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I was raised with the belief that you don't ever ask anyone how much money they make. So I am always uncomfortable around people who talk about what they make or what their expenses are. I was always told that it was rude and no one else's business.
One day my son and I were talking about how money doesn't grow on trees and he asked me how much money I make. I told him the same thing my mom told me-it's rude to ask people that. But is it rude? Does anyone talk with their kids about their income? I would like to involve my children in knowing how much money we make and what our expenses are so they could have some perspective on what it's like being an adult. Maybe they would think twice before they ask me to buy them something(well probably not, but it would be nice).
They think they do. They think I make $100,000,000.
Depending on their age, yes it is their business. If they are old enough to not blab it around. If they are old enough to be able to see by your example how to budget household expenses and learn from it. They have a right to know what kinds of potential resources there might be for things like college, so they can plan their eduation and career knowledgeably. They should know that you do not make $100.000,000.
First, I do not think kids have an understaning of value. This come home to me recently when I went shopping for some soccer boots. The price meant nothing to them. $40 or $200. They were only interested in the colours and style. So in response to that, we have made a change to the pocket money at home. We have a list of chores and we have put the dollar amount of the pocket money up a bit and we have told them that no longer do we buy presents except for birthdays etc. So for example, if we are out and they want an ice cream, they have to buy it with their pocket money. Funny how they no longer neeeeeed an ice cream.
The second reason is that some families do not have enough money. I do not want my kids judging others based on income. We have some friends who are very poor and I do not want our kids to turn their noses up and treat them differently because they earn less.
I think I will tell them when they are teenagers. I want to teach them about money. I want them to show them how we manage our money. The choices we made through the years, etc...
My kids are teens and they do not know our income but they are very aware of where we are on the food chain!
We have discussed money and things we can afford (or not) with our kids without going into any detail regarding our income.
We have also taught our kids not to discuss money with other people, that it is very private. I don't think a child asking a parent how much they make is rude, it's natural curiosity.
Heck, even though I would never dream of asking, I would love to know what some people earn!
No. I do not think they would understand. I do make them understand that since Dad's business is VERY slow we're only living on what Mom makes and we have to make adjustments. No more gym membership, no maid service (that was for me) no eating out, we went without cable for a while, etc. No purchases period except for necessities. They are very understanding people. Also, I don't want them to let it slip out how much we make, b/c it's not anybody's business.
No our children don't know how much money we earn. Our oldest has a round about idea but not actual. We never have told them because we feel it would be wrong if they were to make a comment to a friend who may earn less and may feel weird or something.
My son is best friends with one of our neighbor kids, I really like the kid but his family is all about money and having the best things and it drives me crazy. My son went to career day with his Grandpa ( Dads company doesn't participate ) and the next day was telling his friends mom about what they did and she asked him what his Grandpa does, when he told her, she exclaimed " wow he must make a lot of money! ". My son, who is well aware of his grandpa's frugality, assumed that he doesn't make very much money because he doesn't like to spend any!
I thought it was crazy that she would even say such a thing.
Interesting. A question for everyone - when do your kids actually get to know how much their parents make/made? After they are out of the house? In college? When they start earnig themselves? Never?
MY son does he is 12 years old, he is able to read a military pay chart so no secret. He likes to read the base news paper and other military publications which include pay charts. He never asked just found out on his own. He is a good kid and since he knows how much I make and the fact that Mom does not work he understands what we can and can't afford.
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