Kids and Money

[hatterasguy]

I don't know if I will ever have kids, but if I do I will probably give them a small allowence if they do chores.

My parents made it very small, I don't think it was ever more than $5-$10 a week. By the time I was 12 I wanted more money so I started a lawn company to make up the difference. Money is a good motivator, or the lack of it!

As for an inheritance well thats another issue. I have seen more lazy waste of space kids fall into a wonderfull business only to ruin it. If they show true interest, and put good effort into it than yes I will. If not I'll give it all to a charity.

 

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[andviv]

Bump... one of the threads about financial education for kids....

 

[The-J]

I have conflicting ideas on kids and money.

I want to make enough money to give my kids each a chunk of lifetime passive income so that they will be able to do whatever they want with their lives after they reach adulthood.

But at the same time, I want them to learn the true value of money and not grow up spoiled like Paris Hilton. I want to give them a real financial education, and by giving them lifetime passive income, I feel like I'd be cheating them out of the lesson.

I also don't want then to turn into completely snobby rich lazy assholes, which is often what happens to spoiled rich kids.

 

[Amail]

"I want to leave enough money so my kids can do something, but not so much that they can do nothing"

Warren Buffet? Benjamin Franklin? I dunno, somebody.

 

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[AroundTheWorld]

bump. Someone just mentioned to me they were thinking about the money and kid topic.

 

[nncbuysmortages]

I have a young daughter. She's 4. So, obviously I buy everything for her.

I do have her learning about saving money already though. She has 2 piggy banks. We cashed one in already and have begun refilling it. She also makes money by helping her grandmother with the recycling. Its not a chore or job though, just a bonus for helping my mom really. I don't let her spend any of her money, nor does she want to. She enjoys saving money and I believe she understands that the more she saves now, the more money she will have later.

When she's older I will still buy things for her, but since I spoil her now and she's an only child I will probably encourage her to start babysitting to make her own money once she hits 13. Not just for the money, I want her to learn to be responsible. Id still be buying her things at that point. When she turns 16 though, she will be working and paying for her own clothes and entertainment.

I wouldn't push her to make her own money until she was at least 13 though. I don't want her too worried about money. I want her to be a kid for as long as possible. I had to grow up very fast, before I was ready. It worked out for me, but I want her to have a chance to be a carefree kid, not thinking about anything but riding her bike.

 

[AubreyJ]

well, growing up I was the youngest, my oldest sister is 5 years older than me and my middle sister is 3 years older than me. So, my dad tried the allowance thing with my sisters, realized that it made them spoiled, and he then decided to scrap the idea when I came around to allowance age. My sisters got a really generous allowance, but they refused to work for anything, so my dad decided that I wouldn't get the luxury of an allowance.

I am personally glad. My dad allowed me to do jobs around the house for money, I cleaned the pool filters, I'd ride my bike to the pool supply store to get the water tested, mowed the lawn, trimmed our bushes...etc. It really made me feel like I was doing something useful with my time, as opposed to getting everything for free. It definitely helped form my "entrepreneurial spirit".

I don't want kids (or at least as of now I don't) so I don't think this will ever be an issue. But if I do have kids, I wouldn't give them an allowance, and I'd give them a portion of my money as an inheritance, the rest would go to charities/orgainzations I'm passionate about.

 

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