4 Great Money Lessons to Teach Your Kids (Before It's Too Late)

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4 Great Money Lessons to Teach Your Kids (Before It's Too Late)

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4 жыл бұрын

4 Great Money Lessons to Teach Your Kids (Before It's Too Late)
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Пікірлер: 183

@livefreewithcalebd 4 жыл бұрын

Sometimes just having conversations about money management in front of your kid’s works well too.

@ContessaVanessa 4 жыл бұрын

I agree! I've learned things as a child just from over-hearing conversations that other people were having! I wish I could say it was my parents, but hey - I took it where I got it!

@ContessaVanessa 4 жыл бұрын

@Future President Right, that's what I said. Thanks so much!

@danip7714 Жыл бұрын

If you can speak calmly and reasonably about finances, otherwise you just pass down your own patterns of disorderly money management.

@umairahmad4711 4 жыл бұрын

My parents unfortunately never taught me about money management but I’ll pass my financial advice to my future kids . 🙏🤣💰

@1happyfamily775 2 жыл бұрын

Mine didn’t either but surprisingly I am still great at savings.

@Mylegacy24 2 жыл бұрын

Unfortunately most parents don’t when they should. You can even start at any age with something as simple as a piggy bank, then as they get older teach them about finances so they can understand

@Teewaree13 2 жыл бұрын

😂

@jwilliams2632 4 жыл бұрын

Imagine an 11 and 7 year old "making" you go get "their" money from the bank. What a pushover! I have two letters for them N O

@Thurgor_Supreme 4 жыл бұрын

Well it probably is "their" money if they earned it through chores. Or did you want the parents to smash the system of trust and work ethic that they're trying to develop with their kids?

@taahdaah3813 4 жыл бұрын

😄

@michellewright99 3 жыл бұрын

@@Thurgor_Supreme Hopefully what she is getting at is that the kids should not be deciding on their own how the money is handled and also that they are dependent on parents and family to give them the money whether as gifts or as payment for jobs they are allowed to do. You are right that removing their ability to have input into how it is handled will violate trust. It also defeats the purpose of teaching them about money. Sounds like the dad hasn't set boundaries and expectations for how the money in the bank is to be handled. And as Rachel alluded to, all their money doesn't need to be in the bank. Their spending money should be at home with them.

@mle011 4 жыл бұрын

I remember wanting an American Girl doll when I was 8, and my parents made me save up and buy one myself. I saved for about 6 months (allowance, chores, birthday money) and was able to save up the $81 for it. Still remember this 20+ years later. Taught me a great lesson about saving money for big, quality purchases instead of of wasting money on candy or cheap toys. I remember literally sitting on the floor counting up the money in my piggy bank all the time, getting closer and closer to that $81.

@catherinelopez4194 Жыл бұрын

Amazing to hear my daughter does the same thing she recently bought herself a Barbie dream house.

@BIBLE-a-s-m-r Жыл бұрын

❤ that is so good.

@SkySilver777 4 жыл бұрын

My parents taught me “money management” by never giving me a dime for anything 😆 any dollar I got my hands on I tucked away immediately. I learned to save by learning money would never be handed to me.

@kaesch2770 11 ай бұрын

My problem is my kids go crazy with the chores because it makes them money and they’re constantly asking for MORE WORK. And I don’t have anymore work for them, and it’s too expensive for ME to keep up with all this chore money. I came up with the idea to pay them to read books and honestly, it’s been a pretty good investment. And I just pay them after a chunk of time, like a month or the summer.

@dreacormier5111 4 ай бұрын

My oldest daughter read books all the time! She’s the top reader at her school. My problem is she hardly wants too help in the house, because she reads a lot.

@elwiami8583 2 ай бұрын

😂

@elwiami8583 2 ай бұрын

😊

@dan9002 Ай бұрын

How about having them sell cookies, baking pies or helping them learn basic skills on plumbing or painting. I learned that when I was young.

@BusinessBuzz 4 жыл бұрын

Too many people laugh about being bad with money when it’s actually a great personal tragedy.

@sunayakong8537 11 ай бұрын

The way I set it up with my daughter, is she had three piggie banks. One for saving, one for spending and one for long term projects. The two savings banks where bared to get into and the spending bank she could readily get into. Every time she got money she would split up and put into each respective bank.

@DaddyDebt 4 жыл бұрын

I totally agree with those lessons. Building a strong foundation is important!

@EppingForest304 4 жыл бұрын

The envelope system is a great method, not just for kids... but for adults as well

@FreedomSprout Жыл бұрын

My motto is, if we teach kids about personal finances now, we won't be helping them dig their way out of debt later. I think that's more true now than ever and it's our responsibility as parents. We know can't rely on the schools to teach it.

@lucillemargot5175 2 жыл бұрын

I always wait for your videos as they are so informative and effective. Thank you for always sharing the correct information. Keep posting.

@mbyrd6713 3 жыл бұрын

I think the dad just needed some guidance. Thanks for the video. I’m still learning to be better with money and I’m trying to kids as well. I feel a lot better now.

@LoveAlwaysWins333 4 жыл бұрын

My son likes earning money and saving it. He doesn't always like giving it but he does enjoy saving. If you even mention spending he looks at you like you committed a sin

@arondag 4 жыл бұрын

Candace Shattuck have you shown him the electric or water bill yet? Once I had to start paying that, I learned really quick why my parents kept the A/C at a reasonable temp and we turned all the lights off when we left a room.

@michellewright99 3 жыл бұрын

At that age it is normal for the kids to ask to spend money that is supposed to be saved. Heck, I still fight that temptation. The thing is as parents we have to firmly and lovingly remind the child they have certain amounts designated for certain things. When my kids were that age, savings were for big toys, a video game and money to buy Christmas gifts for grandma. Now as teens their short term savings is for gifts and expensive wants while their long term savings is for a future car and related expenses and possible expenses in college.

@CaseyBurnsInvesting 4 жыл бұрын

The fact that money is taught in the house is a major reason why “the 1%” exists. I’d start them investing if you can.

@ChrisMFlorida 4 жыл бұрын

Yep.. kids don't learn about money in school so it's up to the parents. If you have the knowledge why not pass it down.

@mattschmitt9924 4 жыл бұрын

I believe that teaching your kids about money is where "generational wealth" truly comes from. Not so sure about the 1% as most of them are not in the 1% for long. A lot of actors and pro athletes that get paid well for 2-10 years and then end working the Wendy's drive thru.

@cameronsantiago3155 4 жыл бұрын

Matt Schmitt Famous people are a minute of UHNW individuals

@mattschmitt9924 4 жыл бұрын

@@cameronsantiago3155 Ok...? And what is your point?

@aolvaar8792 4 жыл бұрын

I asked my mother, how can I not be poor. She said, a JD from Harvard a MD from Johns Hopkins an Eng from MIT A professional Degree from a name dropping university. She was right

@julieeanderson945 2 жыл бұрын

Great watch! This information is so valuable, especially during these times when being financially stable is so important. Thanks for sharing such amazing information dear.

@cheezybred 4 жыл бұрын

Many kids don’t get these lessons until they’re done with high school or even college and are out in the real world.

@arondag 4 жыл бұрын

Many adults don’t have this down once they’re well past college (or college aged).

@financiallift6185 4 жыл бұрын

And the sad part of all this, is then adults that don't understand finances, spread bad information to their kids that puts them at a somewhat disadvantage

@edwardrhoads7283 4 жыл бұрын

@@financiallift6185 Agreed I wonder what percentage of wealth inequality in this nation is really due to financial education inequality.

@financiallift6185 4 жыл бұрын

@@edwardrhoads7283 not sure if you'd be interested but I made a video talking about the issues revolving teaching financial literacy. But if it's not your thing, no worries. I just think it's a tough and interesting topic. On the one hand, if it's an everyone for themselves situation, then you have kids that learn bad financial ideas. But if you formally teach it, not sure if people would like teachers and the education system teaching their kids.

@edwardrhoads7283 4 жыл бұрын

@@financiallift6185 Better than them not being taught... Plus in the age of internet you can have people make lecture series for students to go through online anyway (oops we teachers might loose our jobs to the internet in the next 20-30 years). In my college classrooms I actually do "words of wisdom" many of which are financial foundation lessons.

@Talkinglife 4 жыл бұрын

Ways to Teach Kids About Money Use a clear jar to save. The piggy bank is a great idea, but it doesn't give kids a visual. ... Set an example. ... Show them that stuff costs money. ... Show opportunity cost. ... Give commissions, not allowances. ... Avoid impulse buys. ... Stress the importance of giving. ... Teach them contentment.

@Eric-tb2je 4 жыл бұрын

I agree. Teaching is the key.

@peter1062 4 жыл бұрын

Way to Teach Kids About Tax: After the main course, you eat their deserts.

@dan9002 Ай бұрын

I had a combination cash box when I was 10 years old. It was a physical lesson of keeping money safe. I'm still Frugal today which bugs my wife when she wants to buy me a trinket. Save for a Need and Not for a Want.

@flisfinance5680 4 жыл бұрын

The more family’s talk about money with their children the better off they will be!!! The worst thing you can do is hide debt or lie about expenses to your children! They will understand and they can learn from your mistakes!

@zainabomer7511 4 жыл бұрын

Say No When they ask for money

@2b4evermusical 4 жыл бұрын

Exactly! My parents had no trouble saying that word. And, now that I am a parent, neither do I.

@henrythomas7112 2 жыл бұрын

Hello, Please continue to post such an informative and creative videos. Therefore, people like us will be motivated and learn in real life.

@user-pp8ly2wn6t 10 ай бұрын

I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.

@thepeachyshow-letstalkmone496 4 жыл бұрын

Loved this video!

@ccsmith2937 4 жыл бұрын

It’s important for kids to understand money=time. It’s a metric they understand especially when doing chores.👍🇺🇸👍🇺🇸

@BIBLE-a-s-m-r Жыл бұрын

Savings =time

@binky4586 Жыл бұрын

Great video! Good lesson to teach your kids.

@jmmcnoght231 4 жыл бұрын

Wait a minute... Dave is doing great and not better than he deserves?

@yvonneh9487 3 жыл бұрын

🤣

@Snacks1991 4 жыл бұрын

I love the kid saving tips since I have 3

@rosalindafortier2702 3 жыл бұрын

I pay my 6yo $.50 to take out the trash. He collects the trash from bathrooms, adds it to kitchen trash, replaces the bathroom bins, takes the bag out to the dumpster at the top of our driveway, and replaces the trash bag himself. I throw in $.25 for taking the recycling out and an extra $.05 if he remembers to check the mail on the way back down the driveway. He is thrilled about earning money and begging for more chores to earn more! Also, he recruits his (very eager) 3yo brother to help him. If the little one takes out the recycling (paper bag) when his brother does the trash, he gets the $.25. He has to replace the paper bag, too. I’m wondering if I should be paying them more, but I figure it’s better to start too low than too high?

@mitshua 4 жыл бұрын

My parents did the envelope system but I misunderstood and thought I was supposed to evenly divide what I got. So the first time I wanted to buy something I took a bit from the 'give' envelope to speed things up. My parents counted all the envelopes before I bought my thing so I started apologizing and my parents were like "what are you talking about? There's way more in here than we thought"

@hollyb6885 4 жыл бұрын

Is this guy serious? Just say “NO” when they want to get money out of the bank.

@nic_ccc3366 4 жыл бұрын

IKR. The picture he painted was that they ask and he runs down to the bank straight away. 😯

@STR8SICCC 4 жыл бұрын

@@nic_ccc3366If the money is there, yes. But even then I don't believe he meant it that way.

@arondag 4 жыл бұрын

Nik_CCC I wonder if he does the same for his wife’s boyfriend.

@bradleymaravalli2851 4 жыл бұрын

But it's the kid's money!!! There should be a balance.

@hollyb6885 4 жыл бұрын

Bradley Maravalli It sounds like, as soon as it goes into the bank, the kids want it out again. I always had my kids put half in the bank to save and half in their piggy banks to spend

@ChrisMFlorida 4 жыл бұрын

Why not do both.. do the allowance/commissions *and* a brokerage account. Make a plan to sit down and go over the statement and show them how it's doing every year to teach them about long term investing. I had a savings account at a local bank around age 10, which I thought was cool. I just wish my parents taught me more about savings and investing. My parents never invested so I didn't learn that growing up. I wish I had the knowledge, without having to learn it in my 30's on my own.

@butterfingers112able 4 жыл бұрын

Same here my friend.

@larrybud 4 жыл бұрын

I don't think this guy is teaching anybody anything.

@Cieloazul85 4 жыл бұрын

The problem I see is that by opening the brokerage account he wants to treat a symptom: that they don't have access to the money. But the root problem is that they need to be taught a plan and stick to it, like Dave said. Start them on a budget and stick to it. And teach them delayed gratification. You don't get to spend the money everytime you want something. That is a skill that needs practice, that and learning to say no.

@therealdblack Жыл бұрын

Both can be true at the same time. They should be taught these lessons in proper money management. However, he should still open up a brokerage acct and/or an IRA for the kids instead of solely using an envelope.

@hannasumner3133 4 ай бұрын

Can you recommend what I can start for my 1 &3 yr old that I don’t have to manage constantly. Hysa?? Tbills?

@QUiNTiNBANKS 4 жыл бұрын

Thanks for the advice ! Work Give Spend wisely under my direction And to save.

@EMAN-tx7lp 3 жыл бұрын

Idk for me my mom made a savings and spending account and every time we got Christmas we got to decide how much money goes in each of them and we were basically not supposed to touch the savings and normally I did half and half or 75 savings 25 spending and it actually was a good idea IMO

@Aliciae2009 Жыл бұрын

I would say i am doing a good job in this partment 😊

@perotal 4 жыл бұрын

If you want to open a brokerage account then do it. You don't need to ask permission

@Je.rone_ 4 жыл бұрын

I loved not spending money when i was 7 & 9. I tried to do it everyday

@multistack1502 4 жыл бұрын

You comment too much

@deanalbertson7203 4 жыл бұрын

The answer to his question is yes, you can open a custodial brokerage or mutual fund account for your children, and teach them how to invest. That seems like a good idea.

@user-cv3gd2wr5q 3 жыл бұрын

Dean Albertson oh wait...he didn’t ask your advise, he asked for Dave’s.

@deanalbertson7203 3 жыл бұрын

@@user-cv3gd2wr5q oh wait...sometimes Dave doesn't answer the person's question, but rather talks for 10 minutes about something else.

@LarryP248 9 ай бұрын

Fantastic material right here. A book I read with like themes was a real game-changer. "Mastering Money Mindfulness" by Benjamin Hawk

@mdh.3421 3 жыл бұрын

When a 16yr old is working making money and they want a Roth IRA would it be a custodial account? You mentioned they have to be 18 to sign a contract so how would that work?

@Thurgor_Supreme 4 жыл бұрын

You have to be wise about how you teach them "generosity", or your kids will be surrounded by mooches and scammers. What you actually need to teach them is favors for favors makes the world go round, and that sometimes a returned favor isn't always direct. Like if you spread the idea of "pay it forward" that will eventually give you respect from your community and gives you a brighter outlook on life, both of which are great "favors" to receive.

@jonymanay 4 жыл бұрын

More like dont flash your wealth. And make real friends even if its a few.

@betterhomesnc2437 4 жыл бұрын

That is silly, brokerage is a great idea if they are asking for it. A friend of mine had his dad open one for him when he was very young and when he was 20 or so he had 10s of thousands in the account. By the time I was old enough to open a brokerage, my savings account had only a couple thousand in it after being very diligent.

@laurahudec7754 11 ай бұрын

I am stuck and hoping to get some feedback. My 8 year old is on this system and always has cash in his spend envelope from his birthday. His concept of the value of money still has not clicked yet. My challenge is that the ice cream truck comes to our neighborhood periodically and he wants to spend his money on that EVERY SINGLE TIME it comes around. He has bought an ice cream every time it has come but this time I said no. You don’t have to go to it every time. (He also had ice cream today) How do I balance being a parent in saying no while giving him the freedom to spend his money on what he wants? Because he is very very independent and put up a huge fight with me about it. Thanks in advance.

@karao305 4 жыл бұрын

Do y'all have any recommendations for giving? I mean like charities.. I want to give to charities, but I want to make sure it's going to the needy, not the corporations.

@embracinglogic1744 4 жыл бұрын

Managing money and establishing good credit are discussions or series of discussions which are the responsibilities of schools and parents. To do otherwise is irresponsible, negligent, and careless.

@d-i-p-basak5920 Жыл бұрын

What's wrong in opening a brokerage account for the kids and save it for future slowly? I think Brokerage account along with a Savings a/c is a much better option. Well the envelope business is not that smart at all and I won't do that.

@ElainesDomain 4 жыл бұрын

To Rachel. I wouldn't have paid the tax. I would have explained the tax. Why some taxes are necessary and some are waistful. Too many young adults enter the workplace and then discover taxes. Certainly a lesson to them yet unexplained.

@thecatnextdoor12 4 жыл бұрын

Agreed. She said that because what she does is a show off to go alongside their business model. Doesn’t matter what her kids do, they’ll be well off regardless.

@musique1o1 3 жыл бұрын

Give them cash, force them to split it up into 3 parts. Saving, spending AND giving.

@paula-terrigodet7419 4 жыл бұрын

A brokerage account is an excellent way to begin teaching young children about the stock market and how events affect their investment.

@peter1062 4 жыл бұрын

Is the USA the only place in the world where taxes are not included in the sales price? I've never heard of it anywhere else.

@taahdaah3813 4 жыл бұрын

Sales tax?

@flisfinance5680 4 жыл бұрын

Wow taxes is big!!!! You should teach your kids to do them and how to as soon as possible!!!

@ozzyceo 4 жыл бұрын

Teach them about stocks, and the power of investing vs savings

@jleung85 3 жыл бұрын

Wait don’t you need a credit card to buy sth on Amazon?

@sockm7192 4 жыл бұрын

Make the kid earn the money from something. They will learn their lesson quickly. I help at my parents vegetable garden at a young of 10 or 9 years old. I help out a few hours a week. I save a lot in my piggy bank and then someone stole my money. My younger sister say is child abuse and she is stupid for say that. She is terrible with handling money. She about 34 years olds.

@tfh-rw9vb 4 жыл бұрын

Why is Dave against a brokerage account for kids? Imagine the compound interest opportunity from investing at the age of 9 😳

@dete503 4 жыл бұрын

There’s not enough info here. If the kid only has $20 it’s more valuable to use the envelope system. They brushed on if there’s a lot of money coming in then open an account. A 7 year old isn’t going to benefit from the investing lessons but they will definitely understand the envelope method

@tfh-rw9vb 4 жыл бұрын

Just did the math. 1 dollar invested at age 9 will be worth $151 at age 65 assuming 9% return. I think that’s the lesson I’d rather teach my kids than this envelope nonsense

@arondag 4 жыл бұрын

Timothy Hahn I don’t think he’s against helping your child invest in the stock market. But like he says with the credit cards, the debt IS NOT the problem. It’s a symptom. It’s a reflection of your habits and choices. So, opening an brokerage account is fine but the kids are gonna do the same thing and want to cash out every week.

@Rhino11111111 4 жыл бұрын

I know, My 4 year old has his own pie in my brokage account, he gets £5 a week and it goes into a global fund. He will be much better off than I ever was by the time he is an adult.

@Thurgor_Supreme 4 жыл бұрын

Teaching a kid about money and spending habits is more than valuable than "compounding interest". They're too young to grasp the concept of economics and stock market principles anyways. Just let kids be kids, the education has to be trickled in. Start simple. I'd say CDs maybe, but the garbage interest rates aren't going to get the point across that patience pays. Actually, the thing I've been considering is an account where I myself am the banker, but I give them something respectable like 10% interest to drive the point home: save, save save!

@ThePeterDislikeShow 4 жыл бұрын

Are there tax benefits? The kids would have a lower tax bracket if there are capital gains and such.

@Joethebro101 5 ай бұрын

So nice that Dave didn’t use the “better than I deserve” religious nonsense when asked how he’s doing. 👍

@djpuplex 4 жыл бұрын

Read George Steinbrenners book he had chicken he sold eggs in the neighborhood and bought candy with the profits, his father slaughtered the chicken and they ate it for dinner, his father told him he should of bought a second chicken. with the profits

@capemaxi 4 жыл бұрын

Give them an allowances/commission and help the kid to manage those funds.

@jacksonbilly9979 Жыл бұрын

I absolutely died when he said age 7 and 9. Like come on dude they are going to run all over you when they turn 14 and 16 😂

@bosshismoney4424 4 жыл бұрын

It’s great to teach children about money early.

@financiallift6185 4 жыл бұрын

That's why we should teach them as early as 2 months old!

@bosshismoney4424 4 жыл бұрын

Financial Lift say that again!

@DandyFinance 4 жыл бұрын

They laugh about teaching kids on money, it feels so easy and light. But I think when I will be teaching my kids, it is gonna be frustrating, since those little brats will know nothing about how to handle money and also won't be interested in learning!

@FriskyDingo1983 4 жыл бұрын

I created a brokerage account for my son at 9. He is now 15 and has $32k in an account. Had I kept money in an envelope or a bank account he would have nothing. I have showed him multiple times on how compound interest and growth can happen in the market. Now he is excited about saving and investing.

@taahdaah3813 4 жыл бұрын

❤️

@Val-vc7sk 4 жыл бұрын

Awesome! He is going to have a bright future already....

@jennymayashley 3 жыл бұрын

how do you start a brokerage account for kids? What are the benefits?

@FriskyDingo1983 3 жыл бұрын

JennyMay Ashley E-Trade allows you to set up a custodial brokerage account. The benefits allow for you to build an account for your child. The old adage of time in the market, not timing the market is important. I don’t invest more than $250 a month for him. It’s up to $34000 now. After 6 years, that is not bad at all.

@marktheshark2569 3 жыл бұрын

How much did you invest for him and how long for it to get to 32-34k at 15

@QUiNTiNBANKS 4 жыл бұрын

4th 👌

@robertspencer5219 4 жыл бұрын

Saving should really be saving and investing. Work should never be just having a job, I'd prefer my kids never have a job if they can be self employed instead.

@willmallory9085 3 жыл бұрын

Investing gives better return rates than savings accounts. I believe that's the heart of the question.

@jordanaubrey-realestateinv334 4 жыл бұрын

I would just buy them a house and use the cash flow for them to spend while the house appreciate. When they go to college sell the house the use that money to pay for the college. Like if you love Real Estate ♥

@tfh-rw9vb 4 жыл бұрын

Just did the math. 1 dollar invested at age 9 will be worth $151 at age 65 assuming 9% return. I think that’s the lesson I’d rather teach my kids than this envelope nonsense

@janproperties7941 4 ай бұрын

Work, save, spend, invest, give…

@sabrinahernandez5425 3 жыл бұрын

It’s so funny cause people think Dave’s tough if he doesn’t finish them in my mortal combat voice the commenters do

@humbertXX 4 жыл бұрын

You don’t send the kids to the salt mines ? Hold up let me call my parents because they had us working when we were 5 years old.

@aolvaar8792 4 жыл бұрын

My wife and I are retired, we have 4 minor children. What bothers them is we Don't work. we have 5 pensions. You get money and you don't do anything. YES, that's the lesson

@BeeHiverson Жыл бұрын

they didn't answer his question. nice story about sweeping the floor though.

@lucymarie6080 4 жыл бұрын

What could they possibly want to buy? When I was that age I just wanted Cheetos from the gas station.

@NickSinghSG 4 жыл бұрын

Woah I just realised that Rachel is Dave's daughter from this video

@robinbaez6643 3 жыл бұрын

lol my granny never taught me about money. how are these parents lacking with their kids.

@mdooms76 4 жыл бұрын

A child would not be telling me to go to the bank for a dime. He is out of his mind. It's theirs when I give it to them. Tell them NO

@horizon2150 4 жыл бұрын

They're not even ten! Teaching financial responsibility early is great but it should be tempered with letting children enjoy their childhood.

@edwinortiz1262 4 жыл бұрын

When I got my first job my parents took all my paychecks to "teach me about bills".

@natalielinden 4 жыл бұрын

First

@tandyrichae6194 4 жыл бұрын

Second

@kelseykjarsgaard5774 5 ай бұрын

Why work if family can help. Or work less at least

@lukebaehr3851 4 жыл бұрын

You dont want kids too begin learning the stockmarket?

@edwardrhoads7283 4 жыл бұрын

He does not want people to try to teach that which most people do not really understand.

@lukebaehr3851 4 жыл бұрын

@@edwardrhoads7283 That's why you teach, so that they will understand.

@edwardrhoads7283 4 жыл бұрын

@@lukebaehr3851 Yes but in order to teach you have to understand it yourself. I could not teach anyone about the game grand theft auto because I have never played that game and know nothing about it.

@kirstylynn3723 4 жыл бұрын

Um... tell them NO! They will get used to it.

@ret4kind 4 жыл бұрын

Please teach your kids to invest in options at an early age. Give them access to your retirement and teach them YOLO. Profit.

@et1016 3 жыл бұрын

Come on dude, tell your kid no. How difficult is that?

@KarinasaurusRexx 4 жыл бұрын

Well he's not teaching them about savings. They have spend money and if they spent it they are broke. You dont use your savings for random purchases. Little ones would spend all their money on chocolate and toys. You have to help them learn.

@djme5419 4 жыл бұрын

She can take the money out of her envelope if she buys online

@Eric-tb2je 4 жыл бұрын

Open up a Roth IRA for then. Imagine the compound interest on 60 years.

@autisticchoppa3589 4 жыл бұрын

Over a million

@fatheroftheclyde 4 жыл бұрын

You have to have an earned income to contribute to a Roth IRA. Children do not earn an income.

@Eric-tb2je 4 жыл бұрын

Be creative. Children can work it's not illegal.

@ajh.4131 4 жыл бұрын

This guy sounds like a pushover. Probably one of those parents who wants to be their child’s best friend instead of their parent. Their still kids so as far as the money is concerned, it’s the parents money and they should do with it as they see fit. He shouldn’t have told them about the money in the first place but since he decided to, just say, “yes, you have money in your savings account but we’re not going to touch it right now.” Any money they want spend should come from allowance (assuming they actually do chores around the house) and that’s it! But that’s just my two cents.

@Val-vc7sk 4 жыл бұрын

@Dr. Johnny Sins Wow! Your comment was not called for! I was with you until you made assumptions about her family upbringing! I think it is good that he is teaching his children about money and savings, but children don't get to have money just because, they should be doing chores and getting good grades in school and also must show respect to their parents! If they are well rounded children and he chooses to give them money, well then that is his choice! No one should be judging him for giving his children money! His household, his choice!