophy about money, whether it’s
consciously formed or not. Our parents, our spiritual upbringing, our
friends and the media all influence that view. As your kids begin their
independent financial lives, help them think about what money means to them
and how much they need to enable the goals and dreams they have for their
lives. Get your kids to think about the money messages that resonate and
those that don’t. They’ll be better equipped to make good decisions for
themselves. I’m James Wood.

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