Should I give my kids an allowance?

Financial expert, Bruce Sellery gives solutions on how parents can teach their children about money and giving an allowance.

[drdirtt]

Never give your child an allowance.

My friend Kip got $5 a week allowance no questions asked.

My friend Anthony got a $5 a week allowance doing chores.

I got a chalk board of debt. That I paid down with my paper route money and chores.

Kip is now claiming disability, Anthony is working for the man, I am running and owning 3 multi-million dollar businesses.

Your child needs a blackboard of debt. Faster they find ways to pay it off is knowledge. Cleaning up after themselves is respect for themselves and doesn’t pay off debt. Mowing the lawn, shovelling snow and volunteer in community/church pays the debt (parent).

You teach your child simple finances by sharing your world of income and expenses.

[andreirodin]

Interesting how we want to teach kids “how to save” before “how to earn”!
Isn’t it like teaching a child how to run before he starts walking?
The value of money starts with learning how to work for it.

[yukithasandika]

I love my parents know we live in a 3rd world country but I still get 20 bucks a month