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0 sats \ 3 replies \ @bief57 8 Jan \ parent \ on: Introducing Kids to Money and Bitcoin Personal_Finance
Excellent, I understand you have to make it a habit. I only have one question, the sats and the money from the jars... how do they earn it? That is, do they have to do a specific task to earn their "income" or do you just hand it over without any conditions?
The suggestion from the book, and what we do, is that the money is not dependent on chores. They get the money every week.
The money is for learning about money.
Chores are an expectation for being part of the household.
If you tie the money to chores, then you'll likely get a kid who says "I don't care, I won't do my chores." - then they miss out on the financial education.
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I think the same with respect to household chores, they are activities that children must learn to do no matter what, without conditions or rewards, because they are responsibilities that any functional human being must carry out. Only that I had seen that some parents "pay" their children to do "work" (not with respect to the home), for example: "I pay you to assist me in some tasks at the office." But I repeat, your method seems extraordinary to me, I'm going to read the book. thank you!
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We have, on rare occasion so far, paid the older kids for doing specific tasks - raking leaves, pulling weeds, etc - but it's only been when they get a wild idea about earning some extra cash.
We are formulating a plan to make and sell muffins, but the discussion is ongoing.
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