[Music] well hey you guys so as a personal finance expert who's also a mom I get a lot of questions when it comes to kids and money which makes sense because I think as parents we want to raise our kids to be great adults in life and part of great adulting is understanding how money works and also I talked to so people that say I wish I had known this earlier and they're passing that on to their kids saying if you can get this early you can avoid so many mistakes that I made as a parent when it comes to money so the motivation is so great and I love the conversation so today I'm be sharing my take on whether or not your kids should get paid for household chores it's a very hot topic these days stick around hit that subscribe button and also let me know your thoughts in the comments as we go so typically there's two different opinions on this topic it's either kids should never get paid for any chorice around the house they are part of the family and they should just learn to help out and the other side is like no pay kids on everything because it teaches them earning money and work ethic there's so many great learning opportunities so there's like these two extremes and I'll be honest I land right in the middle and the way my parents always did it growing up is that we are on the commission system not allowance so if you work you get paid if you don't work you don't get paid but there's also a few chores you're going to do because you're part of the family there's also a set number of chores that you can do to earn money if that's what you want to do so again falling in the middle I think is really the healthiest balance on both of them because there's such you know great learnings on both sides of that argument now I also want to acknowledge very humbly and Winston and I yeah we're not perfect when it comes to this whole conversation I I mean I think we're kind of inconsistent when it comes to it you know we try really hard and we're like oh yeah you know do this and you'll get a dollar like we we'll kind of do it as we go but we have a 9 seven and four-year-old and our N9 and seven-year-old I feel like are more inclined to do chores and get paid for them because they've actually used money they've earned to buy things and they love it and it's fun and our four-year-old eh he's he's kind of getting there but I feel like we probably need to like button up the system a little bit more so just give yourself Grace for sure if you feel like oh my gosh we're failing at this I get it I mean we're like I'll give you a dollar if you do this like we random believe you know talk about it and then I I have a dollar and then I'm like oh God I'll keep an you know on my notes app I'll like keep a tally of what you've done I mean it can be a hot mess cuz life is just crazy it really is but again the more consistent and the more it's talked about and played out the better off you're going to be now in a perfect world here's how we would typically roll things out and obviously this is going to be age dependent so remember that but any household chore that is kind of beyond the everyday upkeep so think about like cleaning out the car or washing the car maybe taking care of animals maybe going out on the porches and going outside and sweeping off you know the sidewalks or the porches maybe vacuuming or dusting pulling weeds uh helping clean out some closets or get organized in a certain area like these things that are kind of a little bit above and beyond I think are great chores to pay your kids on because they're adding value that's not just like the basics right but then you look at the basics so this is like you know Charles brings his plate to the sink the girls were trying to get to you know scrape it off and put it in the dishwasher uh unloading the dishwasher keeping their room clean picking up after themselves like these are things that should just be expected so again I see both sides of the coin of have a couple of things that they get paid on because they learn so much when they earn their own money they give it differently they save it differently they spend it differently but also you don't want to teach them that every good thing you do you get paid on because no sometimes you just have to do things your part of you know Society okay before I share my thoughts on teaching kids about money as they get older I want to tell you about something that protects you and your children that is delete me because you guys scammers are everywhere and I have to admit I have fallen for a scam or two on my own and listen it happens to the best of us because our information's out there our phone numbers um some of our accounts emails uh addresses like all of that so that is why I recommend delete me because is delete me finds and removes your personal data like your home address your phone number and more from hundreds of data broker websites helping protect you from spammers scammers and online thieves and potentially saving you a lot of time and money so you guys make sure to check them out go to join delet me.com Rachel for 20% off that's join delet me.com Rachel all right as your kids get older uh couple things to think about get them a student checking account at your local bank with this they'll get yes they'll get old-fashioned checks they'll get a debit card but to have a student checking your name is still over the account this is a great way for them to learn and understand that you know using their own money out of this account having to budget for the month you know Mom and Dad they gave us a certain amount of money every month when we were 15 and we weren't allowed to ask them for money so if we wanted to go out with friends or go to the movies or whatever it was buy clothes it had to come out of this account and if we wanted more then we had to get a job and trust me Dave and Sharon Ramsey did not give us I swear the amount of money we really needed they gave us so much smaller because then we had to go and get jobs which was great because that's the thing with your teens having them earn money is so great learning responsibility scheduling all of that so think about babysitting Chick-fil-A mowing lawns being a hostess at a local restaurant working at a clothing boutique answering phones for a local business like anything that they have to do to to be accountable to someone else or maybe they're starting their own business you know they're mowing lawns or something this idea of accountability and earning money outside the household is so good and so many parents today like I understand academics and sports is what I hear a lot it's like oh my gosh we have no time but scheduling in things that are good for your kids and your teens it is so crucial and finding even if it's just like you know maybe one day a week or maybe it's twice a month like whatever it is having them do something to earn money outside the household is so so key above all have one main goal and ask yourself this question what will build character for my kids long term because every decision that we make as parents again we're trying to for our kids to be great adults that's a Andy Andrew's quote which I love he's like we're not just trying to raise good kids we're trying to raise kids to become good adults that's our goal to let them go out into the world and win and if you push some to pursue something new it is really good for them there's something about their confidence that is built when they actually add value so it's really key and if you see gifts in them encourage that you know Mom and Dad they were big on us starting our own businesses we had to do that so Denise and I had this business called your integrity snacks when I was 15 and she was 17 and we like had snack like a little snack shop at my dad's office so we like went to all the kitchens and like we had to go every Tuesday and refill and restock everything we had to keep a p&l sheet with all of our expenses and our profits there's something again and you don't have to go that extreme thank you Dam and Sharon but there's something about learning new skills when you're under your parents guidance and under their household that again just builds this character and so doing things that are out of their comfort zone is good this is positive reinforcement and it is powerful and when they do start earning money you want to teach them things like giving you know gratitude contentment uh you want to teach them to to give to save to spend like what they do with their money tactically and emotionally too is great conversations to have and one way to do that for your little kids is to grab a copy of my latest kids book it's just come out and it's called I'm glad when I can share and this is really the jumping point of generosity for kids when they first can learn to let go of maybe a toy or something share with other kids there is something in that that they get the joy of realizing oh my gosh when I share and I live with an open hand there is such joy and happiness there then versus if I keep everything to myself so it is just the most precious kids book so make sure to check it out I'll leave a link below but the discussion on kids and money it is layered there's a lot of different topics we can talk about uh but if you want to know more about this make sure to check out my episode on why are millionaires leaving their kids nothing so click here or click the link in the show notes if you are listening on podcast all right you guys thanks so much for listening and remember to take control of your money and create a life you love
