Originally Posted by Koolau
Having "the talk" about family finances may depend upon the "child." Our son spent his money as fast as he got it and NEVER understood why we wouldn't buy him every "toy" his friends at school had. Of course, he never understood what it cost us to move school districts to get him into the best school in the county and one of the better schools in the state. When the latest software for a Gameboy cost $50 and our house was worth $150K, our son's pea-sized financial brain could not see why HE had to earn the money to buy his own games.
That's why I think genetics plays a large role in how well some people can or cannot handle money. I see this all the time in family members. One of my nephews is a financial train wreck, his sister is doing quite well. Both raised in the same house, same parents, etc. Go figure.
Of course the kids have to be exposed to doing it the right way, only some are going to learn it on their own. But clearly some will never learn it no matter how hard the parents try.