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kids and money

November 18th, 2008 at 03:30 pm

How much money do kids have these days that they can spend on anything they desire? When I was growing up I wasn't given money to spend on crap. I had to scrimp and save for things that I wanted. Maybe that's why I am like I am today (money-wise.) And that's a good thing.

I hope I'm teaching my kids good money values that they can have for the rest of their lives. Just the other day I showed my oldest son (13) how compound intrest works and he was amazed. In DR's book it shows how an eighteen y.o. can invest $2000.00/yr for five years and have over one million at retirement (at 10%). WOW!

To make extra money my son buys things and sells them for a profit at school. (and he doesn't do half bad.) When he reaches a certain dollar amt. he is going to deposit it in savings. Yea! He already has an acct for a car when he turns 16, and plans to buy it with cold hard cash! Maybe, just maybe, something is sinking in.

Sorry for the babbeling...

4 Responses to “kids and money”

  1. Ima saver Says:

    I am so glad you are teaching your kids the value of money. I went to work at age 12 and I too had a savings account to buy my first car. It cost $300 back then and I only made $3 a day. (9hours)

  2. lizajane Says:

    It sounds like he's on the right track. I remember being so thrilled with seeing my savings account balance accumulate over time. I bought my first car with $$ I'd saved also.

  3. miclason Says:

    Good for you!My parents always went overboard with the presents and stuff... but somehow they never got me what I wanted (and sometimes refused to get me what I wanted) so I learned to save so I could buy my own stuff!
    Ale has 1,000,000 ideas about things to sell at school, but, unfortunately, this is forbidden by school rules! Frown
    I do take her to the flea market or encourage her to sell things among the neighborhood children, so that those skills don't go to waste! LOL!

  4. whitestripe Says:

    i too never had much and neither do my younger brother and sister who still live at home - although they have a great deal more than me!
    i bought my first car with cash, it took me six months to save up $2200 the year after i finished school, and that was earning around $300 a week and paying for my own groceries and $25 p/w board.

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