- Budgeting
- Cash Management
- Consumer and Mortgage Loans
- Debt and Debt Reduction
- Time Value of Money 1: Present and Future Value
- Time Value of Money 2: Inflation, Real Returns, Annuities, and Amortized Loans
- Insurance 1: Basics
- Insurance 2: Life Insurance
- Insurance 3: Health, Long-term Care, and Disability Insurance
- Insurance 4: Auto, Homeowners, and Liability Insurance
- The Home Decision
- The Auto Decision
- Family 1: Money and Marriage
- Family 2: Teaching Children Financial Responsibility
- Introduction
- Understand the Importance of Teaching Your Children
- Understand the Principles of Teaching Financial Responsibility?
- 1. Teach by example individually
- 2. Teach by example as a couple
- 3. Pay an honest tithe and generous offerings
- 4. Teach family members early the importance of working and earning.
- 5. Teach children to make money decisions in keeping with their capacities to understand.
- 6. Teach family members to contribute to the total family welfare.
- 7. Teach family members that paying financial obligations is part of integrity and honesty development.
- When Do You Teach Financial Responsibility?
- Summary
- Assignments
- Family 3: Financing Children’s Education and Missions
- Investments A: Key Lessons of Investing
- Investments B: Key Lessons of Investing
2. Teach by example as a couple
Elder Marvin J. Ashton commented:
In the home, money management between husband and wife should be on a partnership basis, with both parties having a voice in decision- and policy-making. When children come along and reach the age of accountability, they too should be involved in money concerns on a limited partnership basis. Peace, contentment, love, and security in the home are not possible when financial anxieties and bickerings prevail (Marvin J. Ashton, “Guide to Family Finance,” Liahona, Apr. 2000, 42).
How do you help involve your children in money matters on a “limited partnership basis?” Elder Ashton recommends the following to parents in his article “Guide to Family Finance”:
- Pay an honest tithe.
- Teach family members early the importance of working and earning.
- Teach children to make money decisions in keeping with their capacities to understand.
- Teach family members to contribute to the total family welfare.
- Teach family members that paying financial obligations is part of integrity and honesty development (Marvin J. Ashton, “Guide to Family Finance,” Liahona, Apr. 2000, 42).
