This is my first MoneyWatch101 kids and money interview session. The first kid to be tortured with these great money questions is actually my 13 year old daughter. I am looking forward to doing these more often and also hopefully parents can interview their kids, see questions here for the a future featured post about your kids. (Email me the answers)
I want all kids to get a solid foundation with finances before they head out to college and get in over their heads with financial matters that could have been avoided. It will be all on my shoulders to help my kids find the best path for financial prosperity. I hope you can do the same as well to help your kids succeed.
Kids and Money (YR):
= What is money?
Money is a piece of paper that gives people power. It also is something that can help people buy things.
= How much money would you need to pay for you home?(Monthly or Annually)
If I were to guess a monthly number I would guess 10,000 dollars a month.
= Do you know what debt is?
Debt is the thing that happens when you borrow money, umm like a loan.
= What do you want to be when you’re older?
Marine Biologist
= Do you know how much that career pays?
I will have to guess about 120,000 thousand dollars.
= Could you save a dollar a day if you could? How?
Yes. I will take 1 dollar and put it in a piggy bank.
= Are you saving up for anything right now?
Yes I am. It is a 69 Camaro convertible color glacier blue.
= What is Cash flow?
When money flows. (Great Answer -Made me laugh)
= Will you go to college one day?
Yes hopefully I can get a scholarship to Duke University.
=What is Retirement?
When your old and you stop working and you get money. (Ha Ha)
This is the end of my first kids and money interview. I must say I think she answered the questions very intelligently. As I mentioned above I hope with these questions to teach all my kids to be great with their finances. I believe the secret is to make them independent at an early and reasonable age.
One thing that happened during the interview was a change of answer #2 from 10K answer to 5K after she realized the possible income of a marine biologist equaled the yearly house payment. Exactly what I wanted to occur during this interview, it got her to analyze money and her future possible income and expenses. As she ages I will change the questions and give her further advice.
Comment on anything related to the interview.
Rich Uncle EL
I think personal finance should be taught in middle or high school. Every kid should go off to college knowing at least the basics of personal finance. Nice job!
Yes I agree. I feel they are slowly integrating some form of personal finance in classes now a days. I just hope the kids remember those lessons.
Love the retirement comment! If only it were true that money magically got paid out to those that leave the workforce.
YEs I know Social Security and the 401K are the two most relied upon financial vehicles for retires to have some dollars.
I definitely wish I had more financial education when I was younger. I can only imagine where I would be and know if I knew back then what I actually do know now!
I know what you mean, when I look back at the past I ask myself what was I thinking.
I think she did a pretty good job for only being 13! Isn't it great that our kids can learn these things earlier than we ever did!?!
My recent post $1,000 Challenge – Final Report!
Yes I agree, I was surprised by some of her answers. That is the plan for the kids to be better off than us.
Hilarious! I love things like this including shows when they interview kids. Make me laugh.
My recent post Family Matters – How Does Your Family Treat Money and Debt?
I agree I have a part two coming soon with my niece. Thanks for the comment, talk to you soon.