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News & Tidbits: Dave Ramsey Blogs About Teaching Kids

May 3, 2018

 

Money guru Dave Ramsey shares 15 different ways that you can teach your kids about money. I like that he divides his suggestions by age appropriateness. I'm still trying to decide for myself what the natural order of financial education should be, and it helps to have someone with experience who's already blazed a few trails in the world of finance.

 

A few of Ramsey's suggestions jump out at me as being worthy of comment. Out the gate, he suggests ditching the piggy bank for a clear container so that children can see the growth. Clearly, he gets kids and their disconnect with the abstract.

 

I'm a particular fan of number eight in the lineup, which is to "[t]each them contentment," though where Ramsey says contentment, I would say gratitude. Tomato, tomahto. The point is there's a real temptation for children to obsess over what the Joneses are buying. I'm starting to hear my own kids' envy. Gratitude is the ultimate salve, and my wife and I are teaching it as fast as we can.

 

I can't say that I'm on board with the fifth suggestion: "Give commissions, not allowances." It's not that I've ever given my children an allowance (or a commission) but that there are conflicting views on the good of allowances. In other words, I neither agree nor disagree but am studying this suggestion in greater depth to see what the science says. However, my intuition tells me that Ramsey is more right than wrong on this point.

 

In any case, give the whole article a read. I'm sure you'll find a good idea here for what to teach to your kids.

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