What was it like to be a child growing up during the Great Depression or World War II? Your kids can find out by interviewing older relatives and family friends. The stories they'll hear can help them gain valuable life lessons as well as a better understanding of our current economic situation.
That was certainly true for James Stowers, founder of American Century Investments. In his autobiography, The Best Is Yet to Be, he shares what he learned from older family members. From his Uncle King he learned to value work and "to be extremely accurate in whatever I did." With his uncle he "spent many hours in the car driving back and forth to the Lake of the Ozarks... Those rides provided a marvelous opportunity for conversation."
It can be especially worthwhile for kids to ask how childhood experiences affected lifelong attitudes about money. Consider using the following questions:
Earning
- Did you have a job or another way to earn money?
- How did growing up during the Great Depression affect your attitudes about earning a living?
- How did you get the education or training needed to reach your career goals?
Spending
- Did you have a lot of retail stores or malls in your neighborhood?
- Did your family have a budget? What was it like to deal with war rationing?
- What are some examples of price increases you've noticed over the years - bread, eggs, gasoline, and cost of a car or house?
Saving
- If you wanted to buy something, did you have to save up for it yourself?
- Did your family save money for a ‘rainy day' or emergencies?
- What was your first experience like going to the bank?
Investing
- Were you affected by the 1929 stock market crash? How did it affect you?
- How did you make investment decisions?
- Do you wish you had started investing earlier?
One of your family's greatest assets is its history. When kids talk with their grandparents about the past they can create a bond that offers an even bigger benefit than the financial lessons they'll learn.