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Tweens and Teens
Reply to "Affluent parents -how do you handle money and your kids?"
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[quote=Anonymous]I am never sure how to characterize my wealth, we are not super high income ($225,000) , but have a decent size net worth ($3M) due to grandparents. We are in our mid 40s with a 12 year old. What we do is make it known that we have a budget that is in line with our priorities and share some pieces of it with her. We only discuss our allocation of spending money after 25% comes off the top for retirement. After that and taxes and charity, there isn't too much left for indulgent spending anyway. But even if there were, I think the approach we take is to talk about the fact that money is a limited resource and we have to prioritize our spending. The fact is that unless you are extremely wealthy, everyone has to prioritize. [/quote]
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