How are your children learning about money? As a society, we may not be doing everything we should be doing to teach children about how money works – where it comes from, how to get it, and what to do with it when you have it. These lessons aren’t taught in school, and parents often don’t know where to start.
Today’s podcast is the first of a short series on teaching kids about money, with lessons coming from the book Smart Money, Smart Kids written by Dave Ramsey and Rachel Cruze. Listen in to hear about why kids need to earn money of their own, the difference between an allowance and a commission, and how teens can benefit from learning to manage a checking account.
Topics Discussed in This Episode:
- How the need for spending money increases for kids as they grow up
- Making kids earn money of their own
- The difference between an allowance and a commission
- When to start children doing chores around the house for commission
- What types of chores children can do for a commission at different ages and stages
- Encouraging teens to earn money through sources other than their parents
- What types of jobs teens should look for and what they can learn from working
- Teaching teens to manage a checking account
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