Are you a saver? Have you shown them that they need to start saving money, even if it is with a piggy bank and just small change once a week?

Are you a spender? Do you buy everything you want, when you want it regardless of the cost? Do you end up charging up your credit cards in order to do that? Not a good idea. Do you want to have another generation of kids piling up debt?

I love America. I love the fact that capitalism is all over the globe. What I don’t love is the mass marketing and media shoving ads from the internet, from tv shows, from the radio from magazines trying to tell my kids what they “need” to have. They can get by on a lot less than they think they can and yes, like any devoted parent I want what is best for them but I would be doing my son a disservice by giving him everything he wants. In Arianna’s case, Arianna has Rett Syndrome, I am doing all that I can to make her life comfortable and help her develop her communication skills.

There is a difference between teaching children to be frugal and cheap. Frugal is where you save a little bit of money from each weekly allowance, paper route, usher job at the theater, etc. You put that into a savings account for something big later on. You get your children use to saving for emergencies and a rainy day. Cheap is not leaving a tip to a waiter or waitress at a restaurant who gave you great service. If they give you lousy service, you can teach your children at that point the value of good service by still leaving a tip, just a small one. They may not say anything but they will get the message.

Teach them about money to avoid gambling schemes as well.

Special needs kids can get the message too. They need to learn – and some learn it quite well and quickly – the need to price shop, to learn the difference in value with some items and to see through marketing at times.

If you are reading my blogs, I am sure you are teaching your kids the value of money. While you are at it, you may want to look into getting them a Roth IRA if they are working a part time job as well.
It doesn’t hurt to start their retirement while they are young.

If they have questions about money, please encourage them. Any ideas about making money also should be encouraged. If they want to start a part time business, do what you can to help them. You never know. They may become the next garage start-up billionaire.

Part of all my book proceeds go to research finding a cure for Rett Syndrom and reversal of symptoms.

Kim Greenblatt

Questions or comments? Let me know about them! Thanks for taking the time to visit and for more information or to get back to the beginning of the blog, go here.

You are reading from Kim Greenblatt’s blog, profitable, on teaching your kids about money, taxes and money management while they are young!