All parents want their kids to have the skills they need to thrive in the world. But, while most parents feel comfortable talking about the importance of safety, health, schoolwork, and relationships, when it comes to the importance of money, many fall silent. Perhaps that's because money can bring up extremely strong emotions. How much we have or don't have, and how our income compares to that of others, can be a source of shame-whether we perceive ourselves as having too much or too little. Parents often find themselves fighting over finances, leaving the impression on kids that money causes conflict. In my role as the personal finance columnist for The New York Times, parents often ask me for advice. Here are some tips: 1. Talk about money and your values around money. 2. Give children money to manage on their own. 3. Teach kids to spend wisely. 4. Put kids to work. 5. Teach kids the importance of giving. 6. Practice gratitude. While these tips aren't foolproof, parents who follow them have a better chance of raising children with a wise relationship to money. It's up to all of us to make sure our children understand our values and know how to save, spend, or give away money in a way that is consistent with those values. If we all approached the topic with more honesty and openness, we might avoid a future where children end up either crippled by debt or thinking that everything should come to them on a silver platter.
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