Do your kids know how much money you make? If not, and they asked, would you feel comfortable telling them?
My hunch is that the most common answer to both these questions is “No.” Talking about money is such a strong taboo that it often keeps us from sharing information about our earnings and net worth even with members of our immediate families.
Yet being honest with children about what we earn and how we spend it is a perfect opportunity to teach them important life lessons about money. Here are a few suggestions to foster those conversations: