In 2015, Scott Parker told The New York Times about a fascinating lesson he taught his six children about the value of money.
One day, he had his bank pay his entire monthly salary in $1 bills. It took the bank a whole day to gather the 10,000 bills, but when they did, Parker left the bank with stacks of 100 bills stuffed into a canvas bag.
When he got home, he poured the cash onto a table in front of the kids.
Then, he began taking money off the table: Stacks for taxes, groceries, the church, house payment, bills, even the hamburger night after soccer. That huge stack of money was whittled down until not much was left, and the priorities were clear to everyone.
Some money experts say we should not shield kids from the realities of everyday financial life. Even young kids can understand a grocery bill and can begin to understand the difference between what they want and what they need.
