Search


Subscribe to AFM


Subscribe to AllFinancialMatters
by Email

All Financial Matters

Promote Your Page Too

The American's Creed

Site Sponsors

Books I Recommend


AFM in the Media


Money Magazine May 2008

Real Simple March 2008

Blogroll (Daily Reads)

« | Main | »

Kids and Money – Kids Answer Some Questions

By JLP | May 4, 2012

Several people responded to my request to have their kids answer some pretty basic financial questions. I had a lot of fun reading the emails.

It’s amazing how much the kid’s age affects their answers. My boys are both in high school and I thought their responses were all reasonable.

NOTE: If you would still like your child’s responses to be included in this post, please send me an email and I’ll add it to the list as I have time.

JLP’s oldest son – age 16 (my comments are in parenthesis)

What is money? Gives us an economy.
Where does money come from? Trees
Name one thing you would buy if you had $100. Headphones
How much money do you think it takes to be considered “rich”? $400,000 – $500,000 income per year.
Would you consider our family “rich”? No, but well off.
What job do you want to do when you grow up? Chemical Engineer
How much do you think that job will pay? Starts at $80,000
How much do you think a new house costs? $100,000 – $150,000 (in our area that’s possible but still pretty low) A car? $25,000 – $35,000
At what age do you think people retire? 65
How much do you think people need to have saved up for retirement? Several million…$5,000,000 – $6,000,000.

JLP’s youngest son – age 15

What is money? Buys stuff, helps the economy.
Where does money come from? Trees. You earn it.
Name one thing you would buy if you had $100. Basketball shoes.
How much money do you think it takes to be considered “rich”? $300,000 – $500,000 yearly at least.
Would you consider our family “rich”? No.
What job do you want to do when you grow up? NBA or Chemical Engineer
How much do you think that job will pay? NBA: contracts yearly are millions + salary. Chemical Engineer: $100,000
How much do you think a new house costs? $80,000 – $200,000 A car? $20,000 – $50,000
At what age do you think people retire? 75
How much do you think people need to have saved up for retirement? A million or more.

JLP’s daughter – age 7 (nearly 8)

What is money? Change. And you could use it to buy stuff.
Where does money come from? Copper and Washington D.C.
Name one thing you would buy if you had $100. A kitten.
How much money do you think it takes to be considered “rich”? Two thousand ten hundred. (Okay, we still have some work to do on numbers.)
Would you consider our family “rich”? Sorta, yeah.
What job do you want to do when you grow up? Farmer although that’s not really a job.
How much do you think that job will pay? $5 every day or every month.
How much do you think a new house costs? Ten thousand fifty hundred. A car? $548,060.
At what age do you think people retire? Probably 26
How much do you think people need to have saved up for retirement? $500.

Okay, now here are the submissions from AFM readers:

John’s daughter – age 13

What is money? I think money is a type of currency.
Where does money come from? Somewhere in Washington, D.C.
Name one thing you would buy if you had $100. Candy
How much money do you think it takes to be considered “rich”? I don’t know… over 1 million?
Would you consider our family “rich”? I would consider our family between “rich” and poor.
What job do you want to do when you grow up? Detective or teacher.
How much do you think that job will pay? Ummm…. $12,000 a year?
How much do you think a new house costs? about $250,000 A car? about $100,000 (depends on car)
At what age do you think people retire? Probably around 67 or something.
How much do you think people need to have saved up for retirement? I don’t know…. maybe $500,000?

Don’s son – age 12

What is money? Money is what everyone uses to pay for items they want or need.
Where does money come from? Money comes from factories that mass-produce it.
Name one thing you would buy if you had $100. If I had $100 I would buy a lot of steak
How much money do you think it takes to be considered “rich”? He couldn’t name a number that it takes to be rich. He said that it depends on where you started. If you were really poor, it wouldn’t take as much, but compared to Justin Bieber it takes a lot.
Would you consider our family “rich”? I think our family is rich. We can buy what we need.
What job do you want to do when you grow up? I want to be an Air Force pilot
How much do you think that job will pay? It pays about $15,000 per year
At what age do you think people retire? A new house costs $250,000 A car? a car costs $15,000-40,000
At what age do you think people retire? People retire at about age 63
How much do you think people need to have saved up for retirement? You need to have $400,000 saved to retire

Don’s son – age 10

What is money? Money is what you use to get something.
Where does money come from? Money is made in a money factory. Made out of paper.
Name one thing you would buy if you had $100. If I had $100 I would buy a computer.
How much money do you think it takes to be considered “rich”? It takes $1 million to be rich.
Would you consider our family “rich”? No, we are not rich. We are in the middle.
What job do you want to do when you grow up? I want to be in the Air Force.
How much do you think that job will pay? The job will pay $500/day.
How much do you think a new house costs? A house costs $1000 or more. A car? A car costs $500.
At what age do you think people retire? People retire whenever they really want to.
How much do you think people need to have saved up for retirement? It takes a lot of money to retire. About $5000.

Anonymous’ daughter – age 12 (nearly)

What is money? Money is paper, green paper.
Where does money come from? Money comes from the bank and the economy.
Name one thing you would buy if you had $100. I would buy make up if I had a $100.
How much money do you think it takes to be considered “rich”? $1000 would make us rich
Would you consider our family “rich”? No I don’t think our family is rich.
What job do you want to do when you grow up? I want to be a nurse.
How much do you think that job will pay? A nurse gets paid $25 per hour.
How much do you think a new house costs? A new house costs $1000 or more. A car? A new car costs $5000 or more.
At what age do you think people retire? People retire at 60.
How much do you think people need to have saved up for retirement? I don’t know how much money I need to retire but a lot.

Anonymous’ son – age 9

What is money? Money is paper.
Where does money come from? Money comes from trees or a company.
Name one thing you would buy if you had $100. I would give my $100 to a childrens’ hopsital for kids who need help or an I Pod.
How much money do you think it takes to be considered “rich”? About $2,000.
Would you consider our family “rich”? No our family is not rich.
What job do you want to do when you grow up? A brain surgeon.
How much do you think that job will pay? $10,000 dollars every two months.
How much do you think a new house costs? A new house costs $800,000 for a mansion; $20,000 for a smaller house. A car? A car costs $1,020 for a Mustang.
At what age do you think people retire? 62 to retire.
How much do you think people need to have saved up for retirement? $900,000 saved for retirement.

Topics: Kids and Money | 6 Comments »


6 Responses to “Kids and Money – Kids Answer Some Questions”

  1. Stacey Says:
    May 4th, 2012 at 6:59 am

    Looks like we have a ways to go with educating our youth on finances :)

  2. Christy Says:
    May 4th, 2012 at 8:15 am

    I asked my barely 6 year old daughter the questions. Here are her answers in her own words:

    1. What is money? A dollar and coins

    2. Where does money come from? bank…and stores – People go to stores and stores give you money

    3. Name one thing you would buy if you had $100.
    A bunch of little things to make crayons into shapes. [Crayon molds - this comes from her activities immediately preceding this questioning]

    4. How much money do you think it takes to be considered “rich”? $200 or 10 hundred 50…No, $200

    5. Would you consider our family “rich”? No

    6. What job do you want to do when you grow up? Two things – A doctor and a school teacher. After school, I will go to the doctor’s office.

    7. How much do you think that job will pay? $10 for the doctor, that’s little but sometimes big. For the school teacher – I don’t get paid.

    8. How much do you think a new house costs? $10,000, no, a hundred million – if that’s a number! A car? $2000, Well, I know they’re expensive but I don’t know how much!

    9. At what age do you think people retire? 50

    10. How much do you think people need to have saved up for retirement? $2000, this will last a whole year!

  3. Bridget Says:
    May 4th, 2012 at 8:16 am

    These were fun to read!

    I didn’t ask my girls (2 and 3 years old) these questions, but the oldest recently expressed interest in having a toy. I told her that if she saved up enough money she could buy it herself, but I wasn’t going to buy it for her.

    She said, “I have pennies in my piggy bank. That’s money.”

    I replied, “Yes, but this toy costs two thousand pennies. You don’t have that many pennies.”

    She just shook her head and said in an exasperated voice, “Money is money, Mom!”

    Apparently I have some educating to do. :)

  4. Jon Says:
    May 5th, 2012 at 12:19 am

    My favorite so far:

    Would you consider our family “rich”? I think our family is rich. We can buy what we need.

    Much wisdom in that answer.

    I enjoyed all the answers though. It is interesting seeing how we think when we were younger. I remember thinking when I was younger that I would want to chase the almighty dollar, now as an adult (33) I find that I pursue a career path that fulfills my desires more than I care about money, money is important, but enjoying what I’m doing is more important.

  5. Stacey Says:
    May 5th, 2012 at 11:33 am

    I agree with Jon on the favorite answer being “our family is rich because we can buy what we need.” Notice “need” not “want” was used. He is absolutely right, and most of us have no reason to &*#%$ about our circumstances. Most of us can buy what we need. We get in trouble when we continue to buy what we want.

  6. Brendan Says:
    May 5th, 2012 at 8:11 pm

    Rather cute.

Comments