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The Best Money Lessons for Kids of All Ages, Whether Just Starting Chores or Facing College Debt

Posted On: May 1, 2020   |   Posted By: Celebrity Babies

PEOPLE's Real Tips for Real Life presents practical answers to some of the most commonly asked questions around finance, employment and preparing for the future-even when that future can seem very uncertain.
When Suze Orman's niece Sophia was 5, she swallowed a penny.
“It's okay, Aunt Suze, it was just a penny,” Orman remembers the little girl saying. But her aunt saw an opportunity: She asked Sophia's mother to go to the bank and withdraw nothing but pennies. The next time the girl and her mother went shopping, her mom paid exclusively in pennies.
“Sophia learned the value of a penny,” says Orman of the Women & Money Podcast and the recently released Finance App (download it for free at iTunes and Google Play ).
Though conversations with kids about money are tough at any time, the coronavirus pandemic has opened up new opportunities to initiate these discussions - whether that's for a reason as simple as everyone being home and cleaning out closets together, or for one as difficult as job loss and having to...

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