Don't tell me where your priorities are.

Show me where you spend your money and I'll tell you what they are.

-James W. Frick

Plan YOUR work! Work YOUR Plan!

Thursday, January 10, 2013

Cosby Economics 101

Heathcilff Huxtable may have been the best father many of us ever had. If you are like me, you learned many important life lessons from the Huxtable's.  One episode that comes to mind is the episode where Cliff teaches Theo about money and the "real world" after he brings home a bad report card. Using Monopoly money, Cliff sets up a great example of real life, grown up situations.

In the episode, Theo becomes his dream job of a fashion model, while Cliff and family set up the "Real World Apartments". Cliff was the landlord, Clair the restaurant, Denise runs the modeling agency, and Rudy is the banker.

Theo finds that living in the "real world" and being financially responsible isn't so easy. Cliff goes down the list of Theo's monthly expenses: taxes, apartment, travel, clothing, food, and having a social life leaving theo with a grand total of $0 left a month. Theo hasn't even factored in utilites, insurance, or savings...

Learning about money, it's value, and how quick it can go..without doing anything very important for kids. Not only kids, but many adults. Money can go quicker than it came. Learning how to manage it can keep you out of a lot of bad situations...the avoidable ones at least.

What are the best ways to teach kids about money?

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