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Personal finance
Course: Personal finance > Unit 2
Lesson 2: Perspectives for families- What does money have to do with getting married?
- How can parents talk to kids about money?
- Top questions kids ask about money (and how to answer)
- How can kids talk to parents about money?
- How can parents talk to their kids about the economy?
- Math behind saving for college
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How can parents talk to kids about money?
With more people relying on credit and debit cards than cash, kids have less awareness of money. Sal Khan, founder of Khan Academy, suggests ways to talk to kids about finances.
Want to join the conversation?
- Would you recommend books that couples should read that focus on financial matters for a prosperous marriage/family? How about recommending tools like apps that track your spending if your not into old-fashion paper-budgeting?(12 votes)
- hello my people(3 votes)
- How do you invest in money?(1 vote)
- Many people are familiar with cash and a cash register.parents can easily talk to kids about money.(1 vote)
- Sal you kinda fell off with this one bud.(1 vote)
- Would you recommend books that couples should read that focus on financial matters for a prosperous marriage/family? How about recommending tools like apps that track your spending if your not into old-fashion paper-budgeting?(1 vote)
- how you slove this(0 votes)
- How do you invest in money?(0 votes)
- How do you invest in money?(0 votes)
- How can this help you save more then you spend?(0 votes)
Video transcript
- When I was a kid we saw
physical money all the time and I would see, you
know, my Mom or my uncles, you know, go to a store and, you know, give a 10 dollar bill and
then get a five dollars and then a little bit of change. And actually, you know, my family, my uncles ran a convenience store and then my Mom kind
of worked as a manager at a convenience store. So I actually saw a lot of, you know, I was very familiar with the
notion of a cash register and how to make change. And actually I thought that was an incredible experience
for me even when I was, when I was very, very, very young. And what I see in my own children is now if we go to a store
or we go to a restaurant I just hand them this piece of plastic. Then the, you know, it kind of
disappears for a few minutes. It shows up again and I just sign it and my kids just think that there's this magic plastic thing
(laughing) that somehow allows us to
eat places or whatever. Or they probably don't
even appreciate that not everyone might be
able to go to a restaurant or be able to buy a certain type of thing. So I find it especially important because it's not as obvious
for this generation. To talk to my children
about what's happening when I give a credit card, when I use a debit card. You know, some parents I think take a lot of satisfaction in being able, in fact, all parents take
a lot of satisfaction in being able to provide
for their children and they don't want, they want to protect their
children from thinking "Oh maybe there's some scarcity," "maybe we can't have everything." But, you know, one of
my proudest moments was a few weeks ago when my son said, "Hey Dad, can we afford this?" And, you know, it was
something very simple. It was like a pencil sharpener. (laughing)
We could afford it. But I just love the fact that, you know, there was this like two dollar thing and my six year old son
was asking that question. Can we afford this? And so, I would encourage all parents. You know, even if, even frankly,
even if you're doing okay. Even if you don't have, you
know, any financial stress. Try to make your kids feel
like you have a little bit.