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How early can I start teaching my godchild about money?
Posted on 1/8/14 at 10:31 pm
Posted on 1/8/14 at 10:31 pm
She will turn 4 this month. I bought her a piggy bank that counts the money as you put it in for her upcoming birthday. She is above average intelligence, just to give you an idea of what we are dealing with (both parents are pretty bright).
I want to teach her the value of money by charging her a nickel for a piece of candy. I also want her to start keeping track of her money with a ledger, maybe start with a simple T-account on her white board that she plays with. Is this too early to start trying to instill these lessons? Anyone have any experience with this?
I want to teach her the value of money by charging her a nickel for a piece of candy. I also want her to start keeping track of her money with a ledger, maybe start with a simple T-account on her white board that she plays with. Is this too early to start trying to instill these lessons? Anyone have any experience with this?
6
Posted on 1/8/14 at 10:33 pm to LeonPhelps
(no message)
This post was edited on 1/19/14 at 3:04 pm
Posted on 1/8/14 at 10:36 pm to threeputt
quote:
Wait, you want a not yet 4 year old to use a T account to keep track of her money
A monkey could use a T-account.
Posted on 1/8/14 at 11:11 pm to LeonPhelps
Give her an allowance for chores etc.. My girl refuses to spend her money unless she really wants something bad. They learn fast about a dollar. Explain a budget if she does chores just how much she can make and save. Let her borrow and then charge her interest. I do all kinds of games with my girl and she has become savvy. My girl actually started a business at school selling bracelets she creates for 300% mark up. 
Posted on 1/8/14 at 11:35 pm to threeputt
quote:
Wait, you want a not yet 4 year old to use a T account to keep track of her money
There's nothing wrong with this IMHO, and she can probably grasp the concept of crediting cash and debiting liability sooner than you'd think. And vice-versa, of course.
4 is pretty early but the basics are within reach before high school.
Posted on 1/8/14 at 11:40 pm to Hoyas
quote:it won't be long now before the feds show up asking to see her business license
My girl actually started a business at school selling bracelets she creates for 300% mark
way to go dad
Posted on 1/8/14 at 11:51 pm to Hoyas
Awesome, thank you for the help. I am really looking forward to this.
I have tried like crazy to get my much older nieces and nephew to get interested in finance, especially investing, but so far no takers. They all live in other cities, though. I see my godchild every weekend and her parents are fully on board with anything I want to do re: money, so hopefully the lessons will take.
I have tried like crazy to get my much older nieces and nephew to get interested in finance, especially investing, but so far no takers. They all live in other cities, though. I see my godchild every weekend and her parents are fully on board with anything I want to do re: money, so hopefully the lessons will take.
Posted on 1/9/14 at 8:08 am to LeonPhelps
I give my nieces money every time I see them. they are 2 and 4. My purpose is not to get them interested in finance but to see them get excited when they get money.
Posted on 1/9/14 at 8:37 am to Motorboat
quote:
I give my nieces money every time I see them. they are 2 and 4. My purpose is not to get them interested in finance but to see them get excited when they get money.
They can't play with it or consume it, so what makes them excited about it?
Posted on 1/9/14 at 9:32 am to LeonPhelps
maybe wait till she actually starts grade school or something
Posted on 1/9/14 at 12:22 pm to LeonPhelps
I start giving my grandchildren (got 4 now) at age 3. I use coins instead of bills until they are 5. Coins fascinate 3 year olds. Younger than 3 gets into the danger of them putting coins in their mouth.
Their dad helps them with counting when the piggy bank is full and then takes them on the trip to the bank for cash. Then they get to decide what to buy. It makes them see the connection between saving and rewards.
Their dad helps them with counting when the piggy bank is full and then takes them on the trip to the bank for cash. Then they get to decide what to buy. It makes them see the connection between saving and rewards.
Posted on 1/9/14 at 12:51 pm to LeonPhelps
quote:
Awesome, thank you for the help. I am really looking forward to this.
I have tried like crazy to get my much older nieces and nephew to get interested in finance, especially investing, but so far no takers. They all live in other cities, though. I see my godchild every weekend and her parents are fully on board with anything I want to do re: money, so hopefully the lessons will take.
let me know how this goes. i have a young niece and intend to indoctrinate her with all sorts of concepts that her just barely adult parents suck at doing (money, manners, holding jobs, etc)
Posted on 1/9/14 at 12:54 pm to Hoyas
quote:
My girl actually started a business at school selling bracelets she creates for 300% mark up.
Capitalist pig
Posted on 1/9/14 at 1:20 pm to LeonPhelps
Sidebar:
What is a good $ amount for good grades?
I have a godson, 8 years old I would like to incentivize his A's and B's.
Just curious, or is that frowned upon?
What is a good $ amount for good grades?
I have a godson, 8 years old I would like to incentivize his A's and B's.
Just curious, or is that frowned upon?
Posted on 1/9/14 at 1:22 pm to LeonPhelps
quote:
so what makes them excited about it
The fact that Parrain is pulling them aside and giving them a little something they can go to their piggy bank with. It's better than giving them a stupid toy or some banana bread.
Posted on 1/9/14 at 1:30 pm to LeonPhelps
Seems like you'd be walking a thin line with the parents, regardless of how close you may be. As much as it may pain you she's their kid. Let them handle all that. I don't think it would hurt to throw little tidbits here and there but at the very least consult the parents before you try to take anything on.
Just my thoughts.
Just my thoughts.
Posted on 1/9/14 at 2:32 pm to Brian Wilson
quote:
Seems like you'd be walking a thin line with the parents, regardless of how close you may be. As much as it may pain you she's their kid. Let them handle all that. I don't think it would hurt to throw little tidbits here and there but at the very least consult the parents before you try to take anything on.
Just my thoughts.
They are my closest friends (the dad has been my best friend since pre-school) and I am like a second father to their kids. I correct their kids (both of them are my goddaughters) right in front of them often and they always back me up. They agree with me on all political issues, share my values to the tee, and trust me absolutely on all money matters of any kind. I told the mom I planned to do it and she said she was just thinking of doing something similar (giving the daughter money for chores and making her pay for her toys at the store).
Posted on 1/9/14 at 2:38 pm to skygod123
quote:
let me know how this goes. i have a young niece and intend to indoctrinate her with all sorts of concepts that her just barely adult parents suck at doing (money, manners, holding jobs, etc)
Will do. My nephew, who lives in Florida, is 14 and stayed with me a few days over Thanksgiving. I took the opportunity to explain all of the merits of capitalism. He literally sat at my feet as I proselytized the good word on Capitalism. My oldest niece now attends LSU and I got her to open a bank account and convinced her dad to let her get a credit card to start building credit. I am trying like hell to get any one of my 3 nieces or nephew to get interested in investing by sending them books every Christmas on investing for kids or talking to them about business the few times I see them. No takers so far.
My uncle began buying me stock in my name in McDonald's when I was 11 and explained to me why he was doing it. By the time I was in high school, I was putting all of my chore money into McDonald's stock. I really want to pass on some knowledge and passion for investing to the next generation, but they just want to play video games.
Posted on 1/10/14 at 9:32 am to Oenophile Brah
I don't have kids or any experience from your perspective, but I would say that money for grades isn't a great idea.
A lot of the kids who got money for grades in elementary and middle school were always expecting rewards when they did something right (whether that be in school, sports, or something else). They wanted cash for grades in high school, while most other students wanted wanted good grades to get into a good school.
I think money should be given for 'work' not school. Allowance if you do your chores or something similar. But again, I don't have any experience with what you're asking
A lot of the kids who got money for grades in elementary and middle school were always expecting rewards when they did something right (whether that be in school, sports, or something else). They wanted cash for grades in high school, while most other students wanted wanted good grades to get into a good school.
I think money should be given for 'work' not school. Allowance if you do your chores or something similar. But again, I don't have any experience with what you're asking
Posted on 1/10/14 at 10:24 am to LeonPhelps
My child will watch CNBC instead of Disney. Blee dat. haha I watched more than my fair share as a kid with my dad.
This post was edited on 1/10/14 at 10:25 am
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