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New Wealth and Teens


With the proplems of our teens expecting to be handed everything and skate along --what's your Ideas to make your kids to tow the line and stay out of trouble, not work just because Dad and Mom have new riches and they feel they can just sliddy along in live? How would you set things up so they are more ---resposible , working , and ever thing is just going to be just handed to them even if they make a wrong turn in life ... ect ... get the drift .  II'll let you know what I would do after I see a few respnses.

Entry #1


Comment by applejack78 - December 15, 2007, 10:20 pm
Most people worry if they were to win a jackpot about normal things - how to invest it so it don't slip out of their hands . How to keep it out of the tax mans hands. But I havent seen anything dealing with worries of either their kids getting kidnapped or their kids seeing the altimate candy store that their parents just came into ? Look at all the problems Mr. W from Penn. with 314 million ran into with his grandaughter and ect . So you tell me what do you do to keep your young ones from going wild and wrong ?
Comment by pacattack05 - December 16, 2007, 1:22 am
It's very simple. If you show early on the rewards, which is what one parent did, they will get a taste of what to expect once graduating from a college or a university.
If they are born with a silver spoon, show them how to manage it.

On the other hand tell'em like it is......Life is bad and then you die.....It's up to you whether you want to lie or tell the truth.
JAP69Comment by JAP69 - December 16, 2007, 1:27 pm
The kids are either going to make it in life or steer wrong.
Makes no matter how you set up the finances.
TenajComment by Tenaj - December 16, 2007, 3:31 pm
The kids are either going to make it in life or steer wrong.
Makes no matter how you set up the finances.

I disagree Jap69. Even though every child is different, if you start early enough you can steer any wrong doing and even if they do go wrong they will eventually go back to right one day. The problem is that parents start too late to teach their children when they should do it when they are fresh and believe anything you say. Good things can becomes part of them at a tender age. We are way smarter than them. I remember the first lie I realized my youngest daughter had told me. My oldest daughter had told her how to get out of something.

You can start a child out around 7 or 8 by opening up a saving account with them at a real bank.   He's learning adding and subtracting at this time and is also learning how to count money.

Take them with you (or get a piggy bank) and tell them that if he save part of the money that he earns he will always have money to do the things he need to do and even though he's young he can earn money from you by doing things around the house. Give him something to save for.

He's old enough to remove the trash from his room, run the vacuum, help rake and bag leaves, feed the dog, take the dog out in the yard, relatives gives money too, etc.

Some people frown on paying kids to do stuff that they should already do but it's a great incentive. I paid my kids $5 for every "A" until it started to break me. I did the same with my grandson too and he's an A student as well. Once they start making "As" they are hooked on learning.

You'll not only be teaching finance but responsibility. Kids like to feel grow up. Both my kids had work permits at 14 and worked as teenagers. They brought $100 shoes with their money, but it was their's, as long as they saved 10 percent.

If you have a kid that is already spoiled, you have to understand that it's not their fault. It's yours. So you have to compromise in how you handle it. Don't push or do anything drastic. You'll have a tug of war and won't win. A teenager can earn lots of money by raking and bagging leaves or walking the dog, a young dude - mow the lawn, etc.

Just tell them that you've loved them so much that you forgot that someday they will have to make it on their own and to do so there are certain things they must learn to be successful or it will destroy them and you don't want them to have money problems. Feed them as little information as possible and let them ask you questions so that you can get a feel of where they are with this. And if they just go ignore or I'm not listening, don't believe it they are listening and will come to later and ask a question.

When you admit that you were wrong with a teenager will they respect you even if they say something entirely different. They be paying attention with an attitude. They watch and hear every word you say.

What some grown folks don't realize is that teenagers get mad at us because we didn't teach them right. They actually expect us to deep down inside. It's brutal for kids these days. Everything is about peer pressure.

I volunteered with high school kids with the "Bridge Jobs Program" They were the kids who had gotten thrown out of school and it was their last chance and I had to teach them financial literacy.

They were a tough bunch. When my kids were teenagers I always had a rapport with them and their friends. After 8 minutes this group eyes will glaze over. I went home almost in tears a few times until I figured out something I could do with them. You have to hit young people with what they like.

So I had them pull out paper and pencil and makes columns, write down how long they were going to live with their parents and if they planned to go college.

Then in one column write down everything they wanted to achieve by the time they were 25 and in the other column how much it was going to cost.

Then write down what kind of job they were going to have, how much money they were going to make.

They wrote down Mercedes, Lexus', 4 story homes, all of the Bling Bling, etc. and after their fun, I dropped the bomb on them.

I had them to write down the things they had forgotten about - especially the boys - I told them they had to have money for dates, clothes, car insurance, cell phone bill, home phone bill, gas bill, light bill, electric, etc. car maintenance etc. and they got the point.

So there are lots of creative things you can do with young people. Remember you are smarter than they are and they see problems a lot bigger than we do. Especially young children.

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