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There's money and there's sex: two subjects parents often find difficult to talk about with their kids. But author Ron Lieber argues that parents should talk to their kids about it, even their very, very young kids.
Ron Lieber, author of the "Your Money" column for The New York Times and the new book "The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money."
John Spooner, investment adviser and author of several books including "No One Ever Told Us That: Money and Life Letters to My Grandchildren." John Spooner is also a WBUR board member.
- "Your children deserve to know what you make, too. It may sound improbable, but you can begin to initiate them when they’re as young as 5 or 6, building their knowledge slowly and giving them the real answer while they’re still teenagers. Handle it right, and it will be one of the most valuable lessons of their childhood."
- "No chores necessary. This is the method that Lieber and his wife use. They give their 7-year-old daughter $3 a week, which she divides in thirds. She puts $1 into a 'spend' jar to buy anything that she wants, $1 into a 'save' jar for medium- to long-term goals and $1 into a 'give' jar that ultimately goes to a cause of her choosing."
- "There’s so much financial illiteracy on the part of the young, and so much illiteracy about lots of things that nobody had told them growing up or if parents did tell them, they kind of blew off what parents say. That really rang a bell with me, that we had to fill a need for education for the young."
This segment aired on February 6, 2015.
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