One thought on “NBC’s Today Show – Money Mistakes Adults Pass On to Their Kids

  1. Hi, David- First let me say my husband and I are big fans. We’re looking into buying our second property while turning our first into a rental, and your advice on this has been so valuable. I have some concerns about some of your advice on this segment that I hope you’ll be open to receiving. My field of study concerns child development. I love how you encourage parents to not be shy about finances with their children and to teach them young. I also love that you have your children set aside some money in a giving bank. AWESOME! Since the object of parenting is not just financial education, but also moral and emotional development, may I offer two tweaks to your suggestions to the public? First, instead of having money as the motivating factor for doing chores, perhaps there ought to be some chores that the child does simply because they are a part of the family unit and, because of this simple fact, they need to contribute. Money can be earned by doing additional chores. Second, I was concerned about your advice that the more information you give your child about your financial stressors the better. Yes, they’re going to sense it so it’s better to address it honestly. But perhaps it’s best to limit the information to the basics without going into details about the troubles. (I have a sister who didn’t let our parents know she needed eye glasses because she knew too well the financial stress they were under.) Be honest, but don’t reveal so much that the burden becomes any more theirs to bear than is necessary, and, as you suggested, let them know what steps you’re taking to make it better so they can feel optimistic. Thanks again for all of your fantastic expertise!

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