by OldGuy » 11 Dec 2024, 01:58
Just based on the fact than nearly 80% of all Americans are up to their eyeballs in debt, combined with the fact that the educational system completely fails at teaching the young how to handle their money as an adult, it would appear the very best thing you can do is to teach your own children how to handle money at the earliest time possible and help them learn everything they can learn about handling their own money as an adult.
A good friend (single mom) came up with a brilliant idea to teach her kids the value of money. She came up with "house money". Home designed and only used within the household. She charged her kids for room rent, every meal, washing their clothes, etc. Everything they needed and asked for. They even had to earn house money to pay for every toy they asked for.
In exchange, rather than any sort of allowance, they had to do household chores to earn their house money to pay all their own bills, of course at artificially low rates. If they earned enough to have money left over, they could use it to trade for the cash to go out and buy whatever they wanted.
By the time they were close to ten years old, they learned to set aside savings to buy their wants and even had opened bank savings accounts to put their extra earnings aside. Most of them had even invested in various stocks by their mid teens. As they reached adulthood they knew how to handle money and as of the last I heard from her, none of them are in debt today.
How can anyone argue against teaching your young how to handle money at an early age? No one else is going to do it before they find themselves in hot water for stupid money moves.
Just based on the fact than nearly 80% of all Americans are up to their eyeballs in debt, combined with the fact that the educational system completely fails at teaching the young how to handle their money as an adult, it would appear the very best thing you can do is to teach your own children how to handle money at the earliest time possible and help them learn everything they can learn about handling their own money as an adult.
A good friend (single mom) came up with a brilliant idea to teach her kids the value of money. She came up with "house money". Home designed and only used within the household. She charged her kids for room rent, every meal, washing their clothes, etc. Everything they needed and asked for. They even had to earn house money to pay for every toy they asked for.
In exchange, rather than any sort of allowance, they had to do household chores to earn their house money to pay all their own bills, of course at artificially low rates. If they earned enough to have money left over, they could use it to trade for the cash to go out and buy whatever they wanted.
By the time they were close to ten years old, they learned to set aside savings to buy their wants and even had opened bank savings accounts to put their extra earnings aside. Most of them had even invested in various stocks by their mid teens. As they reached adulthood they knew how to handle money and as of the last I heard from her, none of them are in debt today.
How can anyone argue against teaching your young how to handle money at an early age? No one else is going to do it before they find themselves in hot water for stupid money moves.
