When I started thinking about what kind of “money policy” I would have with my kids, I went through several stages and emotions before I figured out that I needed to be asking, “What do I want them to be” rather than “What do I want them to have.”
Two of the main decisions about kids and money – and what we have decided to do follow. For those of you that are parents… what have you decided to do with regards to these issues… and why?
Will you give them an allowance?
This one – for me is a “no.” If they want something, they can figure out how to make the money to get it. If they want to “borrow” the money from me… they can if they have good credit (a past history with me) and they will pay interest on the money. We do currently buy clothing for them. As they get older, this may change.
It is so fun guiding them, watching and teaching them as they work on developing their businesses. They are budding little entrepreneurs.
Will they get an inheritance?
This one is also a “no” – and they know it! When asking “who do I want them to be” one of the answers I have is that I want my children to be self-sufficient. I want them to be responsible and I want them to have the belief and understanding that they CAN do it themselves. They know that we may partner with them on a project – if it looks financially sound – but that they won’t be given anything.
We definitely don’t want our kids to have an attitude of “entitlement.”
The kids are funny… if they are teasing my husband, he will joke and say, “Hey… I’m taking you out of my will.” They laugh… “Dad… we are already out of your will!!”
Two of the main decisions about kids and money – and what we have decided to do follow. For those of you that are parents… what have you decided to do with regards to these issues… and why?
Will you give them an allowance?
This one – for me is a “no.” If they want something, they can figure out how to make the money to get it. If they want to “borrow” the money from me… they can if they have good credit (a past history with me) and they will pay interest on the money. We do currently buy clothing for them. As they get older, this may change.
It is so fun guiding them, watching and teaching them as they work on developing their businesses. They are budding little entrepreneurs.
Will they get an inheritance?
This one is also a “no” – and they know it! When asking “who do I want them to be” one of the answers I have is that I want my children to be self-sufficient. I want them to be responsible and I want them to have the belief and understanding that they CAN do it themselves. They know that we may partner with them on a project – if it looks financially sound – but that they won’t be given anything.
We definitely don’t want our kids to have an attitude of “entitlement.”
The kids are funny… if they are teasing my husband, he will joke and say, “Hey… I’m taking you out of my will.” They laugh… “Dad… we are already out of your will!!”
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