Teaching Children the Value of Money
Lisa and Dr. Oz have three daughters and one son. Lisa wants to know how to teach her children to value—but not overvalue—money. Jean says in order to get kids to understand and appreciate the value of a dollar, parents need to make sure their children are working. Whether you have them work in the home for an allowance or outside of the house with a job like babysitting, working is essential, Jean says.
Jean also says that tactically increasing their allowance every year, while increasing the number of expenses they are responsible for at the same time, teaches them the value of money. That way, you don't keep giving your kids what they want without them having to earn it.
Lisa wants her children to also understand that it is not healthy to become too obsessed with making or holding on to money. "I view money like water—it's supposed to move," Lisa says. "You bring it into your life, and then you are supposed to send it forward." Lisa says this is accomplished by contributing to charities you are passionate about, helping friends invest and doing something purposeful with the income.