October 31, 2008, 6:00 am

What My 3 Year Old Son Knows About Money Already

by: The Financial Blogger    Category: Personal Finance
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This little story happened at the beginning of October, precisely before the first Montreal Canadiens game of the season. Since I am a big hockey fan (I promise I won’t write about the Canadiens until they go in playoff next spring!), I started last year to watch hockey with my son. He was watching 5 minutes and then he was gone with his truck. However, this year, he seemed to be more interested.

We decided to buy beer…. I mean chips 😉 before the game starts. So my wife ask William how is going to do to pay for those chips. William first answered:

– I’m going to trade chips for Amy’s necklace.

We told him that the guy won’t accept.

– I’m going to give him a piece of paper then.

I guess he was referring to money but since he doesn’t have any, a piece of paper would do just fine for him. 3rd try:

– I’m going to give him a card.

– Which card I replied?

– Daddy’s card!

We all started laughing. My son already learned about 3 fundamental rules about economics and personal finance:

#1 On the market, you can trade what is not yours (short sell, options) but you better make sure that someone will want your asset anyway.

#2 Money will worth something only if people believe in it. A piece of paper is a piece of paper; however, there are some pieces worth more than others 😉

#3 If you can’t afford something, you have to concentrate on finding a sponsor who will pay for it. Parents are pretty good sponsors in general 😉

Happy Halloween!!!!

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nice story. sweet. and what do you think about money after you’ve grown out of a three year old mentality??;)

That’s cute 🙂

You may doing a great job of teaching your son all about the basics of finance, but you’re doing a terrible job teaching him about hockey. Go Leafs!

by: The Financial Blogger | October 31st, 2008 (4:49 pm)

I learned rule #4: you better make money ’cause there is no free lunch in life 😉

Leafs? they still have a team? I thought they were playing in the American League since they… you know… suck ;-0 hehehehe!

with your son learning so early u may be seeing him grow to be the next Warren Buffett!