| Kids and Money and a Sneak Peek at 15th & Landers | March 12th, 2006 |
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I’m not sure why, but money is a touchy topic in some families. Some parents I know would rather talk about sex with their kids before engaging them in a discussion about how to spend and save wisely. Maybe it’s because the subject isn’t interesting enough. Or maybe it’s hard to have a frank money talk with your kid when your own financial house isn’t in order. Either way, your children don’t have to inherit your anxieties or problems related to money. Here are 5 ways to instill good financial habits early on: 1. The piggy bank trick. Nelson Rockefeller used this method to teach his kids the value of budgeting. Give your child three piggy banks– one for spending, one for saving, and one for charity. Then, each time your child earns or receives money, a third of it goes into each bank. To get you started, www.moonjar.com sells a collection of stylish money boxes with a family guide and passbook to record transactions. And www.fatherville.com has a cute article on how to start teaching your child the value of saving and earning interest using a piggy bank. 2. Give your child a weekly allowance and don’t tie it to chores. Every expert on kids and finances recommends against tying an allowance to chores. Chores are done because kids are members of the family and everyone helps out. Make sure the allowance is an amount that feels fair to both of you. You want to give your kid enough to make them think about how they will spend it. 3. Play Show and Tell. Nothing teaches a child like watching his or her parents. Invite them to sit with you when you pay your bills. Explain what you’re paying and where the money comes from. When I did this with my kid, I let her write out the amounts and payees on some of my checks. She got a real kick out of it. 4. Let them safely play with plastic. Teach them how to use plastic responsibly and ideally avoid graduating college with a mountain of debt from those credit card offers. Once in high school, get them a debit card tied to a checking account (their account, not yours, please!). Then move them up to a preloaded credit card. 5. Let them learn from their mistakes. Kids are bound to screw up and overspend, especially at first. Let them learn on their own the consequences of poor financial decisions and remember that experience is the best teacher. 6. Study up. There are a plethora of books out on the topic of children and finances right now. You can even send your kid away to Camp Start-Up. A local option is www.money-101, a mini-series of classes that teach kids financial literacy.. So much for kids and money. Now let’s talk about how to invest in real estate. Here are the week’s ‘best buys’:
Landers is a sweet alley street between Church and Dolores—an awesome Upper Market location where you can park your car for days and get everything done on foot— all the goods and services you need are right nearby along with endless dining and entertainment venues. While we aren’t taking reservations yet, I can get you into Landers Grove before its release to the general public. Let me know as soon as possible if you would like to be put on the guest list for a sneak preview later this month. But don’t wait. I predict these units will be sold out within a month’s time. Another great listing coming up in District 5 is an Outer Noe Victorian right near Amberjack Sushi and Eric’s Restaurant. 3 bedrooms, 2 baths, sun room, 1 car parking, square footage just a hair under 2,000. Drop-dead gorgeous designer kitchen with Wolfe Range. Price will be in the $1.3-1.4M range. Let me know if you want to get in early. Please remember, if there’s anything I can do to assist you with real estate-related information, please give me a call. I’d be more than happy to help. Have fun counting pennies with your kids. |
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Hello My Favorite People:To find out where the deals are, scoot to the bottom of this email. To learn a bit about teaching your kids some financial basics, read on: