Here’s Why You Should Tell Your Children Your Income

Parents should tell their kids their incomes after a decade of preparation, said Ron Lieber, author of ‘The Opposite of Spoiled.’ Lieber added that kids are curious and it is a parent’s job to teach their children what it takes to maintain their lifestyle. He said the ‘Opposite of Spoiled’ is a constellation of values, virtues and character traits that add up to a grounded young adult. He said allowances teach patience and delayed gratification, and studies have shown that allowances help kids develop good financial habits. Finally, Lieber said parents should let their kids work after school because it teaches them what it is like to have a boss other than a parent.

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