A Penny Earned
How do we teach our children to use money wisely, to make it their servant and not their master? Should we give a regular allowance, or perhaps pay for chores performed? Should we let children spend their money as they like or require them to spend it under our direction? Some popular financial advisors and authors of books on parenting advise not to give an allowance but rather to pay for chores performed. One argument in favor of this approach says that this method prepares children for the working world by teaching them that money must be earned. No work, no money. Less work, less money. More work, more money. But although some people still receive their pay strictly based on the work they do (ie: I do a job for you, you pay me a certain amount), many of us receive salaries. If I am paid a salary and I do not do some of my assigned work, I am not typically docked pay. Typically I am reprimanded. If my work does not improve, I lose m...
