Monday, January 05, 2009

Having "that little talk" with kids

…Nah, not about sex! About money. How we don’t have any.

…Jason Zweig writes about this in the WSJ (Dec 27, 2008). Actually, he says, people would rather tell their kids about sex than money.

…This is scary. If you saw your money drop by 50% last year, you are statistically twice as likely to die as those whose earnings held steady.

…If your kids are young and this financial stuff gets bad, they may suffer from depression as teens.

…Kids can also conclude that hard work doesn’t pay.

….Not having money does not make you less happy as an adult, but being talked to forthrightly by your parents was a big factor in your weathering it.

…Still, Zweig says, don’t spill your guts. Try not to let fear show. Keep mealtimes regular—things should seem to be under control.

…Kids should hear things, not overhear them—they can’t put everything into context.

…If you have to move or send kids to a different school, make the most of it.

…Let the kids suggest ways to to do it. Maybe they can help with a yard sale. Or start getting DVDs from the library.

…HA recommends books on CD—better than clapped-out cable movies any day.

…When she mentions money to her daughter, though, her kid stares at her, waits until she stops talking, and then says, “Can I borrow five bucks?”

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