Lessons for Kids

Physician's Money Digest, October15 2003, Volume 10, Issue 19

If your teenagers see you as a bottomlesspit of money, it may be too lateto teach them how to handle money.The earlier you start teaching your childrenabout managing cash, the morelikely your children will be money-savvywhen they grow up. A good placeto start is with an allowance (about halfthe child's age in dollars per week is areasonable beginning), which can teachthe child about setting spending priorities.As your children get older, introducethem to more advanced concepts(eg, saving toward a specific goal, theperils of credit, and how to handle achecking account). Armed with thisbasic training, your children will thenbe ready to face the real world with agood sense of how money works.