Why You Should Tell Your Kids How Much Money You Make

It’s about time we address the financial family secret. My parents never told me how much they made so I just assumed I could spend until they told me to stop.

Pro Tip: Not a good idea!

While ignorance may seem like bliss to our little tykes, not knowing where they stand — what is okay to ask for, and what is not — can set them up to become entitled or spoiled. Nobody wants this, especially you. When your kid knows what you’ve budgeted for games or entertainment, they’ll learn how to prioritize their wish lists and take on weekend jobs to earn money to buy things. It takes you out of the line of fire and forces them to come up with a strategic plan. The way I see it: it’s a win-win situation.

[Source: New York Times]