When my sisters and I were kids, we had our normal jobs, and a regular (very small) allowance. Our dad had always been an entrepreneur, so a lot of our monetary upbringing was based on this.

Sometimes he and my step-mother would post a list of extra jobs we could do, and my sisters and I would all put our “bids” in for the jobs (how much money we’d be willing to do the job for). The lowest bidder “won” the job and was paid at its (quality) completion.

One of my favorite books growing up was “Capitalism for Kids”… another kid-entrepreneur book, but written for the child to read rather than the parent. I just recently started reading TSD so I’m not sure if you’ve reviewed it yet, but if not, you should definitely put it on your list! Of course, I haven’t read it recently, so I’m not sure what my current impressions of it would be.

Whilst I agree that down the track she will get paid for work she does, our emphasis is Christ first, family second and career third.

I don’t want her ever feeling guilty because she was spending more time looking after her bank account than looking after her family, or, even more importantly, looking upwards for spiritual direction.

We (my dh and I) make sure that commitments she undertakes are met, whether she wants to, in the long run, or not, that she tithes and saves and that she must have a clear idea of what she wants because if she’s “not sure of where she wants to go, she’ll end up getting into a state of confusion.”

I heard about job interview of investment bankers – One trait of success is how entrepreneurial they are, and having their parents own and run business is one of the positives to their potential. Entrepreneurship has grown in them by watching parents running business.

One thing I keep in my mind: The kids are meant to be who they are by nature, and parents should not interfere with what they become. Any idea would be helpful for broader options, unless parent stay clear of decision making or notion of what “success” means to them as parents.

I did give my children a small allowance, but out of that they put a tithe in church, saved a little, bought their school supplies from our “family store.” The rest they could spend as they wished. I bought school supplies cheaply, divided them up so the kids could buy smaller amounts from the “store” for smaller payment. It worked fine.

I do believe that allowances can be given as a thank you for helping with your everyday chores, but extra work needs to be supplied so you can earn a little and find out how far money goes – not too far, huh?

Good job vetting these books on helping kids learn about money. Doing a good job, Trent.

I am greatly appreciative of the attitude that we should teach our kids about money early on by allowing them to observe how we as a family handle our finances. My husband wants to eventually give our kids a small allowance, and I want to make sure they develop good helping habits around the house. So as long as they know they are earning their allowance by their overall contribution to the household (NOT specific chores) I think they will feel responsibility for the money they’ve earned.

All things in moderation. Don’t let your child believe that money is the purpose of all work.

I later sold girl scout cookies in elementary school(back when it was door-to-door) and baby-sat in middle and high school (generally for my extended family). I didn’t have a ‘real’ job until I got out of high school and had a summer job before college.

My sister never really got into the cookie selling or babysitting, but when she was in high school she got a job as a hostess at a restaurant.

My sister and I have always had different views of money. I have always been a saver and she has always been a spender. Similar beginings, different results. Personality plays a big role in where you end up and how you get there.

I still haven’t decided whether or not to do an allowance when I have kids. But finding ways to encourage kids to make money on their own and early is definitely going to be in the plans.

We decided to go the small allowance route as an experiment and it has significantly decreased requests for toys and treats, since the standard response is “you can buy that with your money if you want too”. So far they are all far more interested in saving it up, and it’s been interesting to watch them make choices, like participating in an experience ( movie, fair, carnival etc) over purchasing a thing.

Mom encouraged me to earn my own money, though I also had some small allowance. What I learned from the experience was that I am basically unsuited to sales work as I dislike the constant rejection.

The entreprenurial spirit carried on after college, but eventually died off as I preferred a steady income and couldn’t catapault myself into a commercial success. Steady income is good!

I think I would try to encourage my kids to save, and to learn about money; by, for instance, guiding them to save for bigger goals (buy a videogame, or a bike, or something).

As for entrepreneurship, I would like them to explore their talents. I believe that it is precisely when we are kids that we can explore without having to think about the money behind. If my kid wants to play piano, I would encourage him to do so, even though I know that it is very unlikely that he could make a living being a professional piano player. I would just make sure that he understands that.

I think that at some point, he will be interested in starting a business and I’m going to do all I can to help him.

Thanks for the book review. I’ll check it out.

Only problem is that he (and his immediate family members) are all workaholics whose only goal in life is to make enough money to get the next gadget on their list. Family, friends, downtime, personal health, and many other things aren’t all that important because they don’t generate income. Why go to a picnic and relax when you can work during that time and earn money instead?

I don’t necessarily disagree with the concept presented in this book, but it must be carefully balanced with an understanding that money, work, and things are not all there is to life.

College = not for everyone.

I liked it, myself.

Also I really like the idea about payment for tasks instead of an allowance. I guess you could also keep the allowance painfully low ;)

Great review, sounds like a great book.