Dad, can I have a dollar?

"Dad, can I have a dollar?" "What do you need a dollar for?" I ask as if it makes any difference to them actually ending up with the dollar. "Oh, I'm not sure exactly, but I really need it." This goes back and forth for awhile until you give in and hand over the dollar. At this point the child goes on a search expedition determined to rid their pocket of the dollar they didn't have fifteen minutes before. Unfortunately, everything they see that they want costs more than a dollar. In desperation the child settles for something they really didn't want to begin with just to get rid of that horrid dollar. Ten minutes later they are back. "Dad, can I have another dollar?" Thus the cycle repeats.

Does this sound familiar to you? Of course as children grow older, being able to get away with just a dollar here and there is impossible. As I look at kids around me today, including my own, it amazes me the lack of appreciation for money they have. I have found myself preaching that tired old money doesn't grow on trees sermon more than once. I think somewhere along the way in school there should be some courses dealing with reality and money. We could call them Reality 101, 102, & 103. It's time kids faced up to what it takes to make life work from one week to the next. I can hear the teacher in class now: "Jamie, what's your financial plan for the future?" "Uh, well, you know, my folks are gonna set me up when they croak. I figure I can just live at home until then." "Well, Jamie, at least you have a plan. How about you Billy?" "Oh man, my life is gonna be awesome. You won't catch me living at home. I'm gonna buy a house, a phat car, and have lots of parties for all my friends." "That's really wonderful Billy! Where are you planning to go to school and what's your major?" "School? Major? Ah, I don't need that, I'm a working man. I figure a couple more years at Bob's House of Burgers and I'll be in management." The examples are exaggerated a bit but sadly they are pretty close to the truth for a lot of kids.

I guess we have ourselves to blame to an extent for our kid's lack of understanding when it comes to money. After all, many of us were baby boomers and spoiled our kids rotten. Both of my older daughters have had various part-time jobs here and there. At one point one of them was considering scrapping college because she liked her job so well. She was a hostess in a restaurant. Of course, she also wanted to move out on her own when she graduated high school. I sat her down with a pencil and piece of paper and began by asking her what were the most hours she would be willing to work during the week. She didn't even want to work 40. Holding my laughter I then estimated her take home pay based on 40 hours, a raise, and nominal withholding. I then asked her what type of apartment she wanted to live in. After ruling out the townhouse & condo, we decided on a very modest one-bedroom apartment. OK, so the pool will have to wait. We then listed utilities such as phone, electricity, heat and water, calculating the absolute minimums we thought they would be. Next came food and clothing, along with car, gas, insurance, maintenance, etc. I think we ran out of money before we ever got through all the utilities. Angry, my daughter stormed out of the room claiming I simply wanted her to fail at everything. Wake up, kids! This ill-conceived notion that someone will always be there to pick you up should you fall needs to be dismissed!

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