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Tags: money, savings
July 5, 2012 at 10:41 pm (UTC -5 )
When my eight year old gets money, he has to put 50% in savings. Of the remaining 50% he has to tithe 10% to the Church. The remainder he gets to blow on whatever he wants.
I take his savings from time to time and buy him silver rounds which live in the gun safe in an envelope with his name on it. Showing him how it takes $30 in paper money to buy 1 silver coin really drives the point home about the real value of paper money.
When he spends his money on toys, and then later wants to buy new ones – I make him sell his old toys at yard sale. It’s great watching him take a toy he paid $30 for and get a dollar for it at yard sale. Another great lesson on real value.
Then when he starts asking for a new toy, I remind him how the last toy he bought for $30 only resold for a dollar.
He’s quite the penny pincher these days. I now here the phrase “What a rip off!” a lot more.
July 9, 2012 at 9:32 am (UTC -5 )
That is great, stack him deep with silver and he will be set for life along with his kids.
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