We will teach our kids a ton, but not let them know how much we actually have

Feb 16, 2021
9:55:45am

RUNBYU1 All-American

We live well below our means and want our kids to not have any sense of entitlement, and want them to be able to learn to be fiscally responsible themselves.

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RUNBYU1

Bio page: RUNBYU1
Joined: Aug 27, 2015
Last login: Jun 7, 2024
Total posts: 7,317 (32 FO)

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Messages

Author

Time

How open are you with your kids about finances?

Diddy

2/16/21 9:12am

I tell them as much as they want to know. How much I make, what the mortgage

WhirleyPop

2/16/21 9:14am

I tell them in general but not specifics about salary and savings. They talk too

Baron

2/16/21 9:15am

We tried to teach them financial principles but weren't very specific about what we make or how many assets we have.

Sea Chicken

2/16/21 9:16am

I asked my dad once how much he made, and he told me it was none of my business.

Texas Hammer

2/16/21 9:16am

The interesting thing is I always assumed that my parents didn't tell me how much they made because we were poor.

Sea Chicken

2/16/21 9:18am

I grew up with my dad sitting at the kitchen table every month going over his budget, and my mom worried she was going

Texas Hammer

2/16/21 9:31am

It feels like being open about finances and sex are two big differences

Diddy

2/16/21 9:22am

My parents kept theirs in the dark. If I’d have known what was up

Adwight

2/16/21 9:39am

I don't really have any issue with my kids knowing how much we make or what our net worth is as a matter of principle,

supertux

2/16/21 9:17am

This is a good point...I've been more open with my older children because

Diddy

2/16/21 9:19am

I've started being much more open with my 13yo

CommodoreCoug

2/16/21 9:17am

My kids ask all the time and I don’t tell them

JOPE

2/16/21 9:22am

All of my kids think we are poor because we don't get them the latest phones and their own new cars when they turn 16

Clark Addison

2/16/21 9:24am

My kids think we're poor because we are. But also because we live in one of the cheapest neighborhoods in our ward

supertux

2/16/21 9:27am

I thought my parents were poor for the same reason. And also wanted two stories

califcougar

2/16/21 9:39am

same, plus I make them drive the 20 year old car

Turd Ferguson

2/16/21 9:57am

I don't tell them, because I don't want them to chatter or brag to friends.

doctorcoug

2/16/21 9:26am

I don't think there is necessarily a "right way", but I think part of the issue is helping your kids understand what

supertux

2/16/21 9:31am

When my kids were in Jr high and High school 20 years ago I told them I made

Nat Gas Man

2/16/21 9:26am

I tried to keep net worth a secret, but recently my high school senior had to

statguru

2/16/21 9:28am

Just the other day I was talking with my teenage sons

UVCoug

2/16/21 9:28am

Nothing

Remigius

2/16/21 9:28am

I think parents can and certainly should talk about and teach finances,

The Pope

2/16/21 9:31am

Since they are beneficiaries, they know everything and get an annual update of

basman

2/16/21 9:32am

My kids vote on how we use our vacation money every year but I get two votes

EternalOptimism

2/16/21 9:33am

I’ve been fairly open as a way to help them understand the cost of their wants

KingDave

2/16/21 9:35am

My kids range in age from 29-40; I'm open with them in general terms and tight lipped about details

ColoSpgs

2/16/21 9:35am

I wish my parents talked to me more about finances. In no way do you have to

_Dakoko

2/16/21 9:38am

Kids are younger (pre teens) but I plan to be extremely open

cougfanz

2/16/21 9:43am

A few years ago (when my kids were about 7 and 5) I caught them arguing over who

crack

2/16/21 9:46am

My 5 year old asks if we can buy something

RealSimsShadY

2/16/21 9:48am

You should tell him that the ice cream truck only plays music when it is all out of ice cream

supertux

2/16/21 9:52am

exactly. I have shared with them that they need to start building a savings acc

BYU Grounds

2/16/21 9:51am

It shocked my daughter when she learned the bank would give her money

KingDave

2/16/21 9:54am

My kids saw what they were getting back and decided it wasn't worth it for

crack

2/16/21 10:15am

I have to be careful because of my son

HiLife

2/16/21 9:54am

boardname doesn't check out

RealSimsShadY

2/16/21 10:35am

We will teach our kids a ton, but not let them know how much we actually have

RUNBYU1

2/16/21 9:55am

I make sure they know we are not one of those rich two masks families

BR549

2/16/21 9:56am

Yes I've told my kids we're not rich like m0resn0w. He is loaded and flaunts it

BYU Grounds

2/16/21 10:10am

I mean, when they start applying for college/scholarships, it's not a secret.

runnincoug

2/16/21 11:04am

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