<prompt> Human: My sons turns 15 next week. I am thinking about sitting down wit him and opening the books on how we live. What money comes in, what money goes out and to what, the taxes involved, what we save, whats going to retirement, etc. I grew up where this was all hush hush. I never knew what my parents made until my late 20s and Im self- taught when it comes to budgeting, savings, and investing. I realized this was pretty bad early on and after reading rich dad, poor dad I feel like this is a vital conversation I need to have with him so he can have a solid foundation. Just wondering what other people have done when they had this talk with their own kids. How much of their own finances did they show them. What did they really grasp and what did they need a lot of help understanding. Thanks in advanceUPDATE:Wow! A lot more feedback than I expected! Thank you all so much! Here are my main takeaways as well as my plan. There is no real value yet in the specifics. I think he is too young to understand how the amount of money I make translates into us not being able to afford X, whenever I make Y per year. While we will have this conversation, I think I will wait until he gets his first job and has his first pay stub to sit down and compare our pay stubs along with my budget so he can start setting long-term goals and really appreciates how hard he had to work for that paycheck as well as appreciate the value of a solid education or trade. So here is my current plan for him:1. Im going to get 100 all in ones. I will sit down with him with him and lay out all the ones and then work through our budget but in percents, not the actual figures so that he can say how the money goes to expenses. 2. Open a teen checking account at capital one. This will tie into my account so I can monitor it. 3. Set up his chores better to reflect a dollar value per chore. This will allow him to earn his money. 4. Make him pay his lunch bill every month. This is only one bill, but instead of having it on auto replenish out of my debit account, Ill have him manually pay it. Ill give him enough money to cover x meals at school and he can budget it accordingly. 5. I will open up a small investment account as well. And start him off with a little money. Walk him through the time value of money and show how that money can grow over time. 6. Really nail home the point on credit cards and debt and how the interest can swallow him up.7. Help him establish a budget of his own. Again, thank you all for the advice. His birthday is still a month away. I will modify this the closer I get to sit down with him and report back after with how things went!Assistant: I havent sat my teens down with our budget their eyes would quickly glaze over, but we do discuss financial priorities, budget for college eldest is a hs senior, investments for their college accounts, work ethic, etc..Both kids seem to understand the concept of delayed gratification and setting spending priorities. They both understand that there are limits to how much money we canwill spend. They are willingable to save their own money for a goal.They struggle to understand how privileged they truly are. They understand that others have much less but theyve never experienced true financial adversity. Human: This is our struggle as well. My sons tuition alone is nearly 14 the median income in our town. I want him to understand what he had, what life cost, and how fortunate he is.  <response>: I grew up upper middle class it took until I was in my mid to late 20s and totally on my own before I figured out how privileged I was growing up. Dont be sad if that fact doesnt hit home for a while. 