Illegal Money Habits

What Are You Teaching Your Kids About Money?

Are you teaching your kids illegal money habits? It seems that we're always teaching our kids something about money and finances - whether we consciously do so or whether they simply observe our own habits and practices.

But illegal money habits? Doesn't that sound a little harsh? After all, here you are trying to do your best teaching your kids about money and then you find out you could have some habits that are technically illegal. Think that sounds like someone else? That surely you don't have these bad habits?

Well check out this article from Bankrate for an intriguing self-assessment. To be sure, some of these are really obvious - like lying on a home loan application or counterfeiting.

But what about writing a check that you know will be covered by your overdraft protection? Or signing a check for someone else?

Guilty as charged . . .

Growing up in the time before direct deposit was common, I recall my mother's joke about my father's paycheck - that the bank tellers were so used to her handwriting that if my dad ever tried to sign and deposit his paycheck himself, he'd get busted for forgery.

Technically, these last two are both illegal (as well as being bad money habits).

It's important to remember that most of what kids learn about how to handle money (or mismanage it as the case may be) comes from what they see their parents doing.

So, while you are teaching your teen money management or opening that first savings account for your 8-year-old, be sure to keep these habits out of your lessons.