son is 7 years old and
he is paying for
his college education
learn to SPEND SPEND SPEND !!!
As they get
older, they spend more. Guess what happens when they are a teenager ...
most parents eventually say "when you get a job, you can spend your own
money". Guess what happens when they get a job ... they spend it. Guess
what happens when they get a pay rise ... they spend it.
A year ago I've
read a story about a Rockefeller family.
Billionaire John D. Rockefeller , Jr. taught his children to value money.
He raised vegetables and rabbits so his children can work and earn money.
According to son Nelson , "We got 25 cents a week, and had to earn
the rest of the money we got." All five boys were required
keep personal daily account books,
10% of their income to charity,
10% of their income
You'd expect that these kids, raised in the lap of luxury, wouldn't need
to learn these things. Yet Rockefeller wanted his kids to understand and
value money. From
the book by Robert Allen "Multiple Streams Of Income"
story inspired me to teach my son about money. Our school systems do not
provide any financial education to a children. I decided to a build a
software that will help my son to learn about income, saving, spending,
that time I already built a software for myself to organize and control
my money - My
I've used the same concept and built a financial software for children:
Budget Planner For Kids(Ages 4-9)
My Budget Planner For Teens
(Ages 10 -18) software.
son Joshua is 7 years old. He does a house work every Saturday and gets
pay from $2 to $5. Joshua uses My Budget Planner For Kids software where
he records all his money:
Joshua has a School Savings account with Washington Mutual where he deposits
his saving money. When there is money available for him to spend he really
enjoys to buy toys and books. Today he is paying for his college education.
On Joshua's birthday I gave him $50 to buy any toy he wanted. He pulled
$20 and said: "This will go to my savings bank account."