Speaker: Why is it important to teach my kids about money?
Janet Bodnar: Well, I always tell parents that what you want to do is to want to raise kids who have a healthy attitude toward money and the ability to manage it. So that they are off on their own, they don't land back on your doorstep. They can manage money independently. The healthy attitude part is important too because you want them to know that money is a useful tool. You don't want them to be afraid of money. You don't want them to hoard money or covet money or think that it's going to buy them everything in the world or doesn't going to be able to afford to buy everything in the world. You want to teach them healthy attitudes toward money and I think that's really important, as well as financial values. It's not just how to manage the money itself with certain financial values, which can be things like differed gratification, philanthropy, responsibility and those are all values that are not just important for finances, but they are important for life in general. Money can be a stand-in for lots of other things that you do with your life. So if you have a healthy attitude toward money, if you are responsible with it, it can really carry over into other areas of your life.