Breaking the Taboo—Talk to Your Kids About Money

When I was growing up, my family never spoke about money—we didn’t talk about how to save it or make it, and we certainly didn’t discuss how much people earned. A significant taboo around money causes most people to search out articles and random blogs instead of speaking with their relatives and elders to know how to handle money.I believe that it causes our children and others a disservice to be so tight-lipped about money—how are children supposed to learn healthy habits about money if we fail to teach them? How can we pass on our hard-learned lessons if we don’t make money a more casual topic?To help my kids, I do three things:Ever since my children were young, I have not purchased them the random toy or candy at the store—I have taught them if they want something badly enough, they need to earn money to buy it. Because they are children, I provide them with jobs and opportunities to make money, but it is up to them to seek opportunities.I have also made my income and commissions a casual topic of conversation at the dinner table. I speak with them about the taxes I have to pay and how much I plan to save and invest. While it may be uncomfortable at first, these open conversations make all the difference in the world.I have also created a cash register that allows my children to track their income, expenses, cash, and net worth—yes, net worth! I believe that understanding these financial principles is critical to success as an adult.Don’t let your kids teach themselves—break the taboo and talk to them openly about money!