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My son is 7 years old and he is paying for his college education Children 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.A Rockefeller Story...
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
Interesting. 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" That 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, charity. By that time I already built a software for myself to organize and control my money - My Budget Planner. I've used the same concept and built a financial software for children: My Budget Planner For Kids (Ages 4-8) My Budget Planner For Teens (Ages 9 -16) software. My 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."
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