The YOUTHpreneur Community: Sharon Lechter's blog

Money Talk Question 10: How many of your clothes are from popular brands?

Sun, 10 May 2009 17:33:29 -0600

Ask your kids to physically go into their closet and count out the number of clothes from their favorite brand or two. Is it 30 percent, 50 percent or even 70 percent? Try to find examples of cheaper brands of clothing that are very similar to the one they like. There are many that are very similar in style and fashion, just with a different logo.

Combine it with the previous example and see if they can find their favorite brands at other stores for much cheaper. Show them how they are spending so much extra money simply for a name!

Money Talk Question 9: What is your favorite store? Why?

Sun, 10 May 2009 17:31:55 -0600

You probably already know the answer. Whether it’s Macy’s, American Eagle, Forever 21, Pac Sun or many more, there is usually one favorite store your kids always picks to shop. It may be the ambiance of the store or more likely the brand of clothing they find there.

What you and they might not know though, is that lots of the exact same brands can be found at different stores for half the price! A dress that costs $100 in Macy may be only $40 or $50 in Ross or Marshalls. Knowing that, doesn’t it seem silly not to buy the same clothes at half the price if you can? Be sure to visit some discount stores next time with your kids to find true savings.

Money Talk Question 8: What makes you decide on which pair of shoes to buy, which clothes to buy?

Sun, 10 May 2009 17:27:28 -0600

Most kids will give you two answers; either because it is what their friends wear, or simply because they like it. Both make perfect sense, but the hidden question to this is, “why do you like them?” It’s probably not one they are going to be able to give you a firm answer to, but the answer is most likely because they have been influenced by advertising. Ask them to reflect again on how advertising has been affecting them without them even knowing it. Hopefully they will learn to shop for similar styles that are half the cost.

Money Talk Question 7: Have you ever made a present instead of buying it for someone?

Sun, 10 May 2009 17:23:53 -0600

Some families make this a holiday tradition while others pick up all their presents at the mall. If your kids have never done this before encourage them to.

Think of some ideas with your kids how they might make their own gifts this year. Sometimes the best gifts are the ones we make ourselves and not the ones we buy from a store.

Money Talk Question 6: Do you know how much it costs to fill up a car’s tank of gas?

Wed, 06 May 2009 11:35:51 -0600

Your 15 or 16 year old probably knows this lesson all too well, but your younger children may not. It is never too early to introduce them to the facts that going places they want to go costs money too. Use this as an opportunity to talk about the advantages of having one type of car over another. An SUV guzzles gas but it is often necessary for larger loads. Hybrids save lots of gas but can cost more upfront. Find out how your children might save on gas like consolidating trips.

Money Talk Question 5: Do you know what your parents do to make money?

Mon, 04 May 2009 10:02:02 -0600

Your children know that you work for your money, but most of them won’t know what that actually entails. Explain what it is you do everyday that makes money and pays the bills. It will be a great learning experience for your kids to actually learn the technicals of a day to day job or your entrepreneurial lifestyle.

Encourage them to think of their own ways to make money while you are at it. Teaching your kids what job expectations are and how companies work is important for their entry into the work force. You may find it ignites their creativity to start their own business.

Money Talk Question 4: Do you know that you will see over 40,000 ads before you turn 18 that will make you want to spend money?

Mon, 04 May 2009 09:58:50 -0600

That is a pretty staggering number that most kids (and adults) have no idea about. The number of outlets reaching out to try and steer you towards a purchasing decision are phenomenal, and they are coming in more ways then just billboards, TV commercials and newspaper ads these days. Ask your kids if they know how all these ads might influence them.

Many times you are paying simply for the name on an article of clothing or toy, when there are products exactly the same at half the price! See if you can spot one of these items with your kids.

Money Talk Question 3: Do you know what a tax is and why we have it?

Mon, 04 May 2009 09:53:13 -0600

Many kids simply have no idea. Taxes are a concept more for your children that have a good handle on some basic money concepts. Talk to them about the different types of taxes before they start into part time jobs or their own business.

Your Children may know about some coin terms like Medicaid and Social Security, but not have any idea what these taxes actually do. Explain the different types of taxes to your children and how they might encounter them in their life. From sales tax to income, show how each affects them.

Money Talk Question 2: How could you celebrate when you accomplish something that doesn’t require money?

Mon, 04 May 2009 09:33:38 -0600

The possibilities to do activities without draining your money are only limited by your children's imagination. I am sure from experience you know they have quite the imagination! Listen to your kid's ideas and try to put it into practice it in the near future.

Consider their ideas and actually do them. They might suggest fun and free activities all by themselves in the future. If you can create a reward for their creativity, not only will it fuel their creative potential throughout their life, but you will be establishing a healthy habit for them.

Money Talk Question 1: What is the difference between a want and a need?

Thu, 30 Apr 2009 16:47:42 -0600

As adults and parents, we all have a better concept of wants and needs. Even we have to be reminded at times though, and it is an important distinction that many children simply do not grasp.

Engage in a simple activity to show your children the difference between a want and need. To your children anything they want enough instantly becomes a need. Ask them if they really need those new shoes, or do they just want them? Ask them to think of others things they might want but don't need. It will be a great start to begin distinctions that might help them save money in the future (see my post on the Two Minute Rule) and a great refresher for you too!

You can use the comment field below to let me know how your conversation goes.