Reply to Do you tell your kids exactly how much you make?

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[quote=Anonymous][quote=Anonymous]Please teach your kids about finances. You can't do that without disclosing the details of your income. My parents did and I was able to put into perspective what it cost to have the type of lifestyle I wanted (we were upper middle class). So many people I grew up with had no concept of how expensive it is to simply live, let buy a home, travel, have kids etc. Without an understanding of what income it took, good or bad, to give them the lifestyle they grew up with, you're setting them up for failure. [/quote]

+1. I plan to disclose more finances (e.g., savings, mortgage, salary, etc), once they are in high school.  Now they are in elementary school and we talk about the price of clothes, vacations, weekly groceries, presents, and day-to-day stuff etc. I really can't imagine letting my children enter the "real world" without a "real understanding" of how much things cost.  Plus, as my parents always noted, you need to disclose income to a variety of strangers: IRS, scholarship people, etc.  Why do strangers see your income and not the people you have to financially educate?[/quote]

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