The blogosphere has been abuzz the last week or so about What Poor People Do (Or Don't Do). The topic of savings often comes up in discussions about the poor, and with those conversations come lots of misconceptions.
I interviewed the Blackman family a couple weeks ago for a piece on climbing out of poverty. Tiffany Blackman has been trying to climb out of the poverty she inherited from her parents, grandparents and great grandparents. Together with her husband, Rodrico, and their four kids, they've managed to climb up one rung on the income ladder, thanks to lots of hard work, education and savings.
In our conversation, we talked about savings and kids. Specifically: Does she talk to her kids about how to save money? Her answer was an emphatic yes.
Here how she does it:
The Blackman Family Savings Formula = 10% giving, 40% savings, 50% spending.
Do you talk to you kids about money? If so, what do you say? Does savings enter the equation? What about giving? Tweet us your answers @StateofOpp or write a comment below.