Real World Life Lessons When Money Matters For Kids
A time will come when a child asks for something he or she cannot afford
, but is old enough to be given a task to earn money sought. A parent can demonstrate the principles of consumerism and capitalism. When money matters for kids is when they realize that they can satisfy a consumer want by working for wages.There is a time and place for everything. It is true that children can learn about the value of work. Except, the child who only plays or does his or her own thing may become disadvantaged. Unless a young person rises above the norm, the road to success is often paved by hard work. Typically that means working for someone else's company. A child might not like chores that include cleaning up dishes after the family, or walking the family's dog. But he or she will appreciate the pocket change or allowance in exchange for services.
Children will engage in capitalism throughout their lives, including bartering and negotiating in educational settings, personal relationships and educational plans. In order to receive a certain score at school, or a coveted role in a play, they will have to trade their skills. A certain grade on a paper or exam may lead to a certain grade for a course. A certain grade for a course may lead to acceptance at a particular college. A particular college may lead to a particular job. A particular job may lead to a particular employer, offering a particular salary.
Parents may reward their children for exemplary behavior, grades, accomplishments, and for jobs well done. A mixture of reward and punishment may be used to train children to provide the sought after behavior.
As in real adult scenarios, a child can be given objectives or help form their own objectives for both school and home life. A parent can identify family needs that a child can perform that matches their abilities or potential.
Some chores like walking the dog might be daily chores executed twice per day. Other chores might be once a day, like preparing the dinner table, or doing homework. A tasked might be to practice piano lessons for a certain amount of time each day. Once per week, an objective might be to clean his room or do his own laundry.
Personal finance lessons that include earning spare change or an allowance when they complete a task can form a realistic perspective on how the world operates. These lessons can instill independence and understanding on how money matters for kids can work for long term gain.
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