"Daddy why don't we live in a big house"
"Well son, its quite simple, mommy has whats called a 'Fine Arts Degree' and Daddy is $70k in debt for student loans"
Either that, or you can tell him that you'd rather not max out your income and credit by spending it all on an "impressive" house. We had a Learning Moment a few years ago when my son's best friend suddenly had to move away, going from a very well-appointed ranch house to a small townhouse unit in a cheap neighborhood. For years, he'd been telling us about the latest big-screen TV they'd bought, or the yearly Disney vacations, or the new cars they kept buying. All it took was for the dad to lose his machinist job and mom to have her hours cut at her secretary job, and they lost their home within three months.
The point is, there are still a lot of people out there who spend as if credit is some sort of magical bottomless well of money. There's nothing shameful about spending within your means, even if your means aren't that great. We've driven 10-year-old cars for ages, we shop at Aldi, and we do our clothing shopping at Kohls (hello, coupons). But we've managed to pay off our student loans, buy little or nothing on credit (i.e., only spend what we actually have money for), and end up with enough money to make sure that any college loans our kids may have to take out are as small as possible - which is the best gift you can really give them.
Why couldn't you be my parents?
Oh, don't worry. We're plenty shitty in other ways. I'm not saying they LIKE those clothes from Kohl's ...
I'm calling bullshit. If a child forgets their lunch or lunch money most schools will provide a simple lunch. If the child repeatedly forgets lunch or lunch money the parent will be contacted. If there's a suspicion of neglect, authorities will be contacted. A second grader not eating lunch will be noticed and addressed (unlike say middle or high school where there may be freedom to not eat in the lunch room under certain circumstances). My then second grader (what is it about that age/grade?) forgot his lunch once. His teacher loaned him lunch money (which they're not supposed to do but she adored the kid) and left me a message about the situation. The first time.
Most people turn 8 in second grade. I too call bullshit. It's just not possible for the child to never talked to anyone about money. He would have seen his parents use it on many occasions. People give little kids coins all the time. Preschool and elementary schools teach counting with money with pictures or fake coins and dollar bills. Many many toys for younger children involve cash registers and fake money changing hands. What money is and how to count it is standard teaching fare.
Also, this kid never complained about being hungry? Never told his parents how sad he felt when all his classmates ate and he just sat there? At some point he would have asked his parents why all his friends had food at school and he didn't, and it wouldn't have taken half the school year for this conversation to happen. More like half a week.
It's a paradoxical lesson they had best learn young: Adorable kids eat; fat losers starve.
The kid may have been eating the provided lunch since he didn't understand that the trash he was handed every day was money.
I give him money for lunch but he apparently didn't know what it was for, so he threw it out.
How do you give your child money every day and never tell him what it's for or why you're handing him something? Was this daily exchange of money completely silent? No, not possible. This story is 100% made up.
No, I told my kid about credit cards. He's 5. Figure it's about time that he learns to manage credit and finances on his own.
He's got a $15,000 credit limit against an annual income of $520, plus birthday and Xmas money. I'm so proud.
He needs to figure out how to leverage his assets soon, or he'll be missing out. Can he loan lunch money to the kid in the story? Rent out his Xbox games? Challenge Grandpa to parley his birthday money with the Super Bowl? Run a bookmaking joint? C'mon - THINK!
He won't get to be a Masterof the Universe this way!
Actually, you are just building his credit score. He should thank you.
He's more into arbitrage.
"$15,000 credit limit against an annual income of $520"
That was me in 2003.
While the kid might be lying, I have to point out:
If you give your kid money without ever explaining what to do with it, how do you expect him to know? Who is raising this child, because it's obviously not you.
"I just figured the TV or internet would teach him things."
I was thinking the same thing. This seems more like a failure of the parent than anything else, which surprises me they'd actually post it if it were true. Then again, most people are morons.
I don't have kids but I just had a parenting fear flash. How does one fully explain the concept of money to a 7 year old whose number 1 MO in life is asking questions? I have no idea how or whether my parents taught me.
But they probably didn't hand you money and not tell you what it was supposed to be used for.
All this lady had to do was say "Here, this is X dollars. At lunch time, you give it to the person with the food and then they give you the food." It seems like she's saying she didn't even tell him what to do with the money she was giving him, as if children are born with an inherent sense of the value of green colored cotton/paper.
Replying belatedly, this was my thought too. If it is true, then obviously neither parent ever walked the child through the nuts and bolts of a retail transaction. Entirely their fault.