A summer job is the perfect opportunity for parents to introduce kids to some smart money habits, such as saving. And there's a good case to be made for putting at least a portion of each paycheck in a Roth individual retirement account.
Despite the temptation for parents to say yes to their children's wishes, research shows there's an insidious side to chasing after the newest thing others have. It fosters a sense of deficiency that can never be fully satisfied.
There are millions of stories of children who make money during their summer vacation. When you were a kid, you probably did the same thing. Maybe you did chores around the house, or things for your neighbors. Whatever you did, you looked forward to that cold, hard cash you got at the end of the week.
"Make Your Kid a Money Genius (Even if You're Not): A Parents' Guide for Kids 3 to 23 author Beth Kobliner shares the best traits you should teach your kids. In this video Kobliner emphasizes the importance of teaching your kids delayed gratification.