Kids ask tough questions about money. It\u2019s how they learn. As a parent, these are teachable moments that offer a chance to impart some financial wisdom to them. <\/p>\n\n\n\n
Start by asking them questions for clarification. After all, \u201cWhy does a lawyer always answer a question with a question?\u201d Answer: \u201cWhy shouldn\u2019t a lawyer answer a question with a question?\u201d <\/p>\n\n\n\n
While you want to be forthright with them, you both learn more by asking questions. This gives you perspective on why<\/em> they are asking and helps them develop critical thinking abilities. Consider these types of clarifying questions:<\/p>\n\n\n\n Even with the best questions, you\u2019ll still want to be prepared with some answers of your own. Think of answering honestly, but age-appropriately. Here are some of the more common questions we hear: <\/p>\n\n\n\n Explain that being \u201crich\u201d means different things to different people and that you are very fortunate to have the resources that you do. This is also a great time to remind them that wealth is not the only indicator of happiness or success, and that you value many other things in life such as our relationships, experiences, and personal growth.<\/p>\n\n\n\n Explain that even wealthy families have budgets and that not all expenses are justifiable. You can also use this as an opportunity to discuss the importance of making wise financial decisions and understanding the true value of money.<\/p>\n\n\n\n \u201cNone of your business\u201d is a possible response, but not the appropriate one. Disclosing a number isn\u2019t usually wise either. Explain that most adults don\u2019t share how much money they make. Use this as an opportunity to talk to your child about the importance of a healthy relationship with money. Understanding its role in our lives can help them make wise decisions as they grow up.<\/p>\n\n\n\n Explain that different families have different priorities and financial situations. While it may not be possible to go on a big vacation at the moment, you can focus on making other fun memories and experiences together as a family.<\/p>\n\n\n\n It\u2019s not necessary to disclose the specific cost of your home. You can explain that owning a home is an important investment and that you are working hard to make sure it\u2019s a safe and comfortable place for your family to live.<\/p>\n\n\n\n If you decide to give your child an allowance, explain that it\u2019s important to use it wisely and to save some of it for future goals. You can also talk about ways they can earn extra money by doing chores or other tasks around the house.<\/p>\n\n\n\n It\u2019s important to reassure your child that even if a challenging situation were to arise, you would find a way to get through it together as a family. Additionally, it can be helpful to use this as an opportunity to teach your child about the importance of saving money and having an emergency fund, as well as the value of resilience and adaptability in the face of adversity.<\/p>\n\n\n\n Remember that the key to answering tough money questions is to be honest, open, and sensitive to your child\u2019s age and maturity level. By having these conversations early and often, you can help your child develop a healthy and positive relationship with money that will serve them well throughout their lives.<\/p>\n","protected":false},"excerpt":{"rendered":" Kids ask tough questions about money. It\u2019s how they learn. As a parent, these are teachable moments that offer a chance to impart some financial wisdom to them. Start by asking them questions for clarification. After all, \u201cWhy does a lawyer always answer a question with a question?\u201d Answer: \u201cWhy shouldn\u2019t a lawyer answer a […]<\/p>\n","protected":false},"author":14,"featured_media":6794,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"_acf_changed":false,"post_statement":"","post_description":"","post_cta":"","post_button":"Read More","post_button_url":"","compliance_id":"","post_disclaimer":""},"categories":[],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.keystonefinancial.com\/wp-json\/wp\/v2\/oi_article\/6793"}],"collection":[{"href":"https:\/\/www.keystonefinancial.com\/wp-json\/wp\/v2\/oi_article"}],"about":[{"href":"https:\/\/www.keystonefinancial.com\/wp-json\/wp\/v2\/types\/oi_article"}],"author":[{"embeddable":true,"href":"https:\/\/www.keystonefinancial.com\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.keystonefinancial.com\/wp-json\/wp\/v2\/comments?post=6793"}],"version-history":[{"count":1,"href":"https:\/\/www.keystonefinancial.com\/wp-json\/wp\/v2\/oi_article\/6793\/revisions"}],"predecessor-version":[{"id":6795,"href":"https:\/\/www.keystonefinancial.com\/wp-json\/wp\/v2\/oi_article\/6793\/revisions\/6795"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.keystonefinancial.com\/wp-json\/wp\/v2\/media\/6794"}],"wp:attachment":[{"href":"https:\/\/www.keystonefinancial.com\/wp-json\/wp\/v2\/media?parent=6793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.keystonefinancial.com\/wp-json\/wp\/v2\/categories?post=6793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.keystonefinancial.com\/wp-json\/wp\/v2\/tags?post=6793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
Are we rich?<\/strong><\/h2>\n\n\n\n
Can I have (expensive item)?<\/strong><\/h2>\n\n\n\n
How much money do you make?<\/strong><\/h2>\n\n\n\n
Why can\u2019t we go on a big vacation like my friend\u2019s family?<\/strong><\/h2>\n\n\n\n
How much does our house cost?<\/strong><\/h2>\n\n\n\n
Can I have an allowance?<\/strong><\/h2>\n\n\n\n
What would happen if you lost your job?<\/strong><\/h2>\n\n\n\n