MyMoney Online, The Personal Finance series with Warren Ingram

How to teach children the value of money

Do you make your children earn their pocket money?

If not; how do you teach them to link effort to earning potential?

How do you make them aware of how much effort goes into earning money?

Do you discuss finances and investments with your children?

How can you teach children to value money instead of spending it as soon as they get it?

Do they know the difference between wants and needs?

Galileo Capital Personal Financial Advisor Warren Ingram discussed these questions on Bruce Whitfield’s The Money Show.

For more detail; listen to Ingram in the audio below (and/or scroll down for quotes from it).

I don’t think kids should be paid to do chores.

Warren Ingram, Galileo Capital Financial Advisor

I compelled my daughter to save half of her pocket money.

Listener

When my daughter wanted a doll we made her pay it off. It took her 30 weeks.

Listener

We spend our days earning a salary, so our children have to do more at home. We also don’t pay them for chores, and they don’t get pocket money.

Listener

I allow my kids to borrow money from me, but I charge them 50% interest.

Listener

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Article brought to us by Old Mutual.

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