What methods did you use to teach your kids (or used on you) financial responsibility?
How effective do/did you believe it to be? (i.e. expectation vs reality)
As an expecting father of a new baby girl in Sept (Yay!!), I've been thinking about this topic a lot.
I've read a few threads about involving the children in family financial discussions, which I will definitely do.
One cool one I learned
While interning, the CEO's son was interning a long side, he mentioned at 12 years old, his dad had given him $1000 and if he could grow it to $3000 by 16 he would buy him a car at $16k (2005 money).
He said he started out mowing a lot of lawns and I forget the details (10+ years now) but he clearly achieved the goal because he was talking about the car he was going to buy with it. He was shopping around for a 1995 VW Jetta.
It hit me recently that the '95 Jetta would not have used up the full $16k, nor anywhere near it.
I like to believe it was simple and effective. That while he had 16k to use, he could save and still achieve his goal of owning a car at 16. The money gave him the option to do other things. Also, that his dad was still teaching him because $16k was definitely not brand new BMW, Benz money.
What idea have you-tried/been-tried-on-you and what was the result?
Submitted May 14, 2017 at 09:48AM by nitsujri http://ift.tt/2rel2No
