Should you tell your kids how much you earn?
When I was at a precious young age, not quite when The Mighty Ducks came out but, I imagine, some years before The Mighty Ducks was to come out, I worked up the guts to ask my father what he earned for a living.
My dad is a damn good dad, and he played the part well, not letting what could be an uncomfortable question fester. He answered almost immediately. He made, he said, one dollar each year.
Of course, I didn’t find out then my father’s salary, and even today I’m not sure what he truly earns.
But I was reminded of that story recently when I came across a feature detailing how parents should discuss money with their children – a kind of financial birds and the bees, if you’ll allow – and wondering the big question of them all: should you tell your kids how much you make at work?
For some, the thesis of this post may hinge on one question: when should you tell your kids what you earn?
*Bing: What to teach your kids about money
But for others, it becomes another altogether: should you ever tell your kids what you’re paid as a salary?
Children are observant, of course, and as they age they’re going to get an idea whether mom and dad are rich, poor, or somewhere in between. Simply by the material value of the things at home – the car in the garage, the television on the wall – this is going to become apparent.
Should you ever, though, let them know a number?
According to Jaclyn Weitzberg, the president of financial education company Money MindEd, you should not.
“It’s important to educate your kids about the different salary levels and career choices that can add to higher income,” she tells Business Insider, “but I don’t believe it’s necessary for your kids to know exactly how much you’re earning.”
Surely, some parents tell their children, but it becomes a question of, What is the benefit? Transparency is one thing, but what does a number mean to a child? What does $45,000 or $100,000 a year mean when a simple $1,000 may be all the money in the world?
Instead of sharing a dollar amount, another author, Betsy Brown Braun, says, help them understand what money means. Tell them, “I make enough money so that we can afford to pay all of our bills, pay for the car … ” Plant the seed that people work to earn, so they can pay for the things that help them live.
Would you tell your children how much you’re paid? If so, at what age? If not, why not?
By Jason Buckland, MSN Money
Posted by: kevin | Sep 6, 2012 5:59:03 PM
kids are noisy the will find your pay stubs or bank statements if mailed to your home kids just know to much today
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Posted by: Entitled ??? | Sep 10, 2012 7:45:07 PM
Tell 'em you make enough to keep a roof over their heads, food on the table and some TVs and computers to keep 'em occupied and entertained. Then tell 'em that any extra cash you have is due to hard work and send 'em outside to do some chores is they want any of that.
Posted by: Dean | Sep 11, 2012 7:04:12 AM
My 2 oldest knows how much my wife and I earn. They also know how much many of my non frugal relatives earn. It shows them how much you earn is not always proportionate to how much you have.
We earn less than half of what my brother in law and his wife earn BUT we have a house worth 5 times as much and no debt as our home is paid for. . We also do not have a 65 inch tv or go buy every gadget that comes along nor do we ever eat out or spend $5 on latte at Starbucks.
Posted by: don | Sep 11, 2012 4:59:09 PM
I told my kids in their teens, when their wants were unrealistic for my income. Along with telling them what we made, we also told them what we spent and where it went. I would not give out one number without the other. This opened a discussion on money and proper money management, including saving for retirement. My children both opened RRSP's when they first started working and continue to contribute every month.
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