2/3/2015 – The One Crucial Money Concept Children Need to Learn (WSJ)

Children need to learn about the fungibility of money.  Fungibility–itself a delightfully squishy, marshmallowy term– is defined by Meriam-Webster as “being of such a nature that one part or quantity may be replaced by another equal part or quantity in the satisfaction of an obligation.”

In other words, money can be used simultaneously for more than one purpose: it can be spent, saved and given.  No one use has higher value than another. All are necessary, and each needs judicious management.  Children need to understand that money coming into the household, or given to them, should be allocated to meet the needs of today and tomorrow, as well the needs of those other than themselves.

Read the full article at The Wall Street Journal.