Comments on: 5 Things My Wife and I Want Our Kids to Know About Money http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Fri, 20 Nov 2009 19:56:44 -0800 http://wordpress.org/?v=abc hourly 1 By: Parents of Three http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/comment-page-1/#comment-373594 Parents of Three Sat, 25 Oct 2008 21:23:28 +0000 http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/#comment-373594 Correction to above post: Sentence should read: "I do believe with all the service programs in place today that we ALREADY tithing. Correction to above post:
Sentence should read: “I do believe with all the service programs in place today that we ALREADY tithing.

]]> By: Parents of Three http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/comment-page-1/#comment-373593 Parents of Three Sat, 25 Oct 2008 21:21:38 +0000 http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/#comment-373593 I think we have to believe that we are already "giving to the poor" through our taxes. While it was true that people in Biblical times DID pay taxes (as is every minister's answer to this point), the taxes did not go for social programs, food stamps, free college tuition programs, free transportation services for the poor and elderly, unemployment benefits, disability benefits, Medicaid, and charity hospitals and all of the social service programs which are available today. I've worked in the social service programs, so I know that there are numerous programs in place to help those who wish to help themselves. I believe in volunteering and giving additionally if possible, but I do not believe that with all the social service programs today, we are already "tithing." The rest are great idea, and it's certainly okay to give another 10% in addition to all the other taxes you pay if you are able to afford it. I think we have to believe that we are already “giving to the poor” through our taxes. While it was true that people in Biblical times DID pay taxes (as is every minister’s answer to this point), the taxes did not go for social programs, food stamps, free college tuition programs, free transportation services for the poor and elderly, unemployment benefits, disability benefits, Medicaid, and charity hospitals and all of the social service programs which are available today. I’ve worked in the social service programs, so I know that there are numerous programs in place to help those who wish to help themselves. I believe in volunteering and giving additionally if possible, but I do not believe that with all the social service programs today, we are already “tithing.” The rest are great idea, and it’s certainly okay to give another 10% in addition to all the other taxes you pay if you are able to afford it.

]]> By: The Rogue Parent http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/comment-page-1/#comment-348657 The Rogue Parent Tue, 19 Aug 2008 13:52:56 +0000 http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/#comment-348657 Great article JLP. I like the importance you place on planning. I think one thing I would add to your list is how to actually understand money & how it works. There's a great book by Robert Kiyosaki called "Rich Dad Poor Dad" that goes into the difference between working hard for your money and working to make your money work hard. Check it out. Our kids are not going to have the employer/employee relationship that many of us have and will need to really understand the concept of money and financial intelligence. Great article JLP. I like the importance you place on planning. I think one thing I would add to your list is how to actually understand money & how it works. There’s a great book by Robert Kiyosaki called “Rich Dad Poor Dad” that goes into the difference between working hard for your money and working to make your money work hard. Check it out. Our kids are not going to have the employer/employee relationship that many of us have and will need to really understand the concept of money and financial intelligence.

]]> By: Judy Woodward http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/comment-page-1/#comment-328688 Judy Woodward Wed, 02 Jul 2008 20:27:32 +0000 http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/#comment-328688 With regard to teaching young children about money, a great game I recently heard about is called "Mashed Potatoes". You explain to the child that Mashed Potatoes represents something we Need to survive as it provides nutrients for our bodies, and that Gravy represents something that may make the mashed potatoes taste better, but it isn't something we NEED to survive. You have then shown the difference between a WANT and a NEED. The next step is to create flash cards or cut out pictures from magazines and have the child yell out MASHED POTATOES for something that represents a NEED or GRAVY for something that reprsents a WANT. It is a fun way to begin the process of financial literacy. With regard to teaching young children about money, a great game I recently heard about is called “Mashed Potatoes”. You explain to the child that Mashed Potatoes represents something we Need to survive as it provides nutrients for our bodies, and that Gravy represents something that may make the mashed potatoes taste better, but it isn’t something we NEED to survive. You have then shown the difference between a WANT and a NEED. The next step is to create flash cards or cut out pictures from magazines and have the child yell out MASHED POTATOES for something that represents a NEED or GRAVY for something that reprsents a WANT. It is a fun way to begin the process of financial literacy.

]]> By: Constance http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/comment-page-1/#comment-284427 Constance Tue, 15 Apr 2008 15:50:30 +0000 http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/#comment-284427 I agree with your list. Tithing is #1. Recently I've learned not just to give my tithe to the church but to indidividuals also. I agree with your list. Tithing is #1. Recently I’ve learned not just to give my tithe to the church but to indidividuals also.

]]> By: Arlene http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/comment-page-1/#comment-283229 Arlene Mon, 14 Apr 2008 15:46:51 +0000 http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/#comment-283229 This is a great list -- our family tithes and gives offerings, too (and since we're not Catholic, our money doesn't go to priests but to our own local church, so we're not "supporting h*mos*xual m*lestation" -- what a comment! *rolls eyes*) I don't think there's anything my husband or I can add to this that you haven't already thought of. Thanks for sharing :) This is a great list — our family tithes and gives offerings, too (and since we’re not Catholic, our money doesn’t go to priests but to our own local church, so we’re not “supporting h*mos*xual m*lestation” — what a comment! *rolls eyes*)

I don’t think there’s anything my husband or I can add to this that you haven’t already thought of. Thanks for sharing :)

]]> By: SomeGuy http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/comment-page-1/#comment-281364 SomeGuy Sun, 13 Apr 2008 20:02:26 +0000 http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/#comment-281364 I like your idea of a simple list. Not everyone is going to agree with giving away 10% but certainly the sentiment is fantastic. I always think of "The Million Next Door" and how almost all of them opted to collect their reward for participating versus donating to charity (an option offered by the authors). I think in today's world with an unknown future for Social Security the savings number should be 15%, not 10%. It's so much easier to start out saving a good chunk of income versus increasing it later on. I also had a post along similar lines on my blog recently (<a href="http://www.huntinghappiness.com/2008/04/improving-financial-literacy/" rel="nofollow">Hunting Happiness</a>). The Economist ran an article about personal finance literacy--or lack thereof--including some interesting arguments and fascinating facts. For example, one third of Americans with revolving credit card debt have no idea what their interest rate is! All the more reason to make sure your kids grow up educated on personal finance! I like your idea of a simple list. Not everyone is going to agree with giving away 10% but certainly the sentiment is fantastic. I always think of “The Million Next Door” and how almost all of them opted to collect their reward for participating versus donating to charity (an option offered by the authors). I think in today’s world with an unknown future for Social Security the savings number should be 15%, not 10%. It’s so much easier to start out saving a good chunk of income versus increasing it later on.

I also had a post along similar lines on my blog recently (Hunting Happiness). The Economist ran an article about personal finance literacy–or lack thereof–including some interesting arguments and fascinating facts. For example, one third of Americans with revolving credit card debt have no idea what their interest rate is! All the more reason to make sure your kids grow up educated on personal finance!

]]> By: fathersez http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/comment-page-1/#comment-279212 fathersez Fri, 11 Apr 2008 08:33:26 +0000 http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/#comment-279212 I like the way you have phrased the last statement on inheritance. We have always told our kids that my wife and I will "jolly away" whatever we have. It is clear that your approach is better. I like the way you have phrased the last statement on inheritance.

We have always told our kids that my wife and I will “jolly away” whatever we have.

It is clear that your approach is better.

]]> By: Thorne http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/comment-page-1/#comment-278831 Thorne Thu, 10 Apr 2008 21:41:23 +0000 http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/#comment-278831 Right now I would say right now the tithe is a very bad idea. So much of it is going to defense for Priests and other clergymen who molest little boys. So by giving your tithe you are in fact supporting homosexual molestation. Right now I would say right now the tithe is a very bad idea. So much of it is going to defense for Priests and other clergymen who molest little boys. So by giving your tithe you are in fact supporting homosexual molestation.

]]> By: Ron@TheWisdomJournal http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/comment-page-1/#comment-278828 Ron@TheWisdomJournal Thu, 10 Apr 2008 21:29:46 +0000 http://allfinancialmatters.com/2008/04/10/5-things-my-wife-and-i-want-our-kids-to-know-about-money/#comment-278828 Great, great post. We desperately want our children to understand these points as well. I just hope they listen! Unfortunately, I didn't... Great, great post. We desperately want our children to understand these points as well. I just hope they listen! Unfortunately, I didn’t…

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