This One Thing Will Make Your Kids Money Smart

I am keeping today’s blog short and sweet. After yesterday’s novel…

Here it is. I start with stories. Here’s one from my own life.

When I was little, mom would give each of us kids a dime, $.10, each week, as an allowance. But, it came with stipulations, or perhaps guidelines.
The very first thing I was taught, was to give 10%. $.01. One penny.
Second, I was guided to save 10%. $.01.

The rest, was all mine! Hey, $.08, that was pretty sweet 30 years ago!

It has stuck with me ever since, although these days I bumped save to 15% in my own life.

I do the same with my own children.
One other difference I do, we don’t do allowance in my house. It’s commission. Allowance is handed over; it’s free. Commission is earned. A very important distinction for children.
Give, save, spend. Start ‘em young!

If you haven’t already, be sure to check out my next blog, How to Raise Children to be Good Stewards with their Money.

Featured Image: Photo by Sasun Bughdaryan on Unsplash

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ABOUT THE AUTHOR

Michael Kopans is here to share ideas for helping 1 million people reach a million dollar net worth by using money principles he’s learned over the years. Let’s talk money, budgets, becoming debt free, financial wisdom, financial principles that work.

money, budget, marriage, biblical wisdom