How To Prepare Your Kid for The Real World And Lead Happy, Successful Lives

How honest should you be?
When discussing the economy with your kids, how much should you tell them? Janet Bodnar, author of Raising Money Smart Kids, was recently interviewed on NPR about how to explain the economy to kids. According to Bodnar, although it depends on the age of the child, in general you should be honest without overburdening them with scary information they don’t need. If there’s a lay off in your future, explain the situation truthfully while offering solutions (unemployment benefits, for example, or how you’re going to search for another job). As painful as it is to explain, consider it an opportunity to give your kids a real-life lesson about the real world. Remember, the economy may tank but it will pick up again. Your child may lose a job but they’ll get hired somewhere else. Disappointment happens but so does success. Reacting to the pits and peaks of finances is a lifelong process—as you know yourself! Making sure your kids have the personal and professional tools to handle it is the very best thing you can do.