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Question of the Day: Kids and Money
By JLP | June 4, 2009
I was just taking a money survey over at Charles Schwab and came across this question:
Of the following, which are the most important lessons in saving and investing for parents to teach their children?
Select up to two options:
A. Live within your means
B. Begin saving at an early age
C. Avoid high interest debt
D. Get sound financial advice from a trustworthy resource
E. Learn how to invest wisely
Personally, I think ALL OF THE ANSWERS ARE IMPORTANT and I think ALL PARENTS would be wise to teach their kids these lessons.
But…
The survey asked for two suggestions so I chose A and B, which was in agreement with the majority of Generation X survey-takers. Avoiding high interest debt is also important but would be moot IF kids were taught to save at an early age. Like I said, all of the lessons are important.
Which two do you think are most important and why?
Take the Schwab Survey.
Topics: Kids and Money, Question of the Day | 8 Comments »
June 4th, 2009 at 12:56 pm
I agree with A & B.
Living within your means and saving will help with C, D, and E — but the other points don’t necessarily help with A or B.
June 5th, 2009 at 12:42 am
I agree with your choices. Do the first two and the others will fall into place. I think living within your means is the most important. Part of A. is learning to budget which is the tool to living within your means.
June 5th, 2009 at 2:55 am
Since the question said savings and investing i think the correct response would be B and E. If the question was only concerning personal finance then all of the above would be best.
June 5th, 2009 at 3:27 am
I agree also with your answers. The high interest debt answer sounds good, but in truth it only makes debt that is low interest sound acceptable and something you should strive for, rather no debt is the only thing we should be striving for and kids need to learn that early on to stay out of trouble.
June 5th, 2009 at 3:30 am
A, A & A. I think the rest will come as kids learn contentment with what they have, and the ability to discipline themselves to live within the means that God has given them.
B would come in a close second.
June 5th, 2009 at 1:38 pm
The Week in Review: Money Issues #41 (side note: This ain't yo papa's blog!): http://tinyurl.com/o9zlaa #moneyre
June 5th, 2009 at 4:26 pm
Parenthetically to A. (It does no harm to live below your means.) Al D
June 5th, 2009 at 6:53 pm
I agree with your answers of A and B because that's how I was raised and it has served me well. Everything else follows.
But Lindsay brings up an interesting point. Maybe it's part of A, but I think kids need to learn the meaning of the word NO.