I am curious about how you introduced money to your kids? Do you have some “framework” for that? I did a small research and didn’t end up with any really novel ideas (I am happy to share my findings and conclusions, but it’s a fairly small page in roam).
Basically, what I want to do with my daughter:
give her an opportunity to earn money by doing age-appropriate jobs (helping me to clean the kitchen), but not for things that she’s expected to do for “reasonable reasons”, such as cleaning her toys in common areas, rather lower allowance (but some)
make it clear that she can make more by doing more elaborate stuff (for which she might have to learn a few things first—happy to help), encourage her to come up with new ideas by herself (entrepreneurship!)
introduce saving mechanism, e.g. giving her interest for money she’s gonna put into my pocket
she can make more by betting and bonds as per your posts
she can do what she wants with her money (as long as it’s safe, but can’t really think about anything I would consider “forbidden”), let her do mistakes
I checked the marginal revolution repost and saw a few things that could go wrong...
I think my kids got at least a basic idea of money by the time they were ~4, from watching adults in their lives pay for things or talk about it. We also started them on allowance, $1/wk, on their 4th birthdays.
I agree that paying them to do things that they’re supposed to do anyway is not a good plan.
Lily, at 6y, has been interested in finding other ways of earning money. She’s tried selling homemade jewelry online, without much success (https://www.lilywise.com/jewelry). I’ve paid her a bit to help me work on the house, spackling holes and things, but I don’t usually have things I need doing that the kids can do.
I asked Lily, and she said “you should start by getting some money and then putting it on the table and then you can tell them all about the money and have them repeat what you just said and I think that should work pretty good. Also take a piece of paper and put a marker on the table too, so that you can show them some things that you can do with money, like how you add money.” This sounds to me like it might be a bit too talky? Mostly I’ve focused on trying to give them experience with it, in safe ways.
I am curious about how you introduced money to your kids? Do you have some “framework” for that? I did a small research and didn’t end up with any really novel ideas (I am happy to share my findings and conclusions, but it’s a fairly small page in roam).
Basically, what I want to do with my daughter:
give her an opportunity to earn money by doing age-appropriate jobs (helping me to clean the kitchen), but not for things that she’s expected to do for “reasonable reasons”, such as cleaning her toys in common areas, rather lower allowance (but some)
make it clear that she can make more by doing more elaborate stuff (for which she might have to learn a few things first—happy to help), encourage her to come up with new ideas by herself (entrepreneurship!)
introduce saving mechanism, e.g. giving her interest for money she’s gonna put into my pocket
she can make more by betting and bonds as per your posts
she can do what she wants with her money (as long as it’s safe, but can’t really think about anything I would consider “forbidden”), let her do mistakes
I checked the marginal revolution repost and saw a few things that could go wrong...
Any other ideas?
I think my kids got at least a basic idea of money by the time they were ~4, from watching adults in their lives pay for things or talk about it. We also started them on allowance, $1/wk, on their 4th birthdays.
I agree that paying them to do things that they’re supposed to do anyway is not a good plan.
Lily, at 6y, has been interested in finding other ways of earning money. She’s tried selling homemade jewelry online, without much success (https://www.lilywise.com/jewelry). I’ve paid her a bit to help me work on the house, spackling holes and things, but I don’t usually have things I need doing that the kids can do.
I asked Lily, and she said “you should start by getting some money and then putting it on the table and then you can tell them all about the money and have them repeat what you just said and I think that should work pretty good. Also take a piece of paper and put a marker on the table too, so that you can show them some things that you can do with money, like how you add money.” This sounds to me like it might be a bit too talky? Mostly I’ve focused on trying to give them experience with it, in safe ways.
It sounds like Lily was kind of explaining how she would teach her own friends how money worked. And sounds like a good way to go about it!
Thanks, that’s helpful.
Also, kudos for Lily to know active listening and being awesome.