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WSJ: Teaching your kids about money

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Ever wonder how to raise your kids if you have money? Here’s tomorrow’s WSJ personal-finance article–and a question for you.

The goal: to get your kids to make tough financial decisions. If they are always asking you for money or they are merrily racking up charges on the credit card you gave them, their desires will be limitless and spending will seem painless, because they aren’t paying — you are. What to do? You have to set up a system where, instead of you saying “no,” your kids have to say “no” to themselves.

Read the entire article here: Giving Five-Year-Olds a Toy Allowance:
How to Teach Your Kids About Money

That’s why when I’m rich, I’m going to make my kids wear god damn paper towel for shoes. I WANT THEM HUNGRY FOR SUCCESS!!!

Seriously though, what do you think about his idea about paying for his kids’ college? I have my own views (which may surprise you) but I’m interested to hear what you’ll do for your kids’ education. Thoughts?

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4 Comments

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  1. We plan to pay half of our kids’ college costs. They can earn their half through working, scholarships, whatever — and we plan on matching it.

  2. Interesting item about finance: pound for pound, a hamburger costs more than a new car. Sure, its like buying several thousand hamburgers at once, but which really gives you longer lasting enjoyment? The burgers (which, based on how much I am eating now, would last maybe 5-7 days), or a car, which can last 7-10 years if they are taken care of?

    (Sorry I ended a sentence in a preposition).

    -Maneesh
    http://www.maneeshsethi.com

  3. My little brother, ladies and gentlemen.

  4. I would do what my parents did, which is to do whatever I can to make sure my kids don’t have to work while in undergraduate education. I’d also try to aim for a debt-free graduation. This offer, depending on how wealthy I am, would probably only extend to public universities.

    If they aren’t being productive with their summertime, then I’d require them to pay an amount that I think they could earn with a summer job.

    As for grad school, I wouldn’t offer any, unless they were really hard-pressed on it, in which case I’d help them some. This would hold even if they wanted to be a doctor. Because if they were sure enough about the value of their dreams, they’d back it with their own money. The last thing I want is someone who free-loads to get a Masters or Ph.D. only to back-out of using those advanced degrees.