“Make Your Kid a Money Genius (Even If You’re Not): A Parents’ Guide For Kids 3 to 23” author Beth Kobliner knows that parents will have a talk with their kids about money. It’s never good to lie or ignore because kids are going to find out one way or another. Here she offers advice on how to handle this conversation. Following is a transcript of the video.
It doesn’t make sense to lie to your kids about money.
You know, they will find out. They will find out from friends. They will find out online. And also I think it’s really important to not lie at the moment. It’s an instinctual thing for a parent to say. “Ah, I don’t have my wallet on me,” or, “I don’t have my money with me.” And then the next second you’re using your phone to buy a café au lait and your kid sees it, and they’re like what?
So you want to make sure to be honest. And of they say “Are we rich?” It’s like “Well, let’s think about what that means. We have so much we have a home. We have each other. We have a family.” And especially with younger kids, that kind of what they’re asking to begin with, and giving kids context is so important.