I hope that we aren't damaging our children. Tonight completes the first week of doing the Financial Peace Jr. with our kids. After last weeks lesson, we decided to start teaching our children one of the best lessons that we can other than biblical lessons. I feel that educating them about how to spend, save, and give is vitally important. I pray that what we teach them sticks with them and they put it to good use. We have started the 401 DAVE plan with both of them, giving them fair warning about the purchase of their first car. We will match 100% of what they save for a car.
Each week the kids have a set amount of jobs and we pay them a wage for a job well done. It teaches us in the bible if you don't work, you don't eat. Too many feel that they get a check in the mail because they deserve it. I feel that if you are capable of working, get out there and work. Make a wage and pay your own way.
After a full week of this, it seems to be going really well. Madi and Parker have done a great job. Both have completed their jobs and got paid tonight. I would say that they are at minimum wage right now. Madi's first question, "at $1 a job, how am I going to save $4500 dollars?". I explained that the wage goes up with the difficulty of tasks. Parker is just glad that we started this now so he has more years to save!