My son is five years old. This week I was debating whether I should start paying him to work on our property. We had a storm come through and knock down a bunch of limbs. I thought what a great opportunity for him to have a job and earn some money. He could learn the connection between work, money, and then what that money can buy (i.e. a consumable good like a Dairy Queen blizzard or a physical good like Hot Wheels cars).
I ultimately stopped myself before giving him the job. I pictured him thinking to himself, "Should I go out and pick up sticks to make money or should I build a train track with my sister?" I wasn't sure if I wanted him to ask that question yet.
What can I teach him about money? Below are a few thoughts:
Connection between work and money - I still will probably do the above but not make it an ongoing job. For example, a one time pick up sticks, pay him $5, and then take him to purchase something with the money instead of something he can do at his discretion.
Giving - Invite your kids into the giving process. For example, they can sit with you while you give to your church or other organizations and you can explain why you do it. Or you can have them give part of the money they are earning (i.e. a dollar of the five dollars or something like that).
The final thing that I think is really important isn't necessarily money at all but just self-control. Learning to have control over your desires and feelings. Self-control is huge in personal finance. All the time we see something that we would love to have but just have to use self-control and say no to because we can't afford it or it is unwise.
I have three kids- a five year old, a two year old, and one to be born shortly. I am far from an expert on this. If you have any ideas that have connected well with your kids, we would love to hear them!
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