Dave Says: Give the kid a hand!

Dear Dave,

Several months ago, my five-year-old son told me he wanted a Nintendo DS. He does little things around the house for me, and at his grandparents’ place, so I told him he’d need to save his money and buy it. Well, he did! He’s got enough for the console, but not to pay the sales tax. Should I help him out?

Nina

Dear Nina,

Are you serious? Yes, you should pitch in and pay the sales tax! It’s not like he’s 15 or 20. This kid is just five years old, and he’s a financial rock star. I think we can cut him a little slack on this one.

The older they get, the more hardcore you need to get as a parent when it comes to financial responsibility. But this child is already learning a great principle that will last him the rest of his life. If you’re willing to sacrifice a little bit, you can accomplish anything.

Don’t let this be a one-shot deal. He needs a new goal right now, so go out and find something he’s as excited about as that Nintendo DS. Then, let him start working on that one.

I’m telling you if we could send some people to Washington who understand what your son already understands, this country would be in great shape!

—Dave
 
 

Relating to parents

Dear Dave,

My mom and dad are terrible with money. They’re getting older, so I’d like to see them start saving something for retirement. How can I teach them your principles?

Suzanne

Dear Suzanne,

I hate to say it, but you probably can’t. My grandmother used to say, “Those convinced against their will are of the same opinion still.”

Still, as parents get older, especially if you have a particular skill or expertise, they might ask your opinion from time to time. It may be hard for them to take you seriously, though, even if you’re a world-renown expert. To them, you’re always going to be their little girl.

It’s great if they will listen to you, but you’ll probably have better luck getting them in front of someone knowledgeable in the field. I’m talking about someone who isn’t you, even if they’re not quite as smart as you!

—Dave