Letting kids know when things are expensive vs. hush-hush

Gregg Murset, CFP Founder & CEO of MyJobChart, shares advice for parents on how telling your children when things are expensive can help to teach them the value of money
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Letting kids know when things are expensive vs. hush-hush

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Parents often wonder, how do they teach their kids about money in their own house and let me liken it to this: If you were having relatives come over to your house, would you just leave it kinda messy or would you go and clean up, tidy up, get things organized and get things presentable for your guest? Well, we definitely do that. We clean up, and we've even painted a the room. But when you do that, then you can invite your guest into your house and I think that's the same thing you have to do with your kids. You have to invite them into their financial house which is where they live, right? So you need to talk to them about how much things cost, like the electric bill. I mean, do they really understand how much that costs every month? And when they do, they're gonna really start understanding how important it is to maybe close the door when they go out or turn out the light when they leave the room. Or you need to talk to them about big ticket items like your family vacation. "We're going to Hawaii and it costs a lot of money," and tell them how much the hotel costs, and then they'll appreciate it more. So I think that's how you teach kids about money in your own home is, you share. You invite them into their own financial house which is your financial house, and you share. Now, you don't have to tell them everything, you don't need to tell them every single detail of your financial life, but you do need to let them know enough to where they start putting these thing together and understanding them so that they can make good decisions when they become adults as well.

Gregg Murset, CFP Founder & CEO of MyJobChart, shares advice for parents on how telling your children when things are expensive can help to teach them the value of money

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Gregg Murset, CFP

Founder & CEO, MyJobChart.com

Gregg Murset, CFP, is the father of six children, a Certified Financial Planner and the Founder and CEO of the fastest growing website, MyJobChart.com, which teaches kids about work and money.

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