I thought about my life in how I kind of learned money and I love my parents to death but they didn’t teach me much about money and I kind of had to learn it the hard way and I after working in the bank for all those years I noticed that very much so people are really not taught money. Whether we do any of those things and just let her go run rampant and basically blow all the money. And so instead of just giving her the money and just letting her kind of run wild with it and going to Walmart or Toys R Us who was going out of business sadly. The way I do it is that I have a little chart that we created and Sadie, my daughter and I sat down and we went through everything and we came up with jobs that she could do things like emptying the dishwasher, dusting, helping us vacuum, sweeping the floor, getting dressed every day because that’s something she likes to do at this stage.Īll those things we came up with dollar amounts and why not so at the end every Sunday we look at the chart together and then we tally up her money and then we hand it over. And so I thought that I should have her to help her learn the value of money that I should give her some air quote jobs to earn the money that we give her every week.Īnd so what I thought of was kind of creating basically three buckets. My wife and I have been discussing about whether we should give her an allowance, whether she should earn it and kind of going back and forth on what we should do. Just to kind of give you a little bit of background my daughter’s going to be six here very shortly and we go to Walmart a lot to go shopping and stuff and she always wants toys and she wants Toys Toys Toys more toys.
Tonight we’re going to talk about money lessons for our five-year-olds.Īndrew and I both have younger daughters and we’re going to talk a little bit about money and what we would teach our kids if we wanted to teach them more about money and I thought I would go ahead and start off and talk a little bit about some of my experiences with my little girlie and kind of go from there. Welcome to Investing for Beginners podcast this is episode 60.
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