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Old 05-09-2008, 02:56 PM   #81
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Soooo..... does she just sense that you make a good living? Or did you share financial information? You know, actually show her the add up of your total net worth, your check stubs, etc.

I think most have agreed it's good to discuss finances in general with the kiddies, but OP wants to know if we share our detailed salary and net worth information.
The intent is to show net worth, income levels, consumption levels, investment details, education fund details, etc.. when she is ready to comprehend these things (she's only 9 right now). She knows we make high incomes BUT spend cautiously. We're teaching her the basics of equity investments on top of compounding interest.

So we're easing her in as she becomes more mature and able to better comprehend. In our neighborhood, its way too easy to become a spoiled brat so we're doing our best to instill down to earth values. We're happy at how she's responding.
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Old 05-09-2008, 11:07 PM   #82
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As a child I just knew we couldn't afford anything. March of Dimes wanted us to bring dimes to school for them, I told the teacher I wasn't going to ask, our family didn't have extra money. She told my mom they shouldn't tell us if they were having financial problems. I always heard we couldn't afford things, mom saved dimes but said every time she got ahead one of us needed shoes. I wanted to join a club, they didn't want me to because there was a uniform to buy, I promised not to ask for a uniform. Then I did ask and they bought me one but the shoes were $13 and mom never paid that much for a pair of shoes. I wore the soles out and stuffed the shoes with cardboard so I wouldn't have to tell them, I was on a drill team so it was hard on the soles but the tops were perfectly shined. Mom caught me cutting cardboard and I got new shoes that same day so we could afford them.
Mom is 81 now and selling her house to go live with my brother, she crunched her numbers and said she will save $500 a month and can live in assisted living 12 years if she needs it. I do her taxes and my brother can sign her checks and helps her if needed reconciling or renewing CDs, mom will not invest.
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Old 05-10-2008, 01:00 AM   #83
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That brought back memories... during one of the toughest financial times my family had while I was in grade school, we really needed a pencil sharpener but my single mother couldn't afford one. Yet again we did a pooling of resources, and my mother, myself, and my sister all chipped in to buy a crank style pencil sharpener. My parents tried to keep us insulated from financial issues but it's not something you can sweep under the rug when the electricity company turns off the power, or the phone service gets switched off. I remember coming home from school and finding a foreclosure notice stickered on the front door more than once. Yet my parents always managed some heroic save.

It's easy to complain about how hard it is to live free on only 1.3 million, but it's good to remember where I came from. I like the sig I see here sometimes "you have a good life now".
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Old 05-10-2008, 07:22 AM   #84
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One of the greatest advantages to growing up poor is that we already know all the tricks to LBYM and making ends meet no matter how bad it might get.
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Old 05-10-2008, 10:15 AM   #85
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One of the greatest advantages to growing up poor is that we already know all the tricks to LBYM and making ends meet no matter how bad it might get.
Or it motivates you to not go back to being poor again
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