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View Poll Results: Do you tell your kids your salary?
Yes I tell my kids my salary 24 18.05%
Sort of, I tell them ballpark figures 35 26.32%
No, they do not need to know 57 42.86%
Other - always an other! 17 12.78%
Voters: 133. You may not vote on this poll

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Old 02-22-2013, 10:17 AM   #31
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I have discussed what we earn with my kids in terms of teaching them about finances, money management and career choices. At 15, they are both earning their own money now and it feels good to them, as a start. We have been talking about college costs and they understand how steep they are, which has helped them stay motivated to do well in school, etc. I think it's necessary for them to understand all this in today's world, especially given the tenuous economic climate we live with, so I don't have an issue with what the teacher said.

Last night we were watching the news when they showed a youth group protesting at our state house for "money for more jobs". My DS said, perplexed, "Where do they think that money is going to come from?", and I realized he's been paying attention.

momtorb, I think your having your kids pay bills with you was a great idea!
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Old 02-22-2013, 10:18 AM   #32
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Mine know, because they've talked about entering the same careers and are all teens and twenty something's. the teacher is ridiculous though.
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Old 02-22-2013, 10:20 AM   #33
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I don't think I've ever told them an exact figure but ballpark number, sure. Especially the older kids. As they were growing up I was much more concerned that the realized how much things COST. I think children do need to know what various jobs pay and how that effects family lifestyle. An 8 year old doesn't necessarily need to know the family Adjusted Gross Income but he/she should realize that houses, cars, and food aren't free.

Personally, I see way too many 25 year olds that think they are going to live a $180k lifestyle on their $45,000 a year jobs.
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Old 02-22-2013, 10:34 AM   #34
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They do not. They are only 9, 6 and 3. I make quite a bit more then my dh and honestly they don't need to know that.

HOWEVER, when my kids are older... say late teens, early adult, I will likely share with them what we both make. Its not some sort of huge secret, just something that I'm not comfortable sharing with them before they are old enough to know to keep it mum.
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Old 02-22-2013, 10:34 AM   #35
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An additional thought... Last night My DD and I were up late talking and I read her the thread on the single parent needing lunch and field trip money, and asked her to think about, as a parent, how she would handle that. (She's been thinking about parenting issues more as she babysits.) We also talked about kids at different ages and whether knowing about the money difficulties might cause some anxiety, and if so, would that be a reason not to know, and/or what could be done about that, etc. I, personally, enjoy talking about these types of things with my kids as it helps them to learn to think critically, and hopefully the'll be prepared for dealing with situations they'll face as they get older.
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Old 02-22-2013, 10:37 AM   #36
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Quote:
Originally Posted by Micca View Post
When you think about it, how are kids supposed to understand the financial workings of a household if they don't know how much money it takes to maintain an environment similar to what they are growing up with?
This is exactly why we will be open with our kids about our finances. DH and I are blessed with a much higher than average income. We live a very nice lifestyle. It is important to me that my daughters understand that this isn't typical of most people, and that they certainly won't be able to replicate it once they are on their own. Hopefully, our frank discussions will help them choose their careers wisely and be more realistic about their expectations of what life will be like once they are out of college. I feel that it is even more vital that we have these discussions as we live in a very affluent area and virtually everyone they know in their day-to-day interactions is well off. It is super-important to me that they understand that this is not typical, nor a given.
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Old 02-22-2013, 11:01 AM   #37
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My sons are now young adults and still don't know my exact salary but I think we've done a decent job with letting them know the cost of their lifestyles. Now they do know a few things.

1) how much food cost. when my kids were young we took them food shopping with us constantly and then we began sending them to the store by themselves.
2) they also know what our monthly house hold bills are. LOL. when I scream at them for taking 45 minute showers I show them the water and gas bill. When they turn on the tv, every light upstairs, and the stereo all at the same time, while on the computer Ilet them know how much electricity cost.
3) now that we are discussing careers and salaries we talk about mortgages etc etc
4) of course like most teens and young adults, they want new cars and not just new ford fiesta's , LOL oh no my kids want new BMW's. So whenever they'd start talking about new cars we'd simply go on line calculate up new car loan, insurance etc etc.

tons of ways for them to get a realistic idea of household budget without disclosing my salary. as a general rule I don't go around asking folks howmuch they make and I wouldn't want my kids disclosing that type of information.
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Old 02-22-2013, 11:09 AM   #38
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My kids are 22, 20, and 15, and they all know the ballpark figure. The older 2 know pretty exactly because of their FAFSAs. I think it's important for teens to have a rough idea of what various careers pay and what it takes to maintain a certain lifestyle.
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Old 02-22-2013, 11:20 AM   #39
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My kids have never asked, but they know that we make substantially less now then we did just a few years ago. The older one knows that we are working very hard to pay off a lot of debt that was based on bad decisions.
I don't think I would tell them a specific amount because the younger one would immediately broadcast that information all over school, but we have done a lot of talking over the last couple of years about budgeting and financial decision making.
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Old 02-22-2013, 11:52 AM   #40
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My children don't know how much their father's salary is, but they do know what my hourly wage is (I am an RN). I don't need them telling the neighbor kids our financial business . I share with my friends my income (and they share too), but none of us share what our spouses bring home.
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Old 02-22-2013, 12:05 PM   #41
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Absolutely.

Talking about Money is such a taboo. I think most people are more comfortable with talking about sex. Personal finance is mostly about behavior. My daughters are 10 and 8. They know what we as a family earn. They are part of the budget decisions. And they earn a commission in which they must save a portion, give a portion and spend. It will increase in responsibility as they get older. My husband has 2 adult children who weren’t provided with that framework and we are saddened by their choices. They have a big hole to work against in being successful financially. More concerned with instant gratification than long term goals.

It is scary thinking of how many people are unprepared for financial responsibility when they enter adulthood.
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Old 02-22-2013, 12:07 PM   #42
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Quote:
Originally Posted by jeepgirl30 View Post
My DD kept asking me how much i make exactly. I told her enough that we can pay the bills, do some extras and take a vacation each year. I do review with her what things cost, like electric bill, gas, groceries etc but I do not tell her my salary. To me that is very private info. I don't want her going around telling her friends or my friends.

This morning she got really mad and said her teacher said by this age if the kids don't know how much their parents make there is something wrong.

I never had a clue how much my dad made. Never asked. I knew he worked hard and money had to be managed but I knew i had a roof over my head, clothes on my back and food.

I think the teacher is wrong to make that judgement call. Am i totally off base?
How old is your DD? How does she know how to budget if she doesn't know how much to start with to begin with? I plan on sharing that with my DD10 in a couple of years. I plan to tell her it's private family information that does not need to be discussed. If she happens to tell friends, oh well. Not really a big deal to me.
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Old 02-22-2013, 12:29 PM   #43
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Although we've never tried to hide it, we had no reason to give that information to our kids until they were seniors in high school and we were filling out the FAFSA for college expenses.

At that point, we wanted them to be fully aware of our financial situation. We gave them access to the entire form, but basically told them "here's the deal. We make x, x is taken out for taxes etc. making our take home about x. We've saved x. So you have x amount towards your college from us each year for four years as long as you are keeping up your grades etc."

I WANTED them to know that this money wasn't just dropping out of the sky, but was a very big part of our income. I also wanted them to know that the number, just enough to cover a state school, wasn't random, but carefully planned out and sacrificed for.

Prior to that, they could have figured it out fairly easily based on our career choices. Both of our salaries are public record. We also leave some of our financial records around the house - they could have easily opened our checkbook and seen how much is deposited each month.
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Old 02-22-2013, 12:30 PM   #44
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My kids do not know how much $$$ we make, or how much $$$ we have. And, they won't. They DO know that they are more fortunate (money wise) than the vast majority of their friends, and certainly more fortunate than 99.9% of the children in the world. They do not need to know the precise dollar amounts in order to understand that any "problems" they have are first world problems....if you have to worry about whether you have fresh water, a roof over your head when it rains, or enough food for three meals a day, then you have REAL problems. Everything else is just trivia in the scheme of things.

I checked other.
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Old 02-22-2013, 12:43 PM   #45
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Quote:
Originally Posted by disykat
Although we've never tried to hide it, we had no reason to give that information to our kids until they were seniors in high school and we were filling out the FAFSA for college expenses.

At that point, we wanted them to be fully aware of our financial situation. We gave them access to the entire form, but basically told them "here's the deal. We make x, x is taken out for taxes etc. making our take home about x. We've saved x. So you have x amount towards your college from us each year for four years as long as you are keeping up your grades etc."

I WANTED them to know that this money wasn't just dropping out of the sky, but was a very big part of our income. I also wanted them to know that the number, just enough to cover a state school, wasn't random, but carefully planned out and sacrificed for.

Prior to that, they could have figured it out fairly easily based on our career choices. Both of our salaries are public record. We also leave some of our financial records around the house - they could have easily opened our checkbook and seen how much is deposited each month.
The fafsa was probably the first time we went into in depth, too.

I don't have a clue what them knowing that they are better off than most children has to do with it.
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