Editor’s Note: A great finance-business site is The Business Insider, Henry Blodget—CEO & Editor-in-Chief.
By Henry Blodget
Jeff Opdyke of the Wall Street Journal, who writes about the intersection of family, love, and money better than anybody, has put together a handy list of money rules you should teach your kids. We won’t spill all the beans (click through for that), but here’s our paraphrasing of the first five:
1. Don’t spend money until you’ve earned it. (A message every financial organization on earth will try to undermine the moment you deliver it).
2. Make kids buy those stupid plastic toys with their own money — via an allowance. (Oh, you spent all your money? Too bad.)
3. Give your kids a big enough allowance that they can buy some stuff but not so much that they can buy everything.
4. Don’t pay your kids for getting good grades or washing dishes: Both should simply be expected. [Wrong! Rewards, incentives and positive reinforcement are a must!]
5. Encourage your kids to start earning money at age 13.
Read more: 15 Money Rules You Should Teach Your Kids.
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