What got me started? I, like most parents, was sick of hearing, “I want, I want, I want”. It was the 1980s when my kids were young. There was a particular moment with my then 3-year-old son at FAO Schwarz in New York City. He spotted the little Ferrari (that costs more than a house) and blurted out the words, “I need this toy.”
I did what any great parent would do—I crouched down, established eye contact, and began to yell, “You never need a toy. You can want one, but you don’t need one.” I added, “Anyway, I can’t afford that toy.” He immediately retorted with, “Mom, don’t use real money, use that magic piece of plastic!”
After I stopped hyperventilating I realized that here I was, a President of a bank, and I hadn’t taught my son anything about money. He not only understood that you need money to buy stuff but that a credit card is a substitute for money. This was my wake-up call and I decided to do something about this by launching the topic.
Check out my web site at http://www.childrensfinancialnetwork.com/ for tips and tools on how to raise financially responsible children.
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