我想，在我離開(kāi)這個(gè)世界十年后，只會(huì)有兩個(gè)人常常想起我來(lái)。那就是亨利和漢娜。

他們是我的遺產(chǎn)，所以我希望他們茁壯成長(zhǎng) -- 當(dāng)然也希望他們能深情地記起我。

當(dāng)然了，亨利和漢娜是我的孩子。他們現(xiàn)在一個(gè)15歲，一個(gè)19歲。象所有父母一樣，我花很多時(shí)間為他們考慮，包括考慮如何才能最好地在財(cái)務(wù)上幫助他們。

盡管所涉及的款項(xiàng)不菲，但也不是一味給錢的事。實(shí)際上，真正重要的是價(jià)值觀的傳承。

是的，我希望孩子們?cè)诮?jīng)濟(jì)上成功。但更主要的，我希望他們能夠熟練地，滿意地管理自己的財(cái)產(chǎn)。這樣他們才不會(huì)一輩子受財(cái)務(wù)的罪，也不會(huì)一輩子困擾于愚蠢的錯(cuò)誤。

我不認(rèn)為我的做法適用于所有的家長(zhǎng)。我們都有不同的價(jià)值觀，不同的收入水平，以及各自的關(guān)于如何更好養(yǎng)育子女的固執(zhí)想法。您很可能對(duì)我所做的一些事不屑一顧。盡管如此，以下是我的12個(gè)方法。它們被我用來(lái)在財(cái)務(wù)上幫助我的孩子們。

1. 來(lái)日方長(zhǎng)

事實(shí)上，延后滿足所需要的自我控制，不僅僅與良好的儲(chǔ)蓄習(xí)慣相關(guān)。它也與其他事情相關(guān)，比如在學(xué)校取得成功，以及更好地應(yīng)對(duì)挫折和壓力。

然而，這不是一項(xiàng)容易傳授的技能。亨利和漢娜在成長(zhǎng)過(guò)程中用的是父母的錢，所以他們并沒(méi)有太強(qiáng)的動(dòng)機(jī)來(lái)克制他們的欲望。我的應(yīng)對(duì)辦法呢？讓他們覺(jué)得是在花自己的錢。

我的一個(gè)早期技巧，是從讀者那里學(xué)來(lái)的“汽水游戲”。在孩子們小時(shí)候，我們一起去餐館時(shí)，我會(huì)給他們一個(gè)選擇的機(jī)會(huì)：他們可以喝汽水，但不喝的話，就可以得到（省下來(lái)的）1美元。

結(jié)果亨利和漢娜喝了很多（免費(fèi)的）礦泉水。

2. 捫心自問(wèn)

受“汽水游戲”的成功所激勵(lì)，我試圖尋找其他方法來(lái)傳遞同樣的觀念。漢娜14歲，亨利10歲的時(shí)候我取得了突破。當(dāng)時(shí)我為他們分別開(kāi)設(shè)了一個(gè)附帶ATM卡的儲(chǔ)蓄帳戶。

從那時(shí)起每三個(gè)月，我會(huì)在他們的帳戶里存入他們的零花錢。在他們長(zhǎng)大后，這筆存款里也包括了他們的服裝津貼。這樣一來(lái)，他們不得不學(xué)習(xí)制定為期三個(gè)月的預(yù)算。更重要的是，他們不再直接問(wèn)我要錢。

相反，如果他們想要買東西，他們必須問(wèn)問(wèn)自己。這樣做的效果是驚人的。亨利和漢娜的消費(fèi)立即變得更謹(jǐn)慎了。

聽(tīng)著是不是象在操縱小孩子？你最好相信它的效果。不過(guò)我還把這看作是“財(cái)務(wù)自衛(wèi)”。假設(shè)亨利和漢娜因?yàn)闆](méi)有學(xué)到好的的理財(cái)技能，而成長(zhǎng)為“老賴”，并最終因此陷入巨大的債務(wù)危機(jī)，我很難想象我會(huì)袖手旁觀 -- 到那時(shí)，他們的財(cái)務(wù)問(wèn)題最終會(huì)變成我的財(cái)務(wù)問(wèn)題。

3. 痛說(shuō)家史

除了經(jīng)濟(jì)刺激，我還用家庭故事來(lái)塑造亨利和漢娜。

通過(guò)講故事，我們把價(jià)值觀灌輸給孩子們。我希望他們了解，現(xiàn)在他們也許算是生活在一個(gè)富裕小鎮(zhèn)上的一戶富裕家庭里，但我和他們的母親曾經(jīng)在經(jīng)濟(jì)上掙扎過(guò)。他們也很可能會(huì)經(jīng)歷他們自己的困苦掙扎。

所以，我跟他們講，當(dāng)年他們的媽媽攻讀博士學(xué)位時(shí)，我們一起住在布魯克林的一個(gè)蟑螂老鼠橫行的公寓里，靠著我的初級(jí)記者薪水勉強(qiáng)度日。我還跟他們講那輛破舊的76年雪佛蘭Camaro，如何在在路口時(shí)因?yàn)榧t燈時(shí)間太長(zhǎng)而熄火。我還追憶和蹣跚學(xué)步的他們一起去FAO Schwarz玩具店，我們的“玩具博物館”的日子。在那兒我們玩洋娃娃和火車，但只玩不買。

不講故事的話，我可以只是簡(jiǎn)單地和他們說(shuō)教勤儉的美德。但是家庭故事有沖擊力得多。

4. 嘲笑財(cái)富

我還鼓勵(lì)孩子們對(duì)炫富保持懷疑，不管炫耀的是豪宅，名車，還是名牌服裝。事實(shí)上，這種開(kāi)支不但不會(huì)帶來(lái)持久的幸福，反而會(huì)帶來(lái)一大堆經(jīng)濟(jì)壓力。

在貶低亂花錢方面，我可能說(shuō)地過(guò)于刺耳了。但我這樣做是有原因的。亨利和漢娜算是聽(tīng)著關(guān)于破舊的布魯克林公寓的故事長(zhǎng)大的，但伴隨我長(zhǎng)大的是一個(gè)更有沖擊力的故事，一個(gè)關(guān)于我祖父和他的四兄弟的故事。他們?cè)?0年代分別繼承了在今天價(jià)值數(shù)百萬(wàn)美元的財(cái)產(chǎn)。他的兄弟們迅速地把錢花在了跑車和奢侈的生活上。我祖父花得慢些，把錢消耗在了馬匹和養(yǎng)牛上。不論哪種方式，大筆的家族財(cái)富都蒸發(fā)殆盡，元兇正是不計(jì)后果的消費(fèi)。

5. 長(zhǎng)年復(fù)利

當(dāng)孩子們還很小的時(shí)候，我為他們各買了一份可變年金。這不算是一種我特別喜歡的金融產(chǎn)品，因?yàn)樗鼈兒芏喽加懈叩秒x譜的年費(fèi)，而且可能對(duì)（短期內(nèi)）比如說(shuō)頭七年里的贖回收取后端銷售傭金。

盡管如此，市場(chǎng)上還是有一些低年費(fèi)且無(wú)傭金的可變年金產(chǎn)品，特別是那些富達(dá)投資和先鋒集團(tuán)的產(chǎn)品。此外，不象個(gè)人退休帳戶，可變年金賬戶并不需要靠固定收入來(lái)維持。所以你甚至可以給嬰兒開(kāi)設(shè)這樣的賬戶。今天，我的孩子們的低成本可變年金分別價(jià)值大約37,000美元。

長(zhǎng)久以來(lái)我一直著迷于這樣的主意：讓亨利和漢娜從一開(kāi)始就在通往退休的道路上做準(zhǔn)備。想想看：他們小時(shí)候我為他們投資的錢，可以享受六十年的延稅復(fù)利。假設(shè)8％的年回報(bào)率的話，這足以把1美元變成100多美元。而且因?yàn)樘崆爸∷鶗?huì)招致的稅收懲罰，孩子們不會(huì)愿意在他們59歲之前動(dòng)用這筆錢。

6. 免費(fèi)增值

市場(chǎng)上還有比可變年金好的多的投資工具。我在幾年前得到了機(jī)會(huì)。那時(shí)漢娜在本地的餐館找到了一份工作，而這意味著她有了收入。所以我可以替她開(kāi)設(shè)一個(gè)樂(lè)富（Roth）個(gè)人退休帳戶。由此漢娜將獲得免稅的財(cái)富增值。

不然，我也可以開(kāi)一個(gè)普通的個(gè)人退休賬戶（IRA）。從這種賬戶提取是要交稅的，但你可以得到初始減稅。不過(guò)考慮到漢娜的低稅率，這樣的減稅并不很劃得來(lái)。所以樂(lè)富賬戶看起來(lái)是個(gè)更好的選擇。

我藏在孩子們的可變年金和漢娜的樂(lè)富IRA里的錢遠(yuǎn)不夠保障他們的退休，特別是在考慮通貨膨脹以后。但是，我的目標(biāo)從來(lái)也不是完全保障他們的退休。相反，設(shè)立這些賬戶是想讓它們成為有力的例證，以向孩子們展示：如果他們?cè)敢獍察o地持有多種多樣的低成本基金，財(cái)富將獲得怎樣的增長(zhǎng)。

7. 回家的路

    我的父母為我第一次購(gòu)房提供了資助，所以我也想為孩子們提供同樣的幫助。為此，我為他們每人投資了15,000美元。

即使經(jīng)過(guò)十年或更長(zhǎng)時(shí)間的增值，這15000美元也很可能遠(yuǎn)遠(yuǎn)不夠支付他們買房所需的20％頭款。但是，這筆錢可以給他們提供一個(gè)經(jīng)營(yíng)的基礎(chǔ)。

我把給漢娜的15,000美元投到了一個(gè)目標(biāo)日期為2010年的目標(biāo)日期共同基金，而亨利的錢則買了一個(gè)目標(biāo)日期為2015年的基金。買這些基金是因?yàn)槲艺J(rèn)為，在它們的目標(biāo)日期到來(lái)之后的5到10年內(nèi)，孩子們大概都不會(huì)買房。

我的想法是：在目標(biāo)日期到來(lái)時(shí)，目標(biāo)期限基金賬戶通常會(huì)有一半左右的資金投在股市里。而在此之后，它的投資策略會(huì)變得日趨保守。這樣等到孩子們需要首付款時(shí)，基金里的資金應(yīng)該主要都被投資于（較為安全的）債券了。

8. 保留評(píng)分

當(dāng)我的孩子買房時(shí)，他們不僅僅需要首付款。還需要擁有良好的信用評(píng)分。

考慮到這一點(diǎn)，今年早些時(shí)候我把漢娜列為我的Visa卡的一個(gè)聯(lián)合賬戶持有人。這意味著她原本一片空白的信用報(bào)告里被加上了我這張卡的信用記錄。

突然之間，她看起來(lái)象是一個(gè)財(cái)務(wù)上的模范公民了。這讓她能夠在幾個(gè)月后申請(qǐng)到一張她自己的Discover信用卡。現(xiàn)在我為她制定了一個(gè)嚴(yán)格的（信用卡消費(fèi)）制度。每個(gè)月她都用信用卡消費(fèi)一小筆錢并按月付清欠款，從而慢慢地建立一個(gè)良好的信用評(píng)分。

當(dāng)亨利到上大學(xué)的年紀(jì)時(shí)，我也會(huì)帶他走一遍同樣的荒謬流程。唉，雖然荒謬，但是必要?，F(xiàn)實(shí)是，良好的信用評(píng)分能幫助孩子們?cè)趯?lái)獲得較低的房貸利率，較低的保險(xiǎn)費(fèi)，以及其他許多經(jīng)濟(jì)利益。

9. 宣誓幫忙

大揭底：我（其實(shí)）已經(jīng)離婚了。但是，即使在我婚姻破裂以前，我就已經(jīng)對(duì)許多家庭為一天的婚禮花費(fèi)20,000到30,000美元而感到震驚。

考慮以下事實(shí)，能為這種支出提供一個(gè)對(duì)比背景：美國(guó)聯(lián)邦儲(chǔ)備委員會(huì)2004年的消費(fèi)者財(cái)務(wù)狀況調(diào)查顯示，96％以上的年齡在65歲至74歲之間的家庭都擁有一定的儲(chǔ)蓄 -- 但是，他們的這些金融資產(chǎn)的中間值，算上支票帳戶，股票和共同基金，僅僅是36,100美元。

為一個(gè)派對(duì)花30000美元不符合我的價(jià)值觀，而我也確保我的孩子們了解這一點(diǎn)。我告訴他們，在他們婚禮或者30歲生日時(shí)，不管那一天先到，我會(huì)給他們5000美元。要是他們想要一個(gè)花費(fèi)30,000美元的婚禮怎么辦？他們可以去找他們的媽媽。

10. 施以援手

盡管昂貴的婚禮在我的優(yōu)先級(jí)名單上排位很低，良好的教育卻幾乎排在首位。我和我的前妻很早以前就對(duì)此達(dá)成共識(shí)：我們會(huì)全額支付孩子們本科教育的花費(fèi)。這也是我的父母曾經(jīng)為我做的，而父母的行為往往對(duì)我們?cè)斐缮钸h(yuǎn)的影響。

然而，我的慷慨也是有限度的。我告訴亨利和漢娜，如果他們想繼續(xù)讀研究生，就得靠貸款了。到時(shí)候我也許會(huì)仁慈一些。但是我認(rèn)為他們應(yīng)該為留在學(xué)校有所付出，所以我不會(huì)繼續(xù)全額支援。

11. 設(shè)定期望

正如您看到的，我和孩子們就錢的事已經(jīng)進(jìn)行了大量的討論。他們知道，大學(xué)畢業(yè)時(shí)他們將沒(méi)有債務(wù)負(fù)擔(dān)，購(gòu)房首付時(shí)能得到一些經(jīng)濟(jì)幫助，而婚禮時(shí)能收到5000美元。他們也知道退休帳戶的事。我還答應(yīng)在大學(xué)畢業(yè)時(shí)給5000美元，作為他們闖世界的啟動(dòng)資金。

毫無(wú)疑問(wèn)，有些人會(huì)認(rèn)為我過(guò)于慷慨，而另一些人會(huì)認(rèn)為我吝嗇。很多人會(huì)質(zhì)疑我的優(yōu)先級(jí)。比如有些人說(shuō)，他們會(huì)選擇不為孩子開(kāi)設(shè)退休賬戶，從而騰出更多的錢來(lái)投資給購(gòu)房首付部分。

但是，坦率地說(shuō)，確切的金額并不重要。相反，我所努力做的是設(shè)立期望值。通過(guò)對(duì)亨利和漢娜詳細(xì)地說(shuō)明這一切計(jì)劃，我已經(jīng)讓他們清楚地了解到，我認(rèn)為我（對(duì)他們）的財(cái)務(wù)責(zé)任在哪里終結(jié)，而他們（自己）的財(cái)務(wù)責(zé)任要從哪里開(kāi)始。

12. 接受教育

一直以來(lái)，我也努力向孩子們傳授如何明智地投資。這是一個(gè)緩慢的過(guò)程。

舉例來(lái)說(shuō)，數(shù)年前，我曾經(jīng)嘗試過(guò)家庭投資競(jìng)賽。我們每人選擇一個(gè)共同基金，由我每月向選出的每支基金投資50美元，然后我們跟蹤看誰(shuí)的基金表現(xiàn)最好。我原以為競(jìng)爭(zhēng)會(huì)引來(lái)他們的興趣，但結(jié)果并不是（我所預(yù)期的）巨大成功。也許亨利和漢娜當(dāng)時(shí)還太小。

實(shí)際上，我仍堅(jiān)持給孩子們看他們基金的郵寄對(duì)賬單，而隨著年齡增長(zhǎng)他們對(duì)此也越來(lái)越感興趣。他們對(duì)金融市場(chǎng)也變得更好奇了：現(xiàn)在我已經(jīng)可以在他們開(kāi)始玩iPod之前，和他們就投資聊至少30秒鐘。

我希望能有足夠多的這些（好苗頭）被保留下來(lái)，而他們也能最終成長(zhǎng)為審慎的理財(cái)者。這樣做的潛在收益是巨大的。一個(gè)財(cái)務(wù)顧問(wèn)可能會(huì)每年收取價(jià)值（所管理）投資組合1％的傭金，而他推薦的共同基金又會(huì)花掉另一個(gè)1％。如果孩子們學(xué)會(huì)建立自己的指數(shù)基金投資組合，且成本僅為每年0.2％，那會(huì)怎么樣？當(dāng)他們的投資組合價(jià)值達(dá)到100萬(wàn)美元時(shí)，他們將只用支付每年2,000美元的投資成本，而不是雇用一個(gè)財(cái)務(wù)顧問(wèn)所需的每年20,000美元。而且，運(yùn)氣好的話，他們還能記得（這一切）需要感謝誰(shuí)。

12 Ways to Make Your Kids Financially Savvy

Ten years after I am dead and gone, I suspect only two people will give much thought to me, and their names are Henry and Hannah.

They're my legacy, so I hope they thrive -- and I sure hope they remember me fondly.

Henry and Hannah are, of course, my children, now ages 15 and 19, respectively. Like any parent, I spend a lot of time thinking about my kids, including how I can best help them financially.

This isn't simply about coughing up dollars and cents, though the sums involved have been frighteningly large. Rather, what it's really about is passing along values.

Yes, I want my kids to be financially successful. But mostly, I want them to be competent, contented managers of their own money, so they don't spend their lives agonizing over their finances and dogged by foolish mistakes.

I am not claiming to have the road map for every parent. We all have different values, different incomes and strong ideas about how best to raise children -- and you will likely scoff at some of the things I've done. With that caveat, here are a dozen ways I have endeavored to help my kids financially.
1. WAITING UNTIL LATER

If children are to grow up to be successful savers and investors, they need to learn two key skills: How to delay gratification and how to take risks prudently. The first is easily the most important.

Indeed, the self-control needed to delay gratification is associated not only with good saving habits, but also with things like succeeding in school and coping better with frustration and stress.

Yet this isn't an easy skill to teach. Henry and Hannah grew up spending their parents' cash, so they didn't have much incentive to curb their desires. My response? Make them feel like they're spending their own money.

One of my early tricks was the soda game, which I learned about from a reader. When my children were young and we went to restaurants, I would give them a choice: They could have a soda or they could have $1.

Henry and Hannah ended up drinking a lot of water.

2. ASKING THEMSELVES

Emboldened by the soda game's success, I looked for other ways to apply the same notion. The breakthrough came when Hannah was 14 and Henry was 10. That was when I opened a savings account for each of them. The accounts came with a cash-machine card.

Every three months since then, I have deposited pocket money for them in their savings accounts and, as they have grown older, their clothing allowance as well. That way, they've had to learn to budget for a three-month period. More important, they no longer ask me for money.

Instead, if they want to buy something, they have to ask themselves. The effect has been startling. Henry and Hannah almost immediately became more careful spenders.

Sound manipulative? You'd better believe it. But I also think of it as financial self-defense. Suppose Henry and Hannah don't learn good money skills and grow up to be financial deadbeats. If they ended up deeply in debt, I can't imagine not helping -- at which point their financial problems would be mine.

3. TALKING THE TALK

I haven't just molded Henry and Hannah with financial incentives. I have also used family stories.

Values are passed down to our children in the stories we tell. My children may live in an affluent household in an affluent town. But I want them to know that their mother and I struggled financially, and that they will likely have their own struggles.

So I talk about the mouse- and cockroach-infested Brooklyn apartment where we all lived while their mother worked on her Ph.D. and we squeaked by on a junior reporter's salary. I tell them about the beaten-up '76 Camaro that used to stall if the traffic light stayed red too long. I recount taking them as toddlers to the "toy museum," otherwise known as FAO Schwarz, where we would play with the dolls and the trains but never buy.

Instead of regaling my children with these tales, I could simply lecture them about the virtues of thrift. But the stories pack far more punch.

4. SCOFFING AT WEALTH

I have also encouraged my kids to be suspicious of displays of opulence, whether it's the big house, the fancy car or the designer clothes. The fact is, this sort of spending doesn't lead to lasting happiness, but it can create a heap of financial stress.

In belittling conspicuous consumption, I may be a little too strident, but there's a reason. Henry and Hannah may have grown up hearing about the dilapidated Brooklyn apartment. But I grew up hearing a far more powerful story, about my maternal grandfather and his four siblings, who in the 1940s each inherited what today would be millions of dollars. My grandfather's siblings quickly blew the money on fast cars and high living. My grandfather blew his money more slowly, on horses and cattle farming. Either way, the great family fortune was gone, and reckless spending was largely to blame.

5. COMPOUNDING FOR DECADES

When my children were young, I opened a variable annuity for each of them. This isn't a product I particularly like, because many have outrageously high annual expenses and charge back-end sales commissions if you sell within, say, the first seven years.

Still, there are a few no-load variable annuities with low annual expenses, notably the offerings from Fidelity Investments and Vanguard Group. Moreover, unlike with an individual retirement account, you don't need earned income to fund a variable annuity, so you can open an account for a toddler. Today, my kids' low-cost variable annuities are each worth some $37,000.

I have long been captivated by the idea of starting Henry and Hannah on the road to retirement. Think about it: The dollars I invested when they were youngsters might enjoy six decades of tax-deferred compounding. That's enough to turn $1 into over $100, assuming an 8% annual return. And thanks to the tax penalty on early withdrawals, my children will be discouraged from touching the money before they are 59?.

6. GROWING FREE

There are far better investment vehicles than a variable annuity, and my chance came a few years ago. Hannah got a job at a local restaurant, which meant she had earned income. That allowed me to open a Roth individual retirement account for her, which will give Hannah tax-free growth.

Instead, I could have funded a regular IRA, where withdrawals are taxable but you get an initial tax deduction. That tax deduction, however, wouldn't have been worth much, given Hannah's low tax rate, so the Roth seemed like a better bet.

The money I've stashed in my kids' variable annuities and in Hannah's Roth IRA won't be nearly enough to pay for their retirement, especially once you figure in inflation. But fully funding their retirement was never my aim. Rather, the accounts are intended to be a powerful example, showing my children how money will grow if they are willing to sit quietly with a diverse collection of low-cost funds.

7. HEADING HOME

When I bought my first home, my parents helped me financially, and I want to do the same for my kids. To that end, I have invested $15,000 for each of them.

Even with a decade or more of growth, that $15,000 probably won't be nearly enough for a 20% down payment. But it will give them something to build on.

I stashed Hannah's $15,000 in a target-date mutual fund that's geared toward 2010, while Henry's money is in a 2015 fund. I bought those funds knowing my kids probably won't buy homes until five or 10 years after those dates.

My thinking: Target-date funds typically have around half their money in stocks as of their target date, and then they continue to become more conservative in the years that follow. By the time my kids need their down-payment money, their target-date funds should be largely invested in bonds.

8. KEEPING SCORE

When my kids buy a house, they won't just need a down payment. They will also want to have a good credit score.

With that in mind, I listed Hannah as a joint account holder on my Visa card earlier this year. That meant the card's credit history was added to her previously blank credit report.

Suddenly, she looked like a model financial citizen. That allowed her, a few months later, to apply for a Discover card on her own. I now have her on a strict regimen, where she charges a small sum each month and dutifully pays it off, thus slowly building up a good credit score.

When Henry reaches college age, I will go through the same nonsense with him. This, alas, is necessary nonsense. The reality is, a good credit score will help my kids get a lower mortgage rate, lower insurance premiums and a host of other financial benefits.

9. VOWING TO HELP

Full disclosure: I am divorced. But even before my marriage broke up, I was horrified by the way many families blow $20,000 or $30,000 on a single day of celebration for a wedding.

To put such spending in context, consider this: According to the Federal Reserve's 2004 Survey of Consumer Finances, more than 96% of households headed by someone 65 to 74 had some savings -- but the median value of these financial assets, including things like checking accounts, stocks and mutual funds, was just $36,100.

Spending $30,000 on a party is not one of my values, and I've made sure my kids know it. I have told them I will give them $5,000 toward a wedding or at age 30, whichever comes first. What if they want the $30,000 wedding? They can ask their mother.

10. LENDING A HAND

While an expensive wedding is low on my list of priorities, a good education ranks near the top. My ex-wife and I long ago agreed that we would pay the full cost of our children's undergraduate education. Again, this was something my parents did for me, and we all tend to be heavily influenced by our parents' behavior.

There is, however, a limit to my generosity. I have told Henry and Hannah that, if they want to go on to graduate school, they will have to take out loans. I may relent somewhat when the time comes. But I think that there should be some cost to staying in school, so I am not inclined to continue footing the full tab.

11. SETTING EXPECTATIONS

As you might gather, I have talked to my kids a fair amount about money. They know they will graduate college debt-free, they will get some help toward a house down payment and they will receive just $5,000 toward a wedding. They know about the retirement accounts. I have also promised them $5,000 upon graduating college, to get them started in the world.

No doubt some folks will think I'm overly generous, while others might consider me cheap. Many will question my priorities. For instance, folks have told me that they would have skipped the retirement accounts and allocated more toward a house down payment.

But, frankly, the precise sums aren't that important. Instead, what I am striving to do is set expectations. By detailing everything to Henry and Hannah, I have made it clear where I think my financial responsibility ends and where theirs will begin.

12. GETTING EDUCATED

Along the way, I have also endeavored to teach my kids about sensible investing. It's been a slow process.

For instance, earlier this decade, I tried a family investment contest. We all picked a mutual fund, I invested $50 a month in each and then we tracked who fared best. I thought the competition would grab their interest, but it wasn't a great success. Maybe Henry and Hannah were too young.

Indeed, I have continued to show them their mutual-fund statements as they arrive in the mail, and my kids have grown more interested as they have grown older. They have also become more curious about the financial markets, and I can now chat about investing for at least 30 seconds before they reach for their iPods.

I hope enough of this will stick, and they will grow up to be prudent managers of their own money. The potential savings are huge. A financial adviser might charge 1% of a portfolio's value each year, and then recommend mutual funds that cost another 1%. What if my children learn to build their own index-fund portfolios that cost a mere 0.2% a year? When their portfolios hit $1 million, they will pay just $2,000 a year in investment costs, instead of the $20,000 they would be paying if they used an adviser. And, with any luck, they will remember whom to thank.


—Mr. Clements, who is based in New York, writes the Getting Going column for The Wall Street Journal. He can be reached at jonathan.clements@wsj.com.