Thursday, March 28, 2024 at 7:28 AM
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Teaching kids how to handle money

Q: Our two kids are in elementary school and we want to start teaching them to handle money wisely. Do you have any advice?

Q: Our two kids are in elementary school and we want to start teaching them to handle money wisely. Do you have any advice?

Jim: One of the keys to such discussions is identifying your kids’ “money personalities.” It goes beyond whether they’re an introvert or extrovert and how they interact with people. Financial experts Scott and Bethany Palmer have identified five basic money personalities and say that children (and adults) each show two – primary and secondary:

• The “Saver.” Whether it’s cash or collecting rocks, savers hold on to stuff. That can be positive. But every so often you’ll probably have to encourage them to loosen their grip on their piggy bank for something worthwhile.

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