Raising Financially Responsible Kids
New York Times columnist Ron Lieber shares tips from his new book
March 28, 2016
Earlier in March, the Seleni Institute was honored to host New York Times money columnist Ron Lieber to talk about his most recent book, New York Times bestseller The Opposite of Spoiled.
In an informal lecture and subsequent Q and A, Lieber discussed the role family finances plays in developing a child's ability to manage priorities, save wisely, and demonstrate compassion. Lieber highlighted that conversations about money provide important opportunities to discuss, in tangible terms, the relationship between family finances and family values.
On a practical level, Lieber recommended giving children an allowance (not tied to household chores) to manage independently. He suggests giving children three glass jars labeled "give," "save," and "spend," and then letting them decide what portion will go into each jar. As children are empowered to make their own decisions and allocations, Lieber found they are better equipped to manage finances, are better at saving, and become smarter about money in general.
At Seleni we know that open discussions with our children are key to communicating what we value, and we thank Ron Lieber for sharing strategies about using finances as a catalyst for deeper conversations about working together as a family.