Kids And Money

From Physician's Money Digest, September 15, 2002

Teaching your children about money is especially hard if you're well-off. Don't count on the schools to do it; even those that do have courses in consumer economics often don't reach the brighter kids. Also, by the time they reach high school, when teenagers are spending an average of more than $150 a week, it's probably already too late to teach them to spend it wisely. An allowance at an early age is a good tool for teaching a child how to handle money. According to a Wall Street Journal report, the average weekly allowance for children of families earning $75,000+ annually is about $11. Take the time to explain what the allowance is for and what the child is expected to pay for with it. A handy teaching aid is a clear plastic piggy bank called the Money Savvy Pig (available at www.moneysavvygeneration.com; 847-234-6456). The bank comes with 4 slots-- for saving, spending, investing and donating.

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