So, these are rules that maybe we should all live by to a degree: There were 15 rules, but these are the ones that I think are the most valuable.
These are things you should teach your children (or grandchildren if its too late for the children)
- SPENDING MONEY HAPPENS ONLY AFTER YOU EARN IT.
- GOOD GRADES ARE EXPECTED AND HELP AROUND THE HOUSE IS SIMPLY THE PRICE OF FAMILY LIFE. (read, you don't have to pay kids for grades and chores)
- WHILE 16 IS GENERALLY THE LEGAL AGE OF EMPLOYMENT, ENCOURAGE KIDS STARTING AROUND AGE 13 TO THINK OF WAYS THEY CAN EARN AN INCOME.
- GUIDE AND ADVISE YOUR KIDS ABOUT MONEY, BUT DON'T DICTATE.
- ONLY 50% OF THE MONEY PUT INTO A PIGGYBANK CAN BE TAKEN OUT TO BUY SOMETHING. AT LEAST HALF MUST REMAIN INSIDE THE PIG.
- CHILDREN SHOULD HAVE THE RIGHT TO SCREW UP FINANCIALLY SO THAT THEY CAN LEARN FROM THEIR MISTAKES.
- PARENTS DON'T HAVE TO SAVE EVERY LAST DIME A CHILD WILL NEED FOR COLLEGE EXPENSES, YOU ONLY HAVE TO SAVE UP TO YOUR ABILITY OR DESIRE TO PAY.
- ONE OF THE GREATEST GIFTS YOU CAN GIVE YOUR CHILD IS YOUR OWN FINANCIAL SELF-SUFFICIENCY WHEN YOU'RE OLD.
- AT SOME POINT, YOU HAVE TO TELL YOUR KIDS THAT THE BANK OF MOM AND DAD IS OFFICIALLY CLOSED.
If you want to read this whole article, you can find it in the Ct Post, Sunday edition on theWall Street Journal page.