At Super-Advice we are about all things financial, but more importantly, helping people understand so they can get ahead financially.
In today’s blog post Jeremy shares a story about how he has taught his kids about money and has some real nuggets of wisdom to share with you.
We wanted to show the two boys the value of money and the way that we did that is we got them to work for it.
It was an opportunity to show them how the adult world works in a kid sort of way.
We selected some chores for one of them and we drafted up a little employment contract. We went through it together and he was able to understand the responsibilities and duties and what was expected and what would happen if he didn’t fulfill his part of the agreement.
And we signed the contract and we each took copies of the contract
I said, “you put one of these in your drawer and we’ll hold onto the other one, just in case there’s any disagreement we can pull them out and go back and remember what we agreed.”
And away he went! He rolled into it and absolutely loved it until about one week in.
Then it became really difficult to get him to want to do his job. The whingeing and whining started, I mean you know what kids are like.
We did expect this, and this is where phase two happened. He was let go from his job.
He was however invited to reapply for his job again but in a year.
And you know what? He did reapply.
He knew the consequences of not doing his job and to this day he’s still doing it and now he has earned himself pay rises and promotions.
We also took him to the bank and we opened up a child’s bank account and he signed his first legal document about the account.
He got taught how to use an eftpos card, and never to share his pin with anyone. Fast forward to today and he’s done fantastically well.
He now saves money and has been able to buy himself the VX nine scooter and an X-Box one, all through the power of employment, earning money, understanding responsibilities, and understanding consequences.
He’s done a fantastic job at learning about money. It was a real win for everyone.
That’s what we did. And it worked a treat. I hope that helps.
That’s a wrap
So what do you think? What new ways will you use to teach your kids about money? Will you try something from Jeremy’s story?
If you need any financial help or advice please get in touch with us at Super-Advice.