Maybe you and your spouse agree about everything you buy. Congratulations.
But are you sure? Do you ever think a partner's purchase is unnecessary, selfish, and over the top — even if it's more like a haircut that's not at Supercuts than an $80,000 Porsche, a $10,000 racing bike, or a $795 pair of Christian Louboutin platform pumps?
When your kids ask if you're rich (or poor), what do you say? If you're like many Americans, you may cringe. "Before, money and sex were topics people wouldn't go near. Money still is," says developmental psychologist Nancy Kalish. "It's like the last taboo." Be brave. Here's how you can tackle the issue with your teens:
Forget 9 to 5. But should you let your teen work 5 to 9? "There are no hard and fast rules," says DeDe Jones, a certified financial planner and certified public accountant in Lakewood, Colo., and the mother of 17-year-old twins. In honor of Labor Day, here's a top 10 guide to what to think and talk about before your child starts collecting paychecks:
Three in five teenagers get an allowance, according to the American Academy of Pediatrics. Should yours? Probably. "You're trying to instill money management skills," says DeDe Jones, a certified financial planner in Lakewood, Colo. After all, if you teach fiscal responsibility now, you can more easily get your kids off your payroll when they're adults. In the process, you'll teach kids to be responsible spenders, and you'll end constant requests for cash. Here are some tips on handling allowances: