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Ever
since my kids were little, they divided their money into
envelopes-spending, long-term savings, dowry and giving.
Recently, we encouraged them to give their money on a weekly basis,
instead of when they had a significant amount to give. We want
this to be a weekly habit. The kids have savings accounts for
larger items. These are things like a car or even a digital
camera, etc. The dowry amount is savings for their future
family. We are opening mutual funds for these savings. Personally,
I don't have a problem with teaching my kids to be consumers.
They will all be consumers on their own some day and should be trained
at home how to be a good consumer. If my kids make a foolish
decision with their money, I’d rather it be a training situation at
home with a small amount of money than wait to make those foolish
decisions on large purchases in the future. One
thing that has helped us is that each of our kids have their own
business. All of my kids have written books that we sell and my
daughters produce some of our cds. My son sells marshmallow guns and potato cannon kits. You can even see what he sells on our website HERE He
must pay us for materials and overhead. He is learning the value
of money in a real life way, making wise buying decisions to keep the
costs low and the fact that there are other expenses besides materials
in having a business.
Some
good living books to encourage entrepreneurialism and business sense in
our kids are below. Click the title to read more about each book. Better Than A Lemonade Stand Henry Reed, Inc Toothpaste Millionaire Merchant Maiden
Kerry
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