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A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Wed Jul 23, 2014 12:03 am




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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Fri May 20, 2011 9:10 pm 

Joined: Sat Apr 30, 2011 3:40 pm
Posts: 60
Location: USA
That is quite the dilemma. Personally, I'd probably learn towards stopping it. Not so much for the sake of the younger child -- but to impress on the older one that we don't take advantage of people.

Out of curiosity, how did you handle the loss at Disney World? Did you replace the cash? The purse?


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Sat May 21, 2011 5:10 pm 

Joined: Mon Apr 25, 2011 7:37 am
Posts: 446
Well I didn't replace the money or the purse. She (actually both of my kids) were really good about not asking for souveniers during the trip, though there were many temptations (in particular the tiaras and wands outside the princess dinner). I think I was really scared of blowing a bunch of money so other than a couple small things didn't really buy much souvenier-wise. Towards the end I realized I was being a bit uptight so the last day I let them each pick out something and they were really happy. My youngest picked a baby pooh bear with blanket and my oldest picked a set of miniature princess dolls.

As far as the AG doll, it's not 100% sure she will get one. There was a time she really wanted one (her sister and 2 of her cousins have them), but she isn't talking about it all the time like she used to. So we'll get closer to the birthday before deciding. If she does I'll explain that this is the younger sister's birthday doll. If after her birthday (and it's not new) she still doesn't mind trading she can. I suspect that once she has the doll she will change her mind.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Sat May 21, 2011 9:21 pm 

Joined: Sat Apr 30, 2011 3:40 pm
Posts: 60
Location: USA
partgypsy1 wrote:
Well I didn't replace the money or the purse.

Sounds like you have more backbone than I do. I probably would have felt guilty as a parent and tried to soften the blow a bit.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Wed Jun 08, 2011 6:59 am 

Joined: Sat Apr 30, 2011 3:40 pm
Posts: 60
Location: USA
To date, my son has found about $0.40 just lying around on the ground in assorted places. He loves it when that happens. Not long ago, he surprised us by stating "finding money is easier than work. I think I'll find my money instead of work." Essentially, he just gave us the four-year-old version of deciding to play the lottery rather than work.

It got us thinking about two things:
    1) Teaching him ethics of found money.
    2) Teaching him that work, although more difficult, is a more reasonable approach for earning money.

For ethics, there are things we want him to understand. If you find money, someone else lost it. You should at least attempt to determine whose it was before pocketing it. Likewise, finding money in a parking lot is a lot different than "finding" money in someone's bedroom.

As for the winning-the-lottery mentality, I don't think he really believes it. When he wants something, he does still ask for jobs to do. We got a good laugh from it, though.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Tue Jun 14, 2011 9:16 pm 

Joined: Sat Apr 30, 2011 3:40 pm
Posts: 60
Location: USA
It's summertime. School is out, the days are warm, and the ice cream man has appeared. I was curious to see what my son would think this year when he saw it. It went well. He saw the side of the truck, then looked at me and said "Dad, that's an advertisement."

As we continued walking we chatted about how his money could buy one treat from the ice cream truck, but that if we took his money to the store he could get several nights' worth of ice cream instead.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Fri Jun 17, 2011 1:07 pm 

Joined: Mon Apr 25, 2011 7:37 am
Posts: 446
Well, my 8 year old daughter figured out a way to make some money. We have a neighbor who has in addition to a toddler, baby twins. So one time she offered my daughter a couple bucks to watch the twins when she was busy with her toddler and making dinner. It's becoming a bit of a regular thing. Sometimes she makes $2, sometimes $5 depending on how long she does it for. Our neighbor is happy with the situation because she says our daughter is better than many of the teenagers because they are often distracted on the phone while she takes it very seriously. she interacts and makes games to play with them and checks with the mom if she has any questions. And my daughter is excited to make "real" money.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Sat Jun 18, 2011 6:35 pm 

Joined: Sat Apr 30, 2011 3:40 pm
Posts: 60
Location: USA
That's great! I think it will be a lot of fun to watch my kids when they start finding ways earn their own money. It sounds like you have some good neighbors.

Over the past year we've had a great deal of fun trying to think up ways for the neighborhood boys we know to earn a bit of extra money from us. One that has worked well for us is having them come over to feed our cat while we're out of town.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Fri Jun 24, 2011 7:33 pm 

Joined: Fri Jun 17, 2011 9:24 am
Posts: 14
I've enjoyed your posts so far. I don't have kids yet, myself, but I am very interested in personal finance education, mainly because my parents did NONE of it.

Just wanted to mention that we hired a 13 y/o neighbor boy to feed and play with our cats when we went out of town. We are fairly new here, and we noticed this kid walking our neighbor's dog. One night, my husband stopped him in front of our house and talked with him about watching our cats. He was very impressed. This boy was polite and shared his financial goal (a dirt bike by the time he turned 16). My husband hired him on the spot, and has hired him several other times to help with yard work. I am sure his parents have taught him well, and we're interested in teaching our future children the same values and principles.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Mon Jun 27, 2011 8:11 pm 

Joined: Sat Apr 30, 2011 3:40 pm
Posts: 60
Location: USA
emya wrote:
I've enjoyed your posts so far. I don't have kids yet, myself, but I am very interested in personal finance education, mainly because my parents did NONE of it.

I'm glad you're enjoying it. My wife and I enjoy it, too. It's great to be a dad.

Our son earns/has earned money in the following ways:
  • Helping me rebuild our fence (mostly handing me nails and tools)
  • Helping me paint rooms in our house
  • Wiping down the walls
  • Reading books by himself
  • Identifying coins (if you can name it you can keep it)
  • Practicing counting (keep as many pennies as you can accurately count)
  • Practicing writing his name (first and last)
  • Cleaning up messes he didn't make (mostly from his sister)

There are others, too, but those are the ones that come to mind most easily.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Wed Jun 29, 2011 1:30 pm 

Joined: Mon Apr 25, 2011 7:37 am
Posts: 446
Our daughter's job is adding up! She came to me with the problem that her piggy bank had completely filled up. But I suggested she put it in her electronic savings account. To back up, we put $6 a month allowance in an electronic savings account for her. I initially said if she deposited money in that account I would match it if she didn't take it out for a year. I then asked her if she would be ok with me instead putting the matching in her college savings fund, and she said yes! She's going to deposit about $30. I like it this way better because it encourages her to save money and for me to put money away for her college. She says she wants to spend her money to get a - bigger piggy bank.

The matching idea isn't mine but my Dad. When I was growing up any money I put into my savings account my father would match (as long as we didn't withdraw it say within 2 months). I didn't have an allowance per se but did work at my Dad's restaurant in junior high and high school (not really a choice, all of us kids had to). I was a nerd and so didn't end up spending the money until I was in college, both to pay some living costs, and also made it possible for me to travel in Europe for a month.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Wed Jun 29, 2011 9:19 pm 

Joined: Sat Apr 30, 2011 3:40 pm
Posts: 60
Location: USA
partgypsy1 wrote:
She came to me with the problem that her piggy bank had completely filled up.

What a great problem to have! If only we were all so lucky :)

partgypsy1 wrote:
When I was growing up any money I put into my savings account my father would match (as long as we didn't withdraw it say within 2 months).

I've heard of other people matching their kids' deposits, too. It sounds like a really good idea to me. Especially since for kids, putting money in the bank is really locking it up. They can't get it out without asking Mom or Dad to take them to the bank and getting them to help take it out. It's much easier just to leave it in cash at home, so any motivation in the other direction is great.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Wed Jun 29, 2011 9:25 pm 

Joined: Sat Apr 30, 2011 3:40 pm
Posts: 60
Location: USA
@partgypsy1:

By the way, how are things going with the American Girl doll?


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Fri Jul 01, 2011 6:05 am 

Joined: Mon Jan 11, 2010 9:06 am
Posts: 160
Location: Texas
My parents never matched my casual savings when I was a kid (because I was pretty naturally inclined to save, so they joked they couldn't afford it), but I'll offer this up as an idea for when they're older. When I got my first "real" job (for me was after my freshman year of college as a waitress), my Dad gifted me my IRA contribution. I had to earn the income, which I used to pay expenses during the school year, but they made the IRA contribution. This lasted for the 3 summers I worked in college.

I'll always credit it for making a HUGE difference in how I viewed saving for retirement, etc.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Fri Jul 01, 2011 8:01 am 

Joined: Mon Apr 25, 2011 7:37 am
Posts: 446
Sorry Mr. Mordecai for introducing American Girl topic in your little boy's savings thread. Just substitute game boy or remote controlled car, etc when we talk about it!

We were at a couple's house that we have been spending more time with, and sure enough their two girls had their American girl dolls out and when we were leaving asked my youngest to bring her AG when she visited next, and she said "sure". But she doesn't understand that the doll we have is a knock off. But when I asked her what she wanted for her birthday, what she REALLY wanted was a build -a-bear. My oldest has 3? but we never did that for our youngest. That's more in the $20-35 range which is definitely more reasonable. But my mom and sister have already stated they wanted to contribute when my youngest got an AG, and my oldest telling all her friends that the younger is getting the doll of the year for her birthday so now there is this expectation. It's a couple months off so I don't have to make a decision now.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Fri Jul 01, 2011 7:48 pm 

Joined: Sat Apr 30, 2011 3:40 pm
Posts: 60
Location: USA
partgypsy1 wrote:
Sorry Mr. Mordecai for introducing American Girl topic in your little boy's savings thread. Just substitute game boy or remote controlled car, etc when we talk about it!

On the contrary. Thanks for introducing me to a part of today's culture that I missed out on growing up. I mentioned the dolls to my wife and she immediately started talking about how much she always wanted one when she was younger ... Samantha ... Apparently they don't make her any more, and my wife made me promise not to buy her one anyway, but it's obvious they are a big part of little girls' lives.

And keep in mind, I also have a little daughter :-). Her lessons about money at this stage are mostly "don't eat it," but I look forward to teaching her as well.

All in all, though, consider this an open invitation to you and anyone else who wants to chat about their kids and money to post in here. I like hearing about what other people are facing and the little successes that come each day.


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