I had to have "the talk" with my 17 year old son

[crunching_numbers]

My oldest, who is a senior in HS, just got hired for his second job, working "regular hours, PT" at the UPS.  His first job, working at the McD's, only got him 4 or 6 hours a week, which didn't even cover his gas, much less his part of the car insurance.

So, we sat down and had "the talk". yep- we discussed money: savings, retirement (don't laugh- I wish someone had made me think long term when I was a teen), tithe, fun money, expenses- now and when he starts school in the fall, budgeting....  and "credit" and why he should not apply until he has some savings built up.  They cover some of this stuff in school in consumer ed, but not enough to keep you out of trouble. 

Anyone else sit down with their teen? How did it go?  We are going to need to go over more in the near future, but I definitely gave him some stuff to consider.

[Repo-ed]

I wish my parents had this talk with me intead of feeling the "birds and the bees" was far more important.  If I can't handle my fiances, no way I can handle a kid.

[FrugalRican]

I wish I would have had that talk rather than learning on my own at around age 29.

Kudos to you for engaging in that so early.

[Erica1]

I also wish that my parents has had this talk with me. I guess no one ever had the finances talk with them & they just figured its something you learn on your own. Well, I did, just a few years too late. Hopefully now that he has a good idea of finances he will avoid having to rebuild like so many of us on this board and will start with a good foundation. Kudos to you for having the forethought to give him that foundation at an early age!

[casmith1980]

I feel like I am constantly having this "talk" with my stepson.  He's almost 17, and I'm trying to explain to him the costs of living.

My parents alienated my twin sister and I from the actual costs of living and it was an eye opener for sure when I decided to move out at 18.  Sure, I knew I would have to pay rent and utilities, but I never knew the REAL cost of all that. 

I think by having these kinds of talks with your children, they (hopefully) gain a respect for the parent as well when they realize how much money goes into the cost of raising them and buying their name brand clothes.  I look forward to having this talk with my son (almost 13) in a couple years...it sure beats having to do the "birds and the bees" talk....no boy wants their mom to tell them about girls

[IOBA]

Lol - I had the talk with the kids when they were small.   The rule was 1/2 went into savings.  Period.   My youngest decided to challenge this and say it's not fair.   

I said ok, gave him his "paycheck" minus taxes.   heheehehe...he was livid!   I explained to him that if he wanted to treat his money as a paycheck (for doing chores) and he would refuse to save half, then taxes get taken out.    Call if Mommy Government.  

I told him he had to file for a tax refund at the end of the year.   I tell you, to this day, he remembers that lesson.   He never did file for a refund (Uncle Mommy took out about 40% in taxes).  He will save, on his own.  We have no issues anymore.   He's even learned to budget and to plan ahead for expenses.

[Anonymous]

+100,000 to this thread, very much.

It's silly how many of us fall for the easy credit when we are young... No one has the perspective to really understand what 2,7, or 10 years means... Much less 30!

IOBA, I'm curious what kind of "mommy government" programs were funded with this tax revenue windfall!

[k_dub01]

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@Repo-ed wrote:

I wish my parents had this talk with me intead of feeling the "birds and the bees" was far more important.  If I can't handle my fiances, no way I can handle a kid.

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+1...I wasn't even interested in kids when I got the birds and the bees talk...a finance talk would have been 10x more beneficial to me

[Adalen]

My dad does taxes on the side and gave me this talk way too late, haha.  I was 19 when I destroyed my credit and now, at 28, I have a kid of my own who I am DEFINITELY giving this talk to.  He already has a savings account and I told his dad we are NOT telling him how much is in it by the time he's old enough to start saving money.  We'll just plan to give him an allowance and he can put half in savings every week.

He's only four months old right now, so we'll see how that actually pans out.

[IOBA]

cassembler - hhmmm....I guess I can spend the money now, huh?  It's been 7 yrs, past the SOL.     

I might treat myself to a nice Starbucks coffee...it benefits everyone.  

I actually put the money into his savings account, but one he didn't know about.  So it's paying for school.