Can telling your kids your salary make you and your family more successful?
Some Financial Advisers say informing your kids on how much money you make, could make you and your kids more financially successful.
Advisers say telling your kids how much money you make can help them realize why they are told no for certain things when they request having them, and more importantly it helps teen make smart career choices.
At Stefan Contorno’s household, housework and college visits are a big topic for him and his daughter Jenna.
“Every discussion that we have always revolves around money and just making sure that they’re smart.” said Stefan.
Stefan Senior Vice President of Touchstone Wealth Partners in Bonita Springs, so he knows the value of money, and he tries to pass that on to Jenna.
Since his kids were young he’s talked to them about budgeting, saving, and hard work, and thus far it has been successful.
At age 12, Jenna started her own pet sitting company and babysitting company. Now at age 16 she starts her first real job.
But there is one thing he wont tell her about, his salary.
“I don’t think it made any difference as far as my upbringing and how I viewed money long term,” said Stefan.
Other financial advisers feel different than Stefan, they believe you should share the information with your kids.
Dr. Shelton Weeks is the Chair and Econ & Finance teacher at Florida Gulf Coast and teaches students like Kristin Trainer who’s parents shared with her what they made.
“It really shows how you can live within your means, and how you make financial goals and reach those goals,” said Kristin.
But if you don’t feel comfortable sharing your specific salary, you can always talk to your kids about average salaries for different jobs.