The 10 Toughest Money Questions Your Kids Could Ask -- and How to Answer Them

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Carmen Wong Ulrich on Sep 11, 2010 at 5:51PM

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The 10 Toughest Money Questions Your Kids Could Ask -- and How to Answer Them

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"Why can't you just use your credit card?"

Cash money can be seen and touched, so it’s easy to know when your wallet is empty. But kids need to understand that plastic is not limitless. Give an age-appropriate 101 on the cost of borrowing. Teach that it costs more money to borrow, so that iPad she wants may cost $600 now, but it could cost another $100 dollars if you borrow money you don’t have. Wouldn’t she rather have that $100 for something else?

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