How to Talk to Your Kids about Money

August 12, 2009

The current economic crisis has everyone on edge. It's more important than ever to talk to your kids about money, and Dr. Phil gives you the tools you need to have that conversation.

 







 

Learning to Say No

Lora and Kris say they want help because their 15-year-old daughter, Katy, loves to shop " with their money " and she doesn't take care of the items she buys. She's already on her second iPhone, second iPod and third laptop! Katy admits she's a little spoiled but says every teenager wants nice things. Lora and Kris admit they have a hard time telling their daughter no. 

 

Are they setting their daughter up for disaster? 

 


 

The Dos and Don'ts

Katy admits she takes money for granted, so Dr. Phil arranges a wake-up call. Financial expert Susan Beacham sits down with Katy to go over the family budget. Plus, Susan reviews the biggest mistakes parents make when teaching their kids about money.

 

 

"You don't get things in life because you're charming. You get it because you work for it."

 


 

The Value of a Dollar

Dr. Phil leads a roundtable discussion about money with a group of fourth- and fifth-graders. Find out their reactions when they learn how many bags of groceries you can buy with the amount of money it costs for an iPod. 

 

 

 

Use Dr. Phil's money lesson as a starting point for your own conversation. 

 


 

Tap Project

Nearly 900 million people in the world do not have access to clean water. In fact, nearly 4,200 children die every day as a result of diseases from dirty water. The Tap Project, a grassroots initiative to provide clean water to children around the world, invites individuals to donate $1 or more for the tap water they usually enjoy for free at participating restaurants or to make a donation at TapProject.org

 

 

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