tag:blogger.com,1999:blog-7765204152075197877.post3733001947604110180..comments2023-03-22T04:02:34.512-04:00Comments on MoneyTrail.net: What do our Kids Really Understand about Money? 5 Assumptions that Parents Often MakePam at MoneyTrailhttp://www.blogger.com/profile/04120369681070540769noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-7765204152075197877.post-81116903810449766872012-01-01T11:32:41.079-05:002012-01-01T11:32:41.079-05:00Thanks, Susan. Re-occurring conversations are ext...Thanks, Susan. Re-occurring conversations are extremely important for teaching your daughter about money management. Thanks for sharing what you do with her!Pam at MoneyTrailhttps://www.blogger.com/profile/04120369681070540769noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-28432542846436947152011-12-31T17:12:00.583-05:002011-12-31T17:12:00.583-05:00Thanks to this article I am bringing money lessons...Thanks to this article I am bringing money lessons up more specifically, more often. I occasionally watch "Judge Judy" and my daughter now knows from repetition and example that if you loan someone money, get it in writing AND/OR just consider it a gift, because it will end the friendship/relationship. These five items are a great reminder to bring it up often!!!Susan Fitzgeraldnoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-42956346008592648682011-12-14T00:10:39.394-05:002011-12-14T00:10:39.394-05:00Those 5 are ALL very important financial lessons t...Those 5 are ALL very important financial lessons that too many kids don't understand.... this is a great outline for a kids PF class ;) And to be implemented over time... with real-life examples... finances can be a family discussion. Many kids learn from this and feel important when making a family decision.World of Financehttp://www.worldoffinance.biznoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-82393309414534701722011-12-13T21:22:30.654-05:002011-12-13T21:22:30.654-05:00John@MoneyPrinciple -- I haven't tried out Cas...John@MoneyPrinciple -- I haven't tried out Cashflow. Our kids are 8, 11, 14 & 18. What ages do you think Cashflow is targeted for?Pam at MoneyTrailhttps://www.blogger.com/profile/04120369681070540769noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-20204573028877457542011-12-13T19:39:50.776-05:002011-12-13T19:39:50.776-05:00We got Cashflow a little while ago and Maria thoug...We got Cashflow a little while ago and Maria thought that our son at 10 would not be able to play it. How wrong she was! He loves the game and now understands assets, liabilities, profit and loss. We are looking forward to a comfortable retirement home ...:-)<br /><br />Kids are far more capable than we think.John@MoneyPrinciplehttp://www.themoneyprinciple.co.uknoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-67462747184366794062011-12-13T17:55:29.699-05:002011-12-13T17:55:29.699-05:00I agree with Andrea. As adults we tend to think k...I agree with Andrea. As adults we tend to think kids and other people in general think as we do. This definitely not the case, especially with kids. So now I never assume.YFShttp://www.yourfinancessimplified.comnoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-8862931837602074762011-12-13T14:40:36.598-05:002011-12-13T14:40:36.598-05:00Andrea @SoOverDebt --- That is awesome! Thanks fo...Andrea @SoOverDebt --- That is awesome! Thanks for sharing the conversation between you and your son.Pam at MoneyTrailhttps://www.blogger.com/profile/04120369681070540769noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-17472704778935546142011-12-13T11:52:28.854-05:002011-12-13T11:52:28.854-05:00I think we do assume that kids know more than they...I think we do assume that kids know more than they do. I asked my 13 year-old how credit cards worked the other night, and he said, "You use it to buy stuff, then you have to pay it back." But he didn't realize how high the interest rates were or that a $4 pack of cheese slices could end up costing $50. It prompted a good conversation that had him concluding, "Credit cards are stupid because most people don't know how to use them!" I felt pretty good about that, and I never would have initiated the conversation if I hadn't read this post. Thanks!Andreahttps://www.blogger.com/profile/10044023354086249329noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-37369610365833622312011-12-13T00:16:53.127-05:002011-12-13T00:16:53.127-05:00@Marissa It can be very difficult for kids to gras...@Marissa It can be very difficult for kids to grasp when the only see one aspect of it --- the "gimmes". Just simple, daily conversations can make a big difference in their understanding. And...practice makes perfect. They need to practice money management to get good at it.Pam at MoneyTrailhttps://www.blogger.com/profile/04120369681070540769noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-84318540133580896572011-12-12T23:30:59.791-05:002011-12-12T23:30:59.791-05:00Looking my godson and his money knowledge, it has ...Looking my godson and his money knowledge, it has recently become clear to me that kids have a hard time with it. It is one of those concepts that parents really need to explain thoroughly, otherwise you end up with kids like me. (Just kidding, my mom is great with money)Marissahttps://www.blogger.com/profile/16194642216763295968noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-67180305619419032212011-12-12T22:07:48.794-05:002011-12-12T22:07:48.794-05:00@Niki Kudos to you for talking with your kids and...@Niki Kudos to you for talking with your kids and getting them on a path of sound money management! Many families are hesitant to talk with kids about money but it can be done in an age-appropriate way.<br /><br />@SmalBizGoddess Thanks! Keep us updated!<br /><br />@Neo -- Credit cards can be a great tool when they are used correctly. Unfortunately, many young folks learn from costly mistakes. Thoughts on getting teens to "hear" the message?Pam at MoneyTrailhttps://www.blogger.com/profile/04120369681070540769noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-9195228846576591702011-12-12T19:23:55.017-05:002011-12-12T19:23:55.017-05:00I would say the most important one to learn quickl...I would say the most important one to learn quickly is #5. I know that when I was in college and signed up for my first credit card I had no idea about the high interest, the fees and that if I did not pay on time it was costly. Very costly! Your credit score is damaged and your future loans will become more costly. The quicker they understand that a credit card is a serious tool and they understand the possible implications on their future, the better.Neohttp://www.networthprotect.comnoreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-9178362929027090612011-12-12T17:37:41.162-05:002011-12-12T17:37:41.162-05:00Great article! Thanks for the tips, I'll use t...Great article! Thanks for the tips, I'll use them with my children.<br /><br />@smallbizatlantaSmallBizGoddesshttps://www.blogger.com/profile/09747632306908326788noreply@blogger.comtag:blogger.com,1999:blog-7765204152075197877.post-44222534516765877302011-12-12T16:04:51.564-05:002011-12-12T16:04:51.564-05:00I think these are all great truths to point out to...I think these are all great truths to point out to children. <br /><br />I feel like we are very open with our children about money and finances. They know about credit cards and saving to purchase items. My parents never really talked to me about money, I had to figure it out for myself. I hope to give my children a leg up so they can start making better choices sooner in life than I did.Nikihttps://www.blogger.com/profile/03331985160772173912noreply@blogger.com