Learning the Value of Money

[John105]

I think it’s great. We do the same with our two older kids. That said, here’s where I’ll be the contrarian… I don’t know about rates by you, but that strikes me as a little stingy for your own kid.

I was making $20/hr around town for lawn work, and more for snow, back in the late 90s in northern NJ. I saved enough that with my parents’ match, I got a new S-10 ZR2 in 1998. And I was saving in IRAs, CDs, Etc.

We make our kids help us around the house. They don’t get paid, or an allowance for that.

But for other stuff, like helping me on car projects, or when I was rebuilding my garage, they earn. But we pay them enough that they don’t have to be slaving away every hour of the day to get stuff.

Point is, it’s great that you’re making kids work, appreciate the value of money, and what it takes to get something. But at the same time, they need to be kids too. Not entitled kids, not rude kids… but kids all the same.

So you may want to match their savings, or give them a bonus

I never saw any other way. My mom just told me my cousin who’s a chiropractor in Silicon Valley stole some money from my uncle cuz he has no clients and can’t make rent. How sad. I’ll drive a truck if I lost my job. I’d do what I have to but I’d never ask my mom for a penny. They have fixed incomes and no longer work. I’m able to.

I will admit I don’t see my son who is 10 having any hardships or tough lessons and I just hope we can instill values in him.

He has no idea. I’ve deposited every gift he’s gotten into a UGMA and he has almost 8 grand. When I was his age I had about $400. I hope he doesn’t squander it at 18….

Interesting comment at work. I mentioned my wife’s gf’s son has to try out for the hockey team again. Must be nerve wracking. Coworker said I bet the kid doesnt give a **** it’s the parents who are nervous. Maybe?

 

[GSCJR]

Someone put him up to this? If my kids asked their grandparents for something that expensive, I'd be mortified. I on the other hand, never encouraged my kids to get a part-time job (they're both teenage students) because they have to earn their wishes with an excellent report card from school (once a year). The other option is that they wait until a birthday or Christmas, and even then, I'll think about it. Besides, they're going to work for the rest of their lives; you're only young once.

 

[Leo99]

I never saw any other way. My mom just told me my cousin who’s a chiropractor in Silicon Valley stole some money from my uncle cuz he has no clients and can’t make rent. How sad. I’ll drive a truck if I lost my job. I’d do what I have to but I’d never ask my mom for a penny. They have fixed incomes and no longer work. I’m able to.

I will admit I don’t see my son who is 10 having any hardships or tough lessons and I just hope we can instill values in him.

He has no idea. I’ve deposited every gift he’s gotten into a UGMA and he has almost 8 grand. When I was his age I had about $400. I hope he doesn’t squander it at 18….

Interesting comment at work. I mentioned my wife’s gf’s son has to try out for the hockey team again. Must be nerve wracking. Coworker said I bet the kid doesnt give a **** it’s the parents who are nervous. Maybe?

My kids didn't know about their UGMA money until they needed it about age 26 or 30 to buy houses.

 

[supton]

Dang, I only made $5/hr in the 90's--and I was grateful.

I've yet to figure out how to make my kids value a buck. But the time has passed, either they'll do well or they won't. They're to the point where listening to me won't happen.

 

[Eddie]

I did the same thing with my grandson. We worked together but, he did the bull work because I'm 86 years old.
We went to Jason's deli place after the work was completed.
A good bonding and educational experience for both of us. Ha

 

[ecotourist]

Someone put him up to this? If my kids asked their grandparents for something that expensive, I'd be mortified.

We have an arrangement with our daughter where we pay for all the grandkids activities. The parents dole out the money and we send a top up cheque whenever the money is running low. We can afford it and they can't. The grandkids don't know anything about it.

But this course was so expensive that our daughter thought our grandson should ask us directly.

Our daughter and her husband are right behind us on this plan. We all think this is a good chance for our grandson to learn what you have to do to make a buck (or a lot of bucks in this case). Kids don't seem to have any idea about that anymore.

One of the things that we noticed was that our grandson had quite a change in attitude over the course of the morning. He did the few things we did quite well and he was quite proud of himself. We'll cover a lot of ground over the next few months. I'll teach him how to do a number of things. And that's all good too.

 

[JohnnyG]

Sage advice from my father on mechanical devices:
"If someone put it together, you can take it apart"!

 

[Triple_Se7en]

ecotourist
Whomever cut your grass for $40 that took 1-1/2 hours is not the Norm. The $$ charge for being on the lawnmower that long is closer to $140 in these parts.

Go easy on your grandson. Cut him a break here & there. Afterwards (maybe Christmas) buy him something he needs and leave the money amount out of the gift-opening conversation. Know when to separate the 2. Know when to buy him an ice cream afterwards at Dairy Queen......etc.

Don't make that boy earn everything dollar-per-dollar. Part of being a grandfather is spoiling the boy now & then.

 

[John105]

Dang, I only made $5/hr in the 90's--and I was grateful.

I've yet to figure out how to make my kids value a buck. But the time has passed, either they'll do well or they won't. They're to the point where listening to me won't happen.

I’ve made $2.xx/hr in NYS working as a waiter (below minimum wage). People in CA have no idea when they are dissatisfied with $16/hr before tips. There are other states as well that have the same minimum wage for tipped individuals.

When I graduated HS and worked in the summer, it took about 90-100 minutes of work to buy a “meal” at Wendy’s. That taught me the value of a dollar. Today, very few places would take 60 minutes to buy a fast food meal. Not even San Francisco.

 

[Hermann]

Went to Red Door Woodfired Grill the other night. A good value was not to be seen. The empty dining room at 7pm said it all. My lady friend wanted to try their Jalapeño Fried Chicken. As with many times she has a craving/desire for something it is only OK or worse after ordering it. I despise Jalapenos so I didn't order it. I had the $13.25 Classic burger with Fries. The only normal food on the menu. One of the best burgers I've ever had. Funny though, on Monday's that burger and fries is $7. Healthy profits at regular price I'd say. After tax and tip $19.xx Again I received another flat Coke at a restaurant. Didn't pay for that or my bill would have been $22.xx

 

[KrisZ]

Child labor in my household is free.

But it’s good to show them just how much work is needed to save money.