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Pocket Money for Children: What Lesson are you Really Teaching

Thanks to Robert Kiyosaki’s book Rich Dad, Poor Dad we have all become more aware of what financial lessons we are teaching our children. What lessons do you teach your kids when it comes to making money?

Often children earn their pocket money because they spend labor rather than talents to “earn”. They are taught to work around the house doing chores and if they are a good worker then they will get their allowance for the week. This is supposed to teach the child a good work ethic with the benefit of keeping the house tidy and giving the parents a bit of a break. In return the child gets some money to spend on what they want and learns to become a good consumer. Although this is thought to be good parenting, it is a fundamentally dysfunctional concept in which the lesson the child learns is that they have to work over and over and over again to earn money and that money is only to buy consumer goods. Congratulations, you just raised your child and made them a lifelong slave to a pay check and a middle-income lifestyle focused on consumption with hard-earned money. Once they realize they can only work so hard, the temptation of easy credit to fulfill consumer desires means they will become ensnared in slavery to the finance companies.

How about teaching kids to start a business that will earn their pocket money over and over again once it’s set up. If your child is old enough to type and write more than 1000 words, then they are ready to build a website with your help. To it on a subject they are interested in, choose the images they like, the layout they like. Sign them up for Google AdSense and show them how to copy and paste it to their new site. Watch their excitement as they check in each day to see what income they’ve earned. Now you have taught your child/teen how to use their talents to earn “recurring income”. They will quickly learn the lesson of business building and establishing steady income streams. You might even be surprised that they might want to start more, or they might even earn more income than you! Forget monopoly and play money let them play the game for real money.

Teach them then to pay the maid to do their chores for them and they will learn about real responsibility.

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