Comments on: What do you think? Should you discuss finances with your children?

By: Sherry

Sherry — Wed, 17 Sep 2008 15:21:48 +0000

I knew generally how much my parents made; the paystubs were easily accessible. I also remember once wanting to go to an amusement park and my mother telling me that there was only $7.00 in the checking account and we couldn’t go. I appreciate her honesty and openness, but that sure did worry me a lot. I still remember it like it was yesterday. By her telling me things like this, I had conscience not to ask for things that weren’t necessary. I think it depends on the child and the temperment. For a sensitive child, I might think twice about giving the whole story. Kids deserve a childhood without worry. A less-sensitive child might handle it just fine.

As for the neighbors knowing how much you owe and how much you make…who cares??!!! Why is there such a stigma attached to money? Why all the secrecy? I am open and honest with people about my family’s financial situation. People don’t talk about things they SHOULD talk about (such as mental health issues, drug/alcohol abuse, etc.). The longer the stigma is attached to these subjects, the less progress will be made in getting people treatment, and yes, some people need “treatment” for their money ills. If people were more honest about what they made/owed…there might not be so much “keeping up with the Joneses.” Sometimes I think people refuse to discuss money because they are embarrassed of how they handle theirs. Admitting you have issues is the first step….

By: fornetti

fornetti — Sun, 31 Aug 2008 07:59:12 +0000

I do not believe this

By: Charlotte

Charlotte — Tue, 26 Aug 2008 06:49:30 +0000

I’d like to note that my parents don’t make me feel guilty on purpose (I don’t think).

So, while it’s good to share your finances with your kids and to teach them the value of a dollar, you have to be very careful about making your kids feel like they may be burdens to the point where they are afraid to ask for new underwear.

By: Charlotte

Charlotte — Tue, 26 Aug 2008 06:40:43 +0000

I think my parents share a little too much information with me regarding their finances (I’m 18).

I’m going to college this Fall, and even though I am taking out a loan and they aren’t paying that much themselves (and I am a very ambitious young lady), they have me wracked with guilt… it’s almost debilitating

We’re not in the poorhouse… but they’re self-employed. However, I hear from other non-immediate family member that my parents are worry warts…

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By: Stephanie @ PoorerThanYou

Stephanie @ PoorerThanYou — Mon, 07 Apr 2008 02:27:54 +0000

Knowing how bad my mother’s credit and ability to handle money was… well, that was the very thing that got me interested in personal finance and “never becoming like that.” If she’d managed to hide it from me, I’d probably think you could spend money like it was water, and it would be fine. Seeing the reality of it, and knowing that it was tied into bad credit, which was caused by ignorance of money management… that made all the difference in the world for me.

Which isn’t to say that I haven’t made some mistakes. But at age 21, I’ve managed to start turning things around for myself already, instead of learning a much harder lesson first.

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