Crazy Things Your Kids Think About Money

 

Tooth Fairy money, cash, dough — there’s plenty of names your kids know for money. As your kids grow older, it’s important to test and help them grow their money IQ. Watch what these kids had to say when asked about cash, tuition and taxes.

Related: Why I Pay My Kids an Allowance — and You Should Too

Winnie Sun: Do you talk to your kids about money? It’s one of the best gifts a parent can do for their child, giving them the tools of financial independence. There was a recent study done by T. Rowe Price on parents that showed that actually 41 percent of parents avoid talking about financial matters in front of their children. And in fact, 37 percent of parents don’t even talk to their kids about paying for college — their college. So I thought it might be interesting to show you what your kids might actually be thinking about money.

Winnie: Why do you think we have money?

Female Child: Sometimes we use it for, um, spending, and sometimes to save it and all that stuff. It’s just money.

Winnie: If he said, “How do I save money?” What’d you tell him?

Male Child: Dad?

Winnie: Yeah, what would you tell him on how he could save more money?

Male Child: Save money. Do not pay anything. Ask your mom or dad to pay.

Female Child: But I have a piggy bank that like doesn’t have a hole on it. I have to crack it when it’s next Christmas. So I think I have like a hundred.

Female Child: Don’t buy any stuffed animals and just keep your stuffed animals at home. Be happy with what you have.

Winnie: Let’s say I gave you a million dollars. What would you do with the money?

Male Child: I would save up for a lot of Ferrari.

Winnie: Well, um, do you drive now?

Male Child: No.

Winnie: Then how would you move the Ferrari?

Male Child: Oh, yeah. Um, I would have — I would hire my dad to do it for me.

Winnie: Take a wild guess: How much do you think it’ll cost you to go to college?

Female Child: A hundred dollars or something?

Male Child: Probably thousands of dollars for books.

Female Child: Five thousand.

Winnie: Five thousand. Oh, that’s a lot of money, huh?

Male Child: I need a lot of money for college because college is really expensive. The books are expensive. I think you have to pay to even go in college, I think.

Winnie: Would you like to know how taxes work?

Female Child: Yes.

Male Child: Awesome.

Winnie: Do you know what these are?

Female Child: Dollars.

Male Child: Could this be — are these fake? They look fake.

Winnie: Pretend that I am the IRS or which stands for the Internal Revenue Service and I said, “Okay, Brooklyn. I’m gonna collect your taxes.”

Female Child: Mm. Oh, no.

Male Child: Mad.

Winnie: Wanna know where taxes go to?

Female Child: Yes.

Winnie: Okay. So the taxes go to the government to pay for things like our schools and our hospitals and our freeways and roads and, you know, the lights to make sure everything works. So do you now feel a bit better about paying taxes?

Female Child: Yes.

Winnie: Now, wasn’t that great? I hope that motivates you to get talking to your own kids about money. But don’t worry — to make things even easier, check out our website at SunGroupWP.com for more tips and tricks on how just to do that.