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Started By
Message
Parents of the OT: Do you tell your children how much you make?
Posted on 1/30/15 at 9:01 am
Posted on 1/30/15 at 9:01 am
Read this article in the New York Times:
LINK
This sounds interesting. I'm not sure my kids really understand. They know about taxes and bills, etc., but this might get their attention.
LINK
quote:
One day, he stopped by his local Wells Fargo branch in Encinitas, Calif., and asked to withdraw his entire monthly salary in cash. In singles. It took 24 hours for the tellers to round up that many bills, so he returned the next day and took away the $100 stacks in a canvas bag.
His oldest son, Daniel, who was 15 at the time, remembers the moment his father walked into the house and dumped the $10,000 or so on a table. “It looked like he had robbed a bank,” he said.
After a pause to let it all sink in, Mr. Parker began peeling off bills. He told them about taxes, set aside money for a tithe to their church and made a big pile for the house payment. The singles piled up for soccer and scouting and hamburger night. By the end, there wasn’t much left over. “I was trying to make as big of an impact as I could, and I definitely had their attention,” he said recently.
This sounds interesting. I'm not sure my kids really understand. They know about taxes and bills, etc., but this might get their attention.
This post was edited on 1/30/15 at 9:05 am
22
Posted on 1/30/15 at 9:03 am to anc
My kids have a solid understanding of money, even the youngest at 5.
My older two know I slang pizza at night to help pay for private schooling etc. They know houses and cars cost the most and shite. They also know to order off the $1 menu when I have all 4 together.
makes me happy.
But they also know that my second job is reason we can go to beach, do fun shite, and such. So they view it as COOL and not 'broke arse dad'.
My older two know I slang pizza at night to help pay for private schooling etc. They know houses and cars cost the most and shite. They also know to order off the $1 menu when I have all 4 together.
makes me happy. But they also know that my second job is reason we can go to beach, do fun shite, and such. So they view it as COOL and not 'broke arse dad'.
This post was edited on 1/30/15 at 9:05 am
Posted on 1/30/15 at 9:04 am to anc
It took them 24 hours to "round up" $10,000 in hundreds?
Posted on 1/30/15 at 9:06 am to anc
I don't tell anyone how much I make.
Posted on 1/30/15 at 9:07 am to anc
you could do this exact same thing with just $100
just use percentages...
just use percentages...
Posted on 1/30/15 at 9:07 am to anc
I doubt my 5 and 2 year old care much
Posted on 1/30/15 at 9:11 am to anc
quote:
Parents of the OT: Do you tell your children how much you make?
absolutely not.
We teach our children the value of a dollar but we also dont make a big deal about money.
For you parent that do tell your children how much money you make.....know that they are also telling other kids at school or in the neighborhood, and those kids are telling their parents.
Posted on 1/30/15 at 9:12 am to anc
Yes, my son knows how much I make. He also knows how much I have in savings and my investments and where they are at. Never know when something might happen to my wife and I.
Posted on 1/30/15 at 9:13 am to anc
my 7 year old thinks I make $100. Thats all she knows.
This post was edited on 1/30/15 at 9:13 am
Posted on 1/30/15 at 9:15 am to anc
My kid is 18 months, so no.
Posted on 1/30/15 at 9:18 am to anc
I make certain that my kids know nothing about money; those little shites make a small fortune in birthday and holiday cash. I'm not about to give up that extra revenue.
Posted on 1/30/15 at 9:22 am to anc
I don't have kids, but I will probably tell them how much I make and how much our house note, car note, insurance retirement, etc... are.
I think it's important for kids to understand the value of a dollar and how much things cost. They need to realize what it takes to live in a nice house, go to private school, drive nice cars, etc...
I know some kids (19-21) who don't have the slightest clue what a good salary is or how much it costs to buy a house or a car. Really sad, considering you should be making the decision of what you're going to do with your life around that age.
I think it's important for kids to understand the value of a dollar and how much things cost. They need to realize what it takes to live in a nice house, go to private school, drive nice cars, etc...
I know some kids (19-21) who don't have the slightest clue what a good salary is or how much it costs to buy a house or a car. Really sad, considering you should be making the decision of what you're going to do with your life around that age.
Posted on 1/30/15 at 9:42 am to anc
My parents told me how much they made to make the point that you don't have to make a fortune to be happy and live well. My dad didn't make much, but he supported a family of 4 and we had a little extra to go on vacation most years.
I was blessed to have parents that didn't have to perform the exercise in the OP to make us appreciate money; they instilled that in us from the beginning.
They know how much I make because it makes them happy to know that everything they sacrificed for my opportunities paid off.
I was blessed to have parents that didn't have to perform the exercise in the OP to make us appreciate money; they instilled that in us from the beginning.
They know how much I make because it makes them happy to know that everything they sacrificed for my opportunities paid off.
Posted on 1/30/15 at 9:48 am to anc
My parents haven't really been open to me about it until recently, and I don't think they ever told my sister how much they make.
Posted on 1/30/15 at 9:58 am to anc
I always knew how much my dad made.
Posted on 1/30/15 at 9:59 am to anc
no
Posted on 1/30/15 at 10:06 am to anc
quote:
Do you tell your children how much you make?
Ha. No. My wife doesn't even know how much I make.
Posted on 1/30/15 at 10:38 am to anc
Yea, I have told them and we also talked about bills and the cost of living and retirement as well. They appreciated it. I noticed they started thinking more about being responsible concerning my money and theirs as well. 
Posted on 1/30/15 at 11:39 am to anc
My kid has always been informed about our finances. He enjoys living the way that we live. And he has a full understanding of how much money one must earn to live like that. He is also well informed about the link between that and education. He also knows that happiness in your occupation is as important as income, and that a good education will allow you to choose any occupation you want rather than having your options dictated to you.
Posted on 1/30/15 at 11:44 am to anc
I always try to translate shite my kids want into hours. $300 laptop @ $20/hr equals 15 hours worth of work. It puts monetary items into context for them. Either I will have to work X number of hours, or their mother will, or they will.
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