Helpful questions to raise with your kids on topics ranging from Earning Income to Using Credit.
Earning Income
Does my kid know the average income for a job they would like to get?
Can my kid make decisions about the costs of education and how much they will earn by attaining that education?
Does my kid have a general idea of what income taxes are?
Buying Goods and Services
Is my kid aware of their spending and the value of money?
Can my kid comparison shop?
Does my kid do research before making a large purchase (e.g., learning about the product or the company producing the goods/services)?
Can my kid make informed decisions about a purchase? For example, can they determine if it would be better to lease or buy a good?
Saving
Does my kid know the value of saving now to have a greater amount in the future?
Does my kid understand that what money can buy today will be less in the future because of inflation?
Using Credit
Does my kid understand the cost of credit? Do they understand how interest rates work and when fees may be incurred?
Does my kid know what a credit score is and what may influence that score?
Can my kid determine when using credit may be to their advantage or disadvantage?
Financial Investing
Does my kid understand that there is a tradeoff between risk and return?
Does my kid understand what risk diversification is?
Protecting and Insuring
Does my kid know what types of insurance exist?
Does my kid have a general understanding of why people get insured?
Does my kid know their insurance options and what is covered?
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