From Barbies to Bankrupt

From Barbies to Bankrupt

Thursday, November 29, 2007

With high gas and food prices, Moms aren't the only ones in the red. In fact, three out of 10 teenagers admit to being in debt. A 2007 Charles Schwab survey on Teens and Money finds that many teens are actually motivated by their parents' behavior, with one in four saying their parents are more likely to use a credit card than cash. Is the best way for parents to teach kids about money being honest about their own choices and challenges?

We wanted to know how Power Moms broach the topic with their own children. Friend of Mom•Logic Judge Jeanine Pirro is a mother on a mission when it comes to her kids and money.

Power Mom and Editor-in-chief of Essence magazine, Angela Burt-Murray, says her boys are learning life lessons along the way.

"We're having conversations about money in our house. My boys want a Wii, but we tell them that we're not getting one, they need to buy it themselves. They have their own bank accounts, and our rule is that they can't spend more than half of what they have in the bank. It's really difficult raising kids in this world of debit and credit cards, because it gives them a false sense of what money really is."

Are you a money whiz or a financial trainwreck? Do you teach (or plan to teach) your kids the value of a dollar? Go to our Mom•Logic community and share with other Moms.

filed under: moms are talking about

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FIRST COMMENT! Oh, and teens should be given a budget. I’m 13 and I have one. I lost my iPod recently and I have to earn the money to replace it myself. another girl in my class got an ipod touch just because she asked and said pretty please. Another girl in my class has to literally fight for what she wants with 3 younger brothers. I’m lucky because my mom (my dad lives away from us) taught me to be frugal and responsible. I always had to earn things I wanted, from candy to my iPod. And working for it makes it so much sweeter than saying “pretty please?” or fighting for it. I’m a lucky kid.

- iHateMiley

Posted 02/19/09 03:53 PM