Kids and money.

[Locke]

Originally Posted by MattyC

Oh I know why, it's just frustrating you'd think the overall psychology would have it increasing just from people trading. But anyways, I digress. When this stuff is in front of your face all day, it grates on you more than it should haha.

Really, should have bought both Disney and Netflix in July 2012.

You cant be buying stock man, the Government needs that money to benefit society as a whole. I dont even see the need for you to cash your own paycheque, just send it straight to Revenue Canada.

[ken0042]

Originally Posted by V

Yeah, it seems unfair to stop paying for stuff just because the kid got a job. If you were going to pay for it before they had a job, you should keep paying for it.

Yeah, my wife tried that with our son. I had to put a stop to it. I had to explain to her first of all the logistics:
- He was making $20 per week on allowance before; so $80 per month.
- We were paying for his bus pass and cell phone; so about $110 per month.
- With him making about $200 per month at his new job, if he pays for those things he will only be $10 ahead of not working, and I want him to work.

Then of course the thing of us paying for the phone allows us to make the rules regarding the phone. And I think making him pay for his own bus pass is mean, as he needs it to get to and from school.

[Coach]

Originally Posted by Locke

You cant be buying stock man, the Government needs that money to benefit society as a whole. I dont even see the need for you to cash your own paycheque, just send it straight to Revenue Canada.

Touche good sir. Not only is it in stock, but it's in a TFSA!!

But I don't know that my $1000 of Disney is going to make any type of difference lol.

[corporatejay]

Your kid, at 10, asked to get a job. I'd let him keep all his money, maybe force him to save a certain percent and then he can spend the rest on the best fun dip a man can buy.

[Locke]

Originally Posted by corporatejay

Your kid, at 10, asked to get a job. I'd let him keep all his money, maybe force him to save a certain percent and then he can spend the rest on the best fun dip a man can buy.

Is that a euphemism?

[corporatejay]

Originally Posted by Locke

Is that a euphemism?

Nope. Kid cocaine.

[OMG!WTF!]

I think at ten, spending and saving are basically the same thing. You're just saving so you can spend more later. But the lesson about investing is an important one. And the Disney example is even better....sometimes your investment goes down. What happens then? Risk. Return. All fantastic lessons.

I know a couple local companies that are traded publicly and would be very visible for a young investor. In addition to the Disney's and Marvel's, some of these local businesses could spark an interest.

[Bend it like Bourgeois]

My youngest has a terrible sense of money. He took $60 that I left on the counter to school, and sold lottery tickets for it to his classmates. Fortunately his teacher got wind of it and killed his gambling racket, because he sold less than $60 in tickets. Though he did learn if you swipe dads cash you better come back with profits to buy me off.

[CliffFletcher]

Originally Posted by OMG!WTF!

I think at ten, spending and saving are basically the same thing. You're just saving so you can spend more later.

The lesson we're trying to teach with setting aside half their allowance for savings is deferred gratification. You can't get that $40 toy unless you save for months. Our daughter will save for that toy. Our son is more like CANDY NOW.

[Fuzz]

Originally Posted by troutman

Can saving be taught? Seems to me people are wired one way or the other. One son hoards his money, the other spends it like a drunken sailor. Same upbringing.

Many will clients tell me the same thing about their adult children.

I was a hoarder as a kid, my brother was the drunken sailor(spending wise!). Now I'm still a cheap ####### but he is even cheaper. I think his wife broke him.

[Rathji]

None of my kids are at that stage yet, but my nephew who lives with me will likely be getting his first job this summer.

I am going to suggest he save a portion and then the rest he can blow on whatever he wants.

[VladtheImpaler]

Originally Posted by blueski

Open up a day trading account for him!

Open up a Poker Stars account for him. Put that nimble young brain to good use. He can win millions by 18 and blow it all on drugs and women by the time he is 21. No better life lesson.
You are about 5 years ahead, so I would like to see how it goes for your son before I put mine to work. He needs something to fall back on if my dream of him being a dentist doesn't work out.

[topfiverecords]

Originally Posted by corporatejay

Nope. Kid cocaine.

That's where all my earnings as a kid went. Now because of that all my earnings go to the dentist. My parents should have bought Nestle stock after seeing how much of that I bought.

[calgaryblood]

I remember when I was 14 and got a job as a slave labourer for the Calgary Sun.

They made the job seem so great and then I froze my ass off for like 15 days going door to door and as a 14 year old I was just dreaming of what I'd do with all the cash I had earned...then my cheque for $31.42 came in. I still remember the amount. The only time in my life I had murder on my mind.

[activeStick]

My friend does this thing which I think is pretty neat. Obviously kids get a ton of presents when they are young from friends and family for birthdays and Christmas, so they've created a toy store in their house where they store all the gifts the kids have received over the years and they all have a price, like a store. While they get to actually play with a few every occasion, the rest go on the store and they use their own money to buy it.

Their kids actually have conversations about saving up for certain things and split for items they really want so they can play with it sooner. Only people I know that does this.

[Party Elephant]

I'm really disappointed by the lack of Sliver in this thread.

[Slava]

Originally Posted by Bend it like Bourgeois

My youngest has a terrible sense of money. He took $60 that I left on the counter to school, and sold lottery tickets for it to his classmates. Fortunately his teacher got wind of it and killed his gambling racket, because he sold less than $60 in tickets. Though he did learn if you swipe dads cash you better come back with profits to buy me off.

I don't know if that is a terrible sense of money or brilliant! Probably the wrong target market though. That's hilarious though.

I've bought stocks for my kids and tried to explain how it works at a super low level. The thing that seems to get through to them is when the stock has made money I've sat them down and said that we just made that $1.25 and basically did nothing to earn it. They like that idea, and I suspect that once they get a job digging ditches it will be even more impactful.

[GGG]

Originally Posted by activeStick

My friend does this thing which I think is pretty neat. Obviously kids get a ton of presents when they are young from friends and family for birthdays and Christmas, so they've created a toy store in their house where they store all the gifts the kids have received over the years and they all have a price, like a store. While they get to actually play with a few every occasion, the rest go on the store and they use their own money to buy it.

Their kids actually have conversations about saving up for certain things and split for items they really want so they can play with it sooner. Only people I know that does this.

That is terrible. You are taking away the only source of income from kids. Then you don't even lose any money when you give them an allowance. Really they should just tell their friends and family not to buy gifts. It's the cheapest thing I have ever heard and I'm pretty cheap myself

[flamesfan1297]

Edit:quoted wrong person

[I-Hate-Hulse]

Originally Posted by activeStick

My friend does this thing which I think is pretty neat. Obviously kids get a ton of presents when they are young from friends and family for birthdays and Christmas, so they've created a toy store in their house where they store all the gifts the kids have received over the years and they all have a price, like a store. While they get to actually play with a few every occasion, the rest go on the store and they use their own money to buy it.

Their kids actually have conversations about saving up for certain things and split for items they really want so they can play with it sooner. Only people I know that does this.

Don't the kids outgrow the toys quick enough that the won't care about buying them? Thomas the Tank Engine is a thing of the past at 5 methinks.