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As Oprah learned during a discussion with Gayle King, Mark Consuelos and Ali Wentworth, many parents are opposed to talking about income and expenses with their children. What made Wendy and Paul share their financial statements with Kaitlyn and Zach? Wendy says when her teens said things like, "We're poor," she and Paul were insulted.

"I think the kids needed to realize we, first of all, are way better [off] than a lot of other families. They do not go without anything that they truly need," she says. " I think we just really needed to show them how hard we work. ... We work for the house we're in and the neighborhood that we live in and the schools that they go to. I thought it was important that they see what we're doing and providing for them."

Since having an honest conversation about money, Paul says he feels better. "It's more controlled chaos," he says.

While Kaitlyn may not like the situation much, her dad says that's okay. "I think it's a learning experience for her," he says. "It's a part of life at any age."
FROM: The Best Money Lessons You Can Teach Your Child
Published on October 22, 2008