Dr. Boyce Watkins: How to Teach Your Kids About Money

by Dr. Boyce Watkins, Syracuse University 

Given that our children are likely our greatest expense and greatest love, perhaps it might be helpful to discuss how we teach them about money.  If you raise your kids to be financially responsible, they can be assets to you during retirement.  If they are taught about money in the wrong way, they become horrible economic liabilities that leave you riddled with guilt.  So, although I don’t claim to know everything about child rearing, I thought I’d share some guidelines you might want to consider when it comes to teaching your kids about money.

 

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Boyce Watkins on ABC News - Love and Money Questions to ask Your Partner

by Dr. Boyce Watkins, Finance Professor - Syracuse University

As a Finance Professor, I find it incredibly ironic that many people get married without talking about money. They talk about every kind of compatibility from emotional, to spiritual, sexual, and professional, but they seldom take the time necessary to ensure that they can tolerate the idea of sharing their financial life with a person who may not be on the same page. This problem is compounded in black relationships, where many women describe economic hurdles as one of the reasons that black women have trouble finding the right mate.

 

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Dr Boyce: Love, Money and Merging Your Assets

Some people think that money and sex have nothing in common. Actually, they have everything in common. The act of merging your assets with another person's can be an exhilirating process leading to the high of a lifetime, or it can be a devastating and emotionally crippling experience.

In a series of articles, I plan to lay out some examples that explain what sex and money have in common. Follow along, so that you can avoid the mistakes that are made by milions of people every single year.

Sex and Money Comparison Number 1: You could actually get the job done by yourself if you wanted to

No one says that you have to merge your money or your body with another person's. There is a word we use to describe when someone takes care of his/her own physical needs, and I am not going to say it here. If you are not sure what the word is, then ask your mother, your boyfriend or your priest.

Just as you can take care of your physical needs yourself, the same is true of your financial needs. There's an old saying "I can be broke all by myself." Thus, the choice to merge finances with another human being is not a choice we have to make. Merging assets with another person is also not a decision that should be taken lightly. It's a decision you make only if you see potential benefits from the interaction.

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