Why You Should Tell Your Children How Much You Make

  Scott Parker once withdrew his entire month’s salary in $1 bills in an effort to show his family the value of money.   Credit Jim McAuley for The New York Times

Scott Parker once withdrew his entire month’s salary in $1 bills in an effort to show his family the value of money.CreditJim McAuley for The New York Times

When Scott Parker wanted his six offspring to know more about the value of money, he decided to do something that many parents would consider radical: show them exactly what he earned.

One day, he stopped by his local Wells Fargo branch in Encinitas, Calif., and asked to withdraw his entire monthly salary in cash. In singles. It took 24 hours for the tellers to round up that many bills, so he returned the next day and took away the $100 stacks in a canvas bag.

His oldest son, Daniel, who was 15 at the time, remembers the moment his father walked into the house and dumped the $10,000 or so on a table. “It looked like he had robbed a bank,” he said.

Read More...