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Topic : 08/12 How to Talk to Your Kids about Money

Number of Replies: 43
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Created on : Friday, March 20, 2009, 12:11:27 pm
Author : DrPhilBoard1
(Original Air Date: 03/27/09) The current economic crisis has everyone on edge. It’s more important than ever to talk to your kids about money, and today, Dr. Phil gives you the tools you need to have that conversation. His first guests, Lora and Kris, say they want help because their 15-year-old daughter, Katy, loves to shop –- with their money –- and she doesn’t take care of the items she buys. She’s already on her second iPhone, second iPod and third laptop! Katy admits she’s a little spoiled but says every teenager wants nice things. Lora and Kris admit they have a hard time telling their daughter no. How will Katy do when asked to balance the family budget? Then, Dr. Phil leads a roundtable discussion about money with a group of fourth and fifth graders. Find out their reactions when they learn how many bags of groceries you could buy with the amount of money it costs for an iPod. Plus, financial expert Susan Beacham shares the dos and don’ts for teaching kids about money. Talk about the show here.

Find out what happened on the show.

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March 20, 2009, 1:33 pm CDT

Doctor Phil Show.

About Doctor How Kids Money Phil/Robin Talk To. Money is everywhere when you are going shopping.------

See you on March Wednesday 25th, 2009. Sincerley Your. Russell Vlaanderen.-------------------------------------

 
March 20, 2009, 2:25 pm CDT

03/26 How to Talk to Your Kids about Money

 I noticed there's mo message board for Wednesday's show. PLEASE, not another Nadya Suleman show! Anything but that. I'm so tired of "Dr" Phil's Nadya Suleman-fest.
 
March 23, 2009, 3:29 pm CDT

How???

How do you talk to your kids about money????  You start by telling them the definition of the word "NO".  It's not rocket science.  You might actually have to tell them the difference between "wants" and "needs".  You might also take them to a homeless shelter where real kids sometimes have to live without credit cards, designer jeans, cell phones, hot cars, manicures, pedicures, tanning beds, hair extensions, makeup, etc.  You also sit them down & show them how much money is coming in each month, & how much goes out, & explain the areas of spending that simply have to stop.  It's really pretty simple.
 
March 25, 2009, 4:44 pm CDT

Doctor Phil Show.

About Doctor How Kids Money Mom Oct Part Phil Talk Three To Uplets. Just in cast your staff change you--

r program. Money is money and kids will be kids as for Nayda Suleman I think that Nayda Suleman has----

gone too far. See you on Friday March 27th, 2009. Sincerley Your. Russell Vlaanderen.---------------------------

 
March 27, 2009, 6:21 am CDT

work

How about having the parents buy  a sewing machine for the daughter. Not too fancy. And Require her to make ALL her clothes from now on. So she has to work and understand a lot more. If she breaks it, then force her to work and pay for it.

My daddy died when I was 8. And mom did not get much money. So if I needed/wanted anything I had to go out and earn it. Started selling items door to door. Later cutting lawns and baby sitting were included.

 
March 27, 2009, 7:24 am CDT

Banking

Using visuals with younger kids is great.  The grocery bags vs Ipod seemed to make an impact on the children in your show.  I may do that one with our kids.   Another visual for kids in this day and age is have them go to the bank with you.  I bet everyone remembers going to the bank with their parents and getting a lollipop.  Trips like this can spark useful conversations about money.  What is a deposit?  How does the ATM system work?  With all the electronic banking options fewer and fewer children go to the bank.  It takes a concerted effort by parents.  Great show...learned a few tips. 

 
March 27, 2009, 7:40 am CDT

No is so easy

I have three young children, aged 6 and younger.  I don't know what it may be like with having a teenager yet.  Maybe it will get harder as they get older.  But for now?  It is the easiest thing for me to tell them no.  Of course, they want every toy they see and we all know that's impractical.  We all say no to the young'uns.  But even with saying "Hey, we want McDonald's tonight,"  we still have to say no sometimes.  Even though they are so young, I still have a very simple explanation.  We can't afford to spend the money right now.  Daddy works and gets paid to work.  He only gets so much.  Right now we have to pay the phone bill and the light bill and we can't spend $30 on fast food tonight.  They may not fully understand all the ins and outs of it, but they accept it.  What we hope is that they continue to accept this as they grow. 

 

And feeling guilty for it helps no one.  I guess I just don't understand the mind frame of someone who would feel guilty for not spoiling their kids and so they DO spoil them.  Maybe that was one of the things I learned from my parents.  They did not teach me ONE THING about money growing up, but they sure did teach me that saying no is a part of life. 

 

If nothing else, I do hope these families learn that much.  Saying no is so easy. 

 
March 27, 2009, 8:21 am CDT

i agree

Quote From: morrang

Using visuals with younger kids is great.  The grocery bags vs Ipod seemed to make an impact on the children in your show.  I may do that one with our kids.   Another visual for kids in this day and age is have them go to the bank with you.  I bet everyone remembers going to the bank with their parents and getting a lollipop.  Trips like this can spark useful conversations about money.  What is a deposit?  How does the ATM system work?  With all the electronic banking options fewer and fewer children go to the bank.  It takes a concerted effort by parents.  Great show...learned a few tips. 

I agree with teaching by example. When my kids were young I took them hunting with me, and as hard as it is for some to think about, my kids seen the animal, in real life, alive one minute and dead the next. Guess what? They never played with a gun. Even though that example is not a bout money the principal is the same as with money. Its also important, especially in our times, to teach a child that material possessions are not as important as the media might have them believe. We need to teach them to live at their means and to give to those who need it more.
"Whoever loves money never has money enough; whoever loves wealth is never satisfied with his income."
-Ecclesiastes 5:10
 
March 27, 2009, 8:28 am CDT

Kids and Money

I have a lot to do today but I was so incensed at today's show that I had to sit and  actually register so I could write you.  You are usually  so right on with your advice, Dr. Phil, but you were so easy and cutesy cutesy with these parents and this spoiled daughter that I wanted to throw up!!  The dad was never made to engage in conversation, the mom was totally useless and the daughter, spoiled beyond belief.  She needs to go live in China for a while where I visited last year,  or the parents could use the money they spend on her for trips that will show her how the needy of the world live. There are families who do not have in their home what his child has in her bedroom!  I could go on and on and on.... but i will just end this because the more I write, the madder I will get.   Just know I was extremely disappointed by this show and your shows are usually not disappointing. they always give good and helpful information.
 
March 27, 2009, 8:44 am CDT

kids and money

 I just finished writing but wanted to share this thought. My sister-in-law, when approached by one of her kids wanting a $50 pair of jeans or other item of clothing or anything else for that matter always responded with, "I'll give you this much towards it, you have to earn  the rest, then you can buy it.  Well, they either did chores at home, worked for a neighbor, got a job, whatever.  They absolutely had to earn 1/2 the price or did not get their requested item.  Many times, she flat out said NO.  Of course, this tactic was according to their ages, but it worked.  Many times, they did not get the item because they did not earn their part of the cost. 
 
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