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Fiscally Sound Kids

Jean Chatzky
It's hard enough as an adult to determine the difference between the things you need and the things you want. When you're a child, making the distinction is even harder, says child psychologist Dr. Dan Kindlon. Jean talks to Dr. Kindlon about how to raise your child to know the difference between needs and wants, and to grow into a young adult who contributes to society and feels they can make a difference.

Dr. Kindlon says parents who give their kids "TLC"—time, limits and caring—will automatically pass on their values to their children. Here are Dr. Kindlon's suggestions for how to help children make the proper choices:

  • Spend time with them, especially at meals. According to Dr. Kindlon, children who eat dinner with their parents are far better off as they get older, and less likely to fall into drinking, drugs and depression. Not home in time for dinner each night? Plan a family breakfast.
  • Give them limits. Set a bedtime, a curfew, and give them responsibility for cleaning their own rooms. If you don't expect your children to be responsible at home, how will they ever take responsibility in the real world?
  • Care for them, but let them learn, pick themselves up and understand their own power and potential—without your help.
Related Resources
  • Tough Times, Strong Children: Lessons from the Past for Your Children's Future by Dr. Dan Kindlon
  • Alpha Girls: Understanding the New American Girl and How She Is Changing the World by Dr. Dan Kindlon


The information provided here is general advice and you should always consult your own financial adviser before making major financial decisions, including investments or changes to your portfolio. The opinions expressed by the hosts, guests and callers to Oprah Radio are strictly their own.