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I found mine weren't ever really interested in the books and the more I pushed them to read the less they read! That is why I prefer practical application over books. We openly discuss all aspects of our finances with our kids in a general sense. If they inquire more deeply then we explain more thoroughly, otherwise the general explanation is enough.
I would rather be a bit hard now and have my kids learn to budget than hand them everything on a plate and then expect them to manage as adults. Think of how you teach a kid to walk. you hold their hand until one day you let them do it on their own. or to drive, you don't say "here read this book and then you can drive" you have to give them experience with someone there to help.
That is what we do with the money. Sure the first few months they blow the lot on movies and takeaway, then the phone credit runs out and we make them wait until they have enough to recharge, we don't bail them out with credit. Then they learn that to have what they want (phone credit) they need to space out the buying of other wants (lollies and movies). It teaches them priorities in their language.
Also by giving them the money to budget you are showing that you trust them to make the right choices. You will bite your tongue a lot in the first few months! Then they might show some interest in the books. But I would wait until they ask for them.
Slightly OT but relevant to teaching kids.
My youngest is in yr 9 and doing a business/finance subject at school where they were given the following situation to advise on by pretending to be a financial advisor.
mr and mrs x have 2 kids, their own home (paid out I think), a rental (neutral cashflow), their income less expenses leaves about 10k per year spare. the x's want to buy a new car for 50k, a flat screen TV for 5k, and have a holiday for 20k. How would you advise them?
Daughters reply: put off the holiday to save up for it. You don't need the extra tv (they already had 3). Perhaps choose a cheaper car over brand new. Look at improving the rental to increase its yield.
She got failed.
The correct answer was: Sell the rental because it's not making them any money, get a 2 year interest free for the tv and personal loans for the holiday and car.
It is going to be a really interesting parent/teacher interview this semester.
Slightly OT but relevant to teaching kids.
My youngest is in yr 9 and doing a business/finance subject at school where they were given the following situation to advise on by pretending to be a financial advisor.
mr and mrs x have 2 kids, their own home (paid out I think), a rental (neutral cashflow), their income less expenses leaves about 10k per year spare. the x's want to buy a new car for 50k, a flat screen TV for 5k, and have a holiday for 20k. How would you advise them?
Daughters reply: put off the holiday to save up for it. You don't need the extra tv (they already had 3). Perhaps choose a cheaper car over brand new. Look at improving the rental to increase its yield.
She got failed.
The correct answer was: Sell the rental because it's not making them any money, get a 2 year interest free for the tv and personal loans for the holiday and car.
It is going to be a really interesting parent/teacher interview this semester.