Kids & money

.
   By Guest Blogger Tatiana Enhorning
.

We know we need to stay invested. Buy low, sell high. It’s logic. But during markets like this, we also know logic can easily fall to emotion. Thoughts, beliefs and fears around money which have been ingrained since childhood can flare up and skew our rationality.

Though we can’t always control our own emotions around our finances, we can help our children get ahead of this by actively teaching them about money while their neuroplasticity is still high. Since the public school curriculum still prioritizes Pythagorean Theorem over basic financial literacy, here are a few ways to begin teaching kids about money early on. Let’s mold their mindset, de-stigmatize this topic and enable them to use money as a positive tool throughout their lives.

Earning:

Most parents want their kids to understand the value of a dollar and that to have money you must earn it. Giving an allowance is great, but having them work for it will help teach that money is earned. Even the smallest household chores can be rewarded in this way. If your five-year-old wants a Pokemon card, perhaps they could help you collect leaves in the yard. You can pay each kid based on the difficulty of the task and their age.

Saving:

Once kids have money, they can learn about the delayed gratification of saving. Like the famed ‘marshmallow experiment’, they can choose to spend the money now, or save it to buy something even better in the future. If kids want to buy something larger, parents can instill the value of disciplined saving while also matching every dollar saved.

Spending:

When kids have enough to spend, they can experience shopping, count out their own cash, and buy their hard-earned item. What’s more rewarding than that? Spending is actually a key component of early money education. Without learning to spend responsibly, kids can easily opt to hoard money and feel uncomfortable spending on anything at all, leading to feelings of scarcity around money down the line.

Growing:

Depending on learning style, there are many ways to engage children in the investing basics before age 18. Perhaps they enjoy numbers and following the stock price of the company that makes their iPhone. Or they might be more of a macro thinker, preferring short videos or podcasts on how real global events affect people’s investments. Making it fun and relevant is key.

Kids can start learning from their parents’ investment accounts as the grown-ups explain their statements and fund fact documents. Eventually they will be able to see what risk-versus-return really means and become comfortable with normal short-term market fluctuations. You can show them the power of compounding and the cyclical patterns of the markets before they even open their own account. Getting used to how the financial markets work incrementally over time makes investing much less daunting later on. Though 18 is the minimum age to open a TFSA account, there is actually no age minimum to open an RRSP, as long as one has employment income.

There are many investment platforms which are free for young people to access with very small amounts of money. So with the help of trusted adults, kids can try investing bits of their money which they are willing to potentially lose. Allowing mistakes with their money while the stakes are low teaches them their risk tolerance, as well as how to better avoid mistakes and become more financially responsible as adults.

Giving:

Opening the money conversation also opens the giving conversation. What else can money do and who else can it help? Asking kids to think about what they appreciate about their own life allows them to consider that not everyone is lucky enough to have access to computers or to live in a comfortable house. Realizing that they have the ability to make an impact by sharing their money is a powerful life lesson that will stick with them. Depending on age, setting up family meetings to discuss which charities to give to, can help kids not only learn an invaluable lesson in charity, but also to get to know themselves and their own values from an early age.

It is important to instill in kids that managing personal finances is all about decisions. Ones made from emotions like fear or greed can have consequences. Though it is natural for people to feel finances are uncomfortable and boring to talk about, this can be made easier over time by starting small, broadening, and making it relatable to kids’ real lives. It’s never too early to learn about money.

Tatiana Enhorning is a Financial Advisor with Turner Investments. She builds and maintains portfolios for clients across Canada, and has been in the business as an asset manager for more than a decade.

 

92 comments ↓

#1 Søren Angst on 10.28.22 at 2:40 pm

Sorry Tatiana, but 1st blood by me …

———————-

A FUN ELON DAY. Started with this:
https://twitter.com/elonmusk/status/1585841080431321088

Today Elon nuked Chief Twitter Jailor, Boss and S/W Developers in one fell swoop.
https://twitter.com/AlexThomp/status/1585793451509092358
https://twitter.com/Rampage95_SGTG/status/1585790641635631109

Soon after, the bat sh!t crazy Left/Right came out to whine/play.

A Left sampling (caution to the milquetoast):
https://twitter.com/libsoftiktok/status/1518828430988435456

The Right testing the waters (ibid. milquetoast):
https://twitter.com/Eman1708229744/status/1585831545600094211
https://twitter.com/hodgetwins/status/1585803814174531584

Some funny memes (ibid. milquetoast):
https://twitter.com/GrimmRockwell/status/1585862663120166914
https://twitter.com/Tesla7771/status/1585863203652714496
https://twitter.com/WallStreetSilv/status/1585876208021299205
https://twitter.com/MuttleyMusings/status/1585931064458899456

And later on, from the man himself:
https://twitter.com/elonmusk/status/1585966869122457600

Indeed Elon, indeed.

———————-

TWTR to be DELISTED Nov. 8 and become a private company.
https://techcrunch.com/2022/10/28/twitter-will-be-delisted-from-the-new-york-stock-exchange-on-november-8/?guccounter=1

So glad I sold my TWTR shares ($1/share profit from being $10/share down at one point … quicumque perseveraverit vincit).

#2 None on 10.28.22 at 2:46 pm

I disagree with a lot of this.

What people need is not financial literacy per se, but critical thinking skills. Specifically, being able to defend a belief – many, many people aren’t able to do that.

I think one of the greatest investing lessons to learn is understanding the saying ‘you cannot evaluate an investment decision based on its outcome”. Those are wise words and fundamental to long term successful investing. Unfortunately, the some of the suggestions the author offers above directly undermine that concept which is a deserve and the opposite of fostering good financial literacy.

#3 Observer on 10.28.22 at 3:05 pm

#110 Brian on 10.28.22 at 1:55 pm
#104 Observer
Have you been following the EA inquiry to date? Sure is obvious to anyone with half a functioning brain that our PM did the right thing while the “freedom” movement supporting CONS did not.
——————–
Obvious parody!

^^^^^^^^^^^^^^
Let me guess, you think Trump won the 2020 election.

#4 Earlybird on 10.28.22 at 3:06 pm

This is great for really young kids as money is a huge factor in life….keep it simple at first.

The big problem is generational financial literacy…..you can’t teach your kids what you dont know yourself.

The schools REALLY need to get their sh*t together on this subject!!! My neices are not going through life without this education…..neither passed the delayed marshmellow test….yet!

#5 Faron on 10.28.22 at 3:06 pm

DELETED

#6 Søren Angst on 10.28.22 at 3:09 pm

#2 None
critical thinking skills

Have you ever taught before at College, University?

I have. About 8-10,000 of them.

They don’t have critical thinking skills even at that age. Very, very few.

They are acquired thru time and with life experiences.

Why e.g., Harvard & many others use Case Studies … accelerate life experiences by reading & learning from the experiences of others. From that, they learn.

——————

Tatiana is merely suggesting that maybe if you start the life experience odyssey early enough, then later on they will be critical thinkers.

#7 Brian on 10.28.22 at 3:12 pm

#104 Observer
Have you been following the EA inquiry to date? Sure is obvious to anyone with half a functioning brain that our PM did the right thing while the “freedom” movement supporting CONS did not.
——————–
Obvious parody!

^^^^^^^^^^^^^^
Let me guess, you think Trump won the 2020 election.

Let me guess, you think Trudeau has been the greatest PM ever! By the way what does Trump have to do with the EA inquiry?

#8 Linda on 10.28.22 at 3:26 pm

Good advice regarding teaching the young about finances. I would hope that current day school curriculums would bolster lessons learned by introducing children to concepts of credit management, debt management, mortgages, HELOCs etc. – all stuff that they will need to eventually know about as they mature. Not sure if they do that now. They certainly didn’t when I was going to school. The most relevant money management education I received was in high school, taking a class on marketing. The teacher taught us about budgeting, took us on field trips to cost compare grocery purchases, taught us how to read a label & introduced us to how media advertising was utilized to influence our purchase decisions. Also touched on credit vs. paying with cash. Lessons learned came in handy when I was living on my own, but sure would have been handy to have been taught about balancing a cheque book, negotiating a loan, collateral etc. in addition to knowing how to check grocery prices to figure out if they were a good deal or not.

#9 Richard L on 10.28.22 at 3:27 pm

This post is very topical. The lack of financial literacy/education in the school system is a major weakness. As it is not likely to be addressed by left leaning educators, it is down to parents to provide financial education.

#10 Flop… on 10.28.22 at 3:27 pm

If I had my time over again, I would definitely start going to the supermarket and ogle the meat section at a younger age…

M48BC

#11 High IQ on 10.28.22 at 3:35 pm

I’ve got the attention span to only read Garth’s articles that my brain just skimmed through this as it overloaded my brain.

#12 Victor Llearna on 10.28.22 at 3:35 pm

Best way is to not have squawkers, then save hundreds of thousands on raising them and their college education.

#13 ted on 10.28.22 at 3:38 pm

“Since the public school curriculum still prioritizes Pythagorean Theorem over basic financial literacy,”

Yes let’s teach basic financial literacy by making sure kids don’t know basic math.

#14 Shawn on 10.28.22 at 3:52 pm

“We know we need to stay invested. Buy low, sell high.”

**************
Sure. Although Buffett would say Buy selectively at low or fair prices. (Better to pay a fair price for a real gem that get a stinker company at a huge bargain, he has said).

And rather than sell high, he would say plan to keep your well-chosen investments basically forever. Done right you can spend only the dividends and keep the actual investments well past your own expiry date.

#15 Brett in Calgary on 10.28.22 at 3:53 pm

The criticism on the blog today is surprising considering the fresh topic. Tatiana thanks for writing about this because it needs more attention. I would bet also that it’s been a while since the donkeys on here used Pythagorean Theorem!

#16 Joseph R on 10.28.22 at 3:54 pm

#1 Søren Angst on 10.28.22 at 2:40 pm

Welcome to Hell, Elon Musk!

https://www.theverge.com/2022/10/28/23428132/elon-musk-twitter-acquisition-problems-speech-moderation

#17 Joe on 10.28.22 at 4:01 pm

Yes financial education is important, its so important a child cant open a trading account until 18 is it? and why is that.?

One thing children have over adults is…..? time

Opening a trading account at 5 years of age and put 25k invested in a index etf, by the time that child is 40 that money will have exploded over 35 yrs. Instead parents have to wait till the child is 18, or some type of trust etc.

Everyone talks about educating but the youngsters are hog tied till 18, what good is that?

#18 wallflower on 10.28.22 at 4:05 pm

On the subject of parental 101:

kids <6 years age in grocery karts being asked by parent – "What would you like?" STOP IT YESTERDAY

kids creating Santa wish lists for retail merchandise – DISGUSTING; so 1900s – STOP IT

btw, one thing I NEVER did with my one kid (yes, one kid easy, I know!) was a money allowance which was definitely swimming against the stream, but the one thing I ALWAYS did for my kid was fund the essentials and discuss the wants and then starting around 16 years of age, we ALWAYS created budgets regarding anything that required funding… an ongoing exercise ever since graduating high school.
He left home the week of grade 12 graduation and has not been home since… loving life, 8 years later now doing Masters and aiming to complete CPA PEP. I attribute his pathway to the planning and budgetting.
(undergrad was NOT business… science.)

What percentage of the parental 101 group reads these kinds of missives? that group is likely already doing things right… it's the 60% of the remaining parental 101 group that has lost the plot.

btw, the one thing my youngster did when he did have a coin in his pocket was drop it into the homeless/streetfolk bucket or busker bucket … since he never had an allowance I always found that perplexing … any opinions out there on that?

#19 The General on 10.28.22 at 4:15 pm

#5- faron against the world, volume yada yada… you’re saying Garth should cancel everyone who disagrees with YOUR beliefs? And to put the icing on the cake, you throw in the obligatory shame, shame at the end. Bravo!

#20 Observer on 10.28.22 at 4:15 pm

#7 Brian on 10.28.22 at 3:12 pm
#104 Observer
Have you been following the EA inquiry to date? Sure is obvious to anyone with half a functioning brain that our PM did the right thing while the “freedom” movement supporting CONS did not.
——————–
Obvious parody!

^^^^^^^^^^^^^^
Let me guess, you think Trump won the 2020 election.
———————
Let me guess, you think Trudeau has been the greatest PM ever! By the way what does Trump have to do with the EA inquiry?

^^^^^^^^^^^^
Have you tried listening to the actual testimony and reading the EA evidence submissions, rather than mindlessly following your favourite paid social media propagandists?

#21 Flop… on 10.28.22 at 4:24 pm

#14 Shawn on 10.28.22 at 3:52 pm
“We know we need to stay invested. Buy low, sell high.”
**************
Sure. Although Buffett would say Buy selectively at low or fair prices. (Better to pay a fair price for a real gem that get a stinker company at a huge bargain, he has said).
And rather than sell high, he would say plan to keep your well-chosen investments basically forever. Done right you can spend only the dividends and keep the actual investments well past your own expiry date.

//////////////////////

Here Captain Alberta, you might get some joy checking this Buffett visualization out.

I’ve seen a lot of people get confused between the spelling of Buffet and Buffett.

Here’s how I remember, no one has ever gotten rich at the buffet, but Warren Buffett has made a lot of peoples wallets fat…

M48BC

Berkshire Hathaway’s Holdings Since 1994.

https://www.visualcapitalist.com/cp/berkshire-hathaway-holdings-since-1994/

#22 dosouth on 10.28.22 at 4:31 pm

I guess it is all relative to your beliefs. We gave our daughter an allowance at an early age, got her the pink deposit book from TD. She put half her allowance in an envelope for the pink book and 1/2 to spend.

Carried that on with life lessons on shopping, investing, housing in which we (with her labour as well) renovated over the mortgage and has never looked back.

Ironically she started working for TD while in University and for 20 years has transferred up the ladder to Executive level at ATB. All her, so your post is very relevant just as it was all those years ago….

#23 dosouth on 10.28.22 at 4:33 pm

Sorry it should say we renovated a small house with her working with us. She took over the mortgage…..

#24 Joseph R on 10.28.22 at 4:34 pm

Great writing Tatiana!

However, I want to point out an issue with your article. You state: “Even the smallest household chores can be rewarded in this way. If your five-year-old wants a Pokemon card, perhaps they could help you collect leaves in the yard. You can pay each kid based on the difficulty of the task and their age.”

Be careful with using money as a reward for “hard work.” Chores are about living in a home with other people, not for an external reward:

https://www.parentingforbrain.com/overjustification-effect/

Children need a lot of parental praises, and that’s what you want to share with them: If you want to spend money on them, bring them to Mcdonald’s or share another experience with them.

The concept of money is too abstract for children (and many adults) to understand, but they do understand the reward system.

They will see that Santa prefers rich kids to poor kids since they will have bigger and better toys than them. and they see the reverse: Some kids will fewer toys than them. Does it mean these kids are lazy and don’t do chores around the home? As such, do they deserve to be poorer?

Also, will the child expect the parent to keep paying for every chore they do?

you also wrote:

“Realizing that they have the ability to make an impact by sharing their money is a powerful life lesson that will stick with them. Depending on age, setting up family meetings to discuss which charities to give to, can help kids not only learn an invaluable lesson in charity but also to get to know themselves and their own values from an early age.”

This is a big one! As stated before, money is too abstract for kids to understand, but they can see and feel the reward that comes with giving; money or toys. Every time we drop off his toys for charity, I make sure my son understands that growing up comes with letting go (teeth and toys!) and that by giving away, he has an impact a positive impact on other children.

#25 an investor on 10.28.22 at 4:34 pm

Great to see Libs of TikTok back on Twitter. And Trump’s Truth Social is the number one app on Google and iTunes. So much winning.

The markets have responded accordingly.

#26 Lolo on 10.28.22 at 4:37 pm

I taught my daughter about interest and buying on credit when I charged her 25 cents to borrow $2 from me, to buy some dollar store toy she ‘had’ to have. I think she was 7 years old. That was the first and last time she did it.

#27 zxcvbnm on 10.28.22 at 4:38 pm

Re: #5
Ha! Now I know you’re a troll, Faron. Nice b8 m8. The comment section would be a better place if our host culled all opinions that differ from yours? Got it. Have a great weekend. :)

#28 earthboundmisfit on 10.28.22 at 4:50 pm

A great day to be all in on U.S. equities. Economically, best to never bet against the U.S.A. By all other measures, the country is totally FUBAR.

#29 Brian on 10.28.22 at 4:56 pm

#7 Brian on 10.28.22 at 3:12 pm
#104 Observer
Have you been following the EA inquiry to date? Sure is obvious to anyone with half a functioning brain that our PM did the right thing while the “freedom” movement supporting CONS did not.
——————–
Obvious parody!

^^^^^^^^^^^^^^
Let me guess, you think Trump won the 2020 election.
———————
Let me guess, you think Trudeau has been the greatest PM ever! By the way what does Trump have to do with the EA inquiry?

^^^^^^^^^^^^
Have you tried listening to the actual testimony and reading the EA evidence submissions, rather than mindlessly following your favourite paid social media propagandists?

Actually I have it running all day in the background while I enjoy my hobby, painting.
https://www.cpac.ca/episode?id=a6cae064-4284-4171-ad3a-b620588a3439

You’re obviously getting your info from the CBC!

#30 Cash is King on 10.28.22 at 4:59 pm

Let kids be kids.
Parents worry about money not kids.
Financial Planners are a dime a dozen.
Biggest fraud next to real estate in Canada.
Pass an easy course and you too can mess up people’s lives and blame it on the market.
People have to start thinking for themselves and make decisions that are right for them.

#31 Is anybody listening? on 10.28.22 at 5:02 pm

One of the most dangerous and pathetic trends of recent times is the rise of censorship.

Whereas many once had the idea that “sticks and stones may break my bones but words will never hurt me,” now many have the idea that “words are violence.”

This idea would be harmless if it was held by just a few fringe radicals.

Instead, it has bubbled up to the top of many governments and corporations, even in nations like Canada that were largely built upon freedom.

It’s a way of thinking that is fundamentally about weakness.

#32 the jaguar on 10.28.22 at 5:08 pm

Whew! For a moment there I was afraid I might be left out.

#33 IHCTD9 on 10.28.22 at 5:17 pm

#104 Observer on 10.28.22 at 11:54 am

Have you been following the EA inquiry to date? Sure is obvious to anyone with half a functioning brain that our PM did the right thing while the “freedom” movement supporting CONS did not.
———-

Nope, not following. I never had an issue with Trudeau using the EA. The truckers left him no choice because they were winning. That’s what you call it when the government has to haul out the biggest gun in their closet to deal with you. You call that winning. If Trudeau hadn’t used the EA, the truckers would probably still be sitting there in Ottawa.

Trudeau blew his opportunity to de-escalate the protest and got rag-dolled. That’s all there is to it. I’ve never seen a government get slapped around so hard by a protest as Trudeau by the truckers. Totally dominated.

The inquiry only reminds us of how badly Trudeau got whipped by the convoy. He needed the big gun because he was getting curb-stomped. It don’t matter to me what the verdict at the inquiry is, Trudeau had no choice right or wrong. The truckers were beating Trudeau like he owed them money.

Actually it was the city of 1 million+ innocent citizens who were whacked, despoiled, inconvenienced and terrorized in stores, malls and on sidewalks by a group of malcontents. What a shameful display of childishness by a bunch of selfish cowards, the unvaxed. – Garth

#34 Retired in Kelowna on 10.28.22 at 5:20 pm

Thank you Tatiana. Excellent Column. Ignore the Naysayers on here. I agree with you that Financial Literacy needs to be taught in School. So important and necessary.

#35 Loonie Doctor on 10.28.22 at 5:27 pm

Tatiana,
This was a well written and organized post on a very relevant topic. Thank you.

One item we have debated with our kids is allowance. We decided to give an allowance to teach about discretionary spending. We also have a rule that a big spend requires one month of thinking about it. However, we have been careful to not attach home choirs to the allowance. They have jobs that include self-care (like laundry) plus something that is household like dishwasher or lawn mowing. The reason we did it that way was to make sure they know that those types of work are simply part of contributing to the family.

They work outside for extra cash. Our kids are now teens which changed the outside cash issue. We opened an informal trust for our daughter to learn ETF investing with some of her earnings. Perfect timing because she has been able to learn what a bear market feels like.
-LD

#36 Ken R on 10.28.22 at 5:38 pm

Great advice Tatiana. Unfortunately, many kids don’t have parents with any financial acumen. Many kids don’t have present parents at all for that matter. It will fall to the education system to teach them. I hire students out of our education system all the time, there is a lot of work to do on that front.

#37 Old Boot on 10.28.22 at 5:46 pm

Not bad advice, all in all.

But I’d add:

Chores must be completed to receive the allowance. Not completed? Dock their pay.

Get a SSN and a real job PDQ, even if it’s only 4 hours/week. Kids need to learn how to interact, and get along with, a variety of personalities to be successful and not just within their chosen bubble group.

Charity is good, but it doesn’t have to be a monetary donation. Model donating time and effort to good causes, or to helping people in your neighbourhood. Instead of gluing themselves to precious works of art, suggest they join a beach or stream clean-up, or run errands by foot or bike for an elderly neighbour.

Teach older kids to shop carefully and cook healthy meals from scratch. Teach them the difference between brand names and quality.

Most of all, teach them to shun the company of narcissistic loons who shriek incessantly about the superiority of their so-called values, but who produce nothing of value.

#38 crowdedelevatorfartz on 10.28.22 at 5:48 pm

@#108 Love the Cottage
“P.S. I know geography was a tough subject Mr. Ford, but Ottawa is in Ontario.”

+++
Ahhh.
Judging from the drivel that spews forth from the Ottawa mandarins….I’d say Ottawa isnt even on the same planet as the rest of us.

The inquiry seems to be confirming what I suspected.
Decision paralysis for weeks.
No one with any authority wanted to be accused of “bullying” , “Harrassment”, Racism” on and on and on.
And now the inquiry devolves into the Canadian tradition of pointing the blame at everyone else except the mirror.

A pox on them all.

#39 crowdedelevatorfartz on 10.28.22 at 5:50 pm

@#36 KenR
“Great advice Tatiana. Unfortunately, many kids don’t have parents with any financial acumen. Many kids don’t have present parents at all for that matter.”

+++
100% correct.
Kids learn from parents.
If the parents are idiots with their money….. monkey see, monkey do.

#40 cramar on 10.28.22 at 5:51 pm

Just an awesome posting, Tatiana. Right on! Kids need to be taught financial literacy early in life—at home! Perhaps society would be different today if those moistures buying $2 million houses had learned these things when they were young.

@#2 Financial literacy AND critical thinking should be taught. I.e. BOTH! They are not mutually exclusive.

#41 CJohnC on 10.28.22 at 5:52 pm

#5 Faron. “Garth, this is your menagerie and these are the people you have filled it with. They aren’t violent (maybe? Yet?)”……

You forgot to include a woke ultra left-wing nut bar named Faron in the menagerie…..and he does get verbally abusive and violent……

#42 Honk honk on 10.28.22 at 6:04 pm

DELETED

#43 IHCTD9 on 10.28.22 at 6:10 pm

Actually it was the city of 1 million+ innocent citizens who were whacked, despoiled, inconvenienced and terrorized in stores, malls and on sidewalks by a group of malcontents. What a shameful display of childishness by a bunch of selfish cowards, the unvaxed. – Garth
—- —-

I know you hate the convoy, and the Ottawa Citizenry were definitely unwilling recipients of the invasion as with any protest. I characterize the convoy more as an anti-Trudeau protest than anti-vax. I think underneath the cover of “personal freedoms”, the convoy represented more of an anger rising from the non-laptop class, and from a demographic who were constantly being shit on by Trudeau. Ten thousand protestors just because of a vaccine requirement? I doubt it. I myself obviously think Trudeau is a disaster, but got double vax’d, no biggie. But 10K for a feeling of being oppressed? I can buy that one. Most of those protestors that showed up in Ottawa just hated Trudeau’s rhetoric (IMHO), not so much the vax.
If I felt the vax was actually the real issue, we’d probably be more on the same page. I just can’t see that kind of mass resolve over opposition to a 3 second shot in the shoulder.

It’s a democracy. Change comes through voting, not occupying the capital city. That begs a police response. Canada does not oppress its citizens. – Garth

#44 Faron on 10.28.22 at 6:16 pm

#27 zxcvbnm on 10.28.22 at 4:38 pm
#19 The General on 10.28.22 at 4:15 pm

If I say that Ponz is a strong supporter of Austrian alpine lake faeries, does that mean I’m asking for his cancellation? No, it doesn’t.

Connecting the dots among among a group sharing an ideology filled with hatred and intolerance and the violence that leads to, as evidenced today, isn’t cancelling. That’s a figment of your, what would be generous to call, imagination.

#45 Observer on 10.28.22 at 6:21 pm

@Brian, IDHCT9

So when the judge confirms the Liberal government was justified to invoke the EA – and they will – how will you defend your “opinion” then?

#46 Bezengy on 10.28.22 at 6:22 pm

What a fresh perspective you have given to this blog Tatiana. Nicely written post. When it comes to raising kids it just isn’t the parents responsibility but the entire community. Maybe hiring a kid and making sure they do the job correctly, and possibly mentoring them would also make a difference. It’s not just about money but also making sure they’re competent at everything they do. The sooner they realize their worth the better off we’ll all be. Every kid needs to know they have a part to play in making the world a better place.

#47 Shawn on 10.28.22 at 6:42 pm

Emergencies Act Innovation was obviously a judgement call and Trudeau as PM and leader of the Cabinet and therefore leader of the executive branch of our government made the call.

Unless it was blatantly uncalled for such that no reasonable person would have invoked it then the benefit of the doubt has to go to Trudeau. And it will.

The inquiry will be useful for exposing the disfunction and mistakes prior to the EA. Police will learn from that.

Justin Trudeau has absolutely nothing to worry about here. If the various Police forces involved had done their job better then the EA would never have been needed.

Yawn.

#48 Bdwy on 10.28.22 at 6:42 pm

When it comes to raising kids it just isn’t the parents responsibility but the entire community.
……

Don’t abdicate responsibility for raising your children. The “community” is mostly financially illiterate.

#49 Brian on 10.28.22 at 6:44 pm

@Brian, IDHCT9

So when the judge confirms the Liberal government was justified to invoke the EA – and they will – how will you defend your “opinion” then?

I await the decision next year. Till then I will listen to all the witnesses!

Critical thinking seems to be lost on many people nowadays.

By the way, great blog today Tatiana!

#50 Father's Daughter on 10.28.22 at 6:52 pm

Thanks for the post. Few problems here. Most parents are financially illiterate, so they are not qualified to teach their kids. I disagree with giving kids a chore-based allowance, as I think children should learn that pitching in is part of belonging to a family. It is a tricky one though, because they will ultimately need a bit of spending money. It’s best to learn early is going to pay you for the copious amounts of domestic work you do when its your turn to run your household.

Another great strategy for kids, that in my personal case has been proven to work, is to nag your children to read this blog, reference Garth as if you are old pals and mention his advice frequently, and continue on with this until your kid (me) finally caves and starts reading, and subsequently also becomes addicted and starts shaping up their finances.

#51 Lorne on 10.28.22 at 6:59 pm

#34 Retired in Kelowna on 10.28.22 at 5:20 pm
Thank you Tatiana. Excellent Column. Ignore the Naysayers on here. I agree with you that Financial Literacy needs to be taught in School. So important and necessary.
…….
So, what should be removed from the curriculum to find the time to do this?

#52 David W2 on 10.28.22 at 7:02 pm

Simple but makes sense. Wish I had these conversations early in life.

If parents want to teach their kids about investing try to find the boardgame “Stock Ticker” I still have it saved from my childhood days.

#53 Reality check on 10.28.22 at 7:05 pm

25 an investor
Great to see Libs of TikTok back on Twitter. And Trump’s Truth Social is the number one app on Google and iTunes. So much winning.
————————-
I think it’s only a matter of time until Musk allows Trump back on Twitter. And watch how fast Truth Social craters when Trump goes back on Twitter. Yes I know Trump says he is staying on TS, but that will only last until he understands he would have a much bigger audience on Twitter and much more lucrative grifting opportunities.

If I had money in Truth Social I would be cra**ing myself about now.

#54 IHCTD9 on 10.28.22 at 7:09 pm

#45 Observer on 10.28.22 at 6:21 pm
@Brian, IDHCT9

So when the judge confirms the Liberal government was justified to invoke the EA – and they will – how will you defend your “opinion” then?
—- –

Uhhh, I guess you didn’t read my opinion. My opinion was that I’ve never had a problem with T using the act because he left himself with no choice. He had the opportunity to de-escalate the situation, but instead he went out and made things worse. Canadian Law prevents the Police from launching a full scale attack on its Citizenry, so diplomacy and negotiation are the only options. Trudeau threw those right out the window, and was then left with only one option, the EA. I don’t even understand the point of this inquiry. If found not justified, what happens? What say you fill me in on that? If there are no consequences, then the whole thing is a dog and pony show.

Any prime minister who use ‘negotiation and diplomacy’ to deal with illegal occupiers of the capital city would be an utter fool. Stop with this nonsense. – Garth

#55 Dragonfly58 on 10.28.22 at 7:18 pm

“Change comes through voting”, yes , as long as you wait a decade or more for the incumbent to truly brown off enough of the population that they get voted out of office.
Then due to the nature of politics in Canada { and the U.S. as well }, basically who ever toes the line and gets the support of the true money people gets the backing they need to win. Money , the right press slant , the right P.R. people spinning things the right way } Essentally as the Who said, ” meet the new boss, same as the old boss ” . Fine way to run a so called democracy . The main part of the change is that the rich get richer and everyone else slips downward over time.
And that is why both Canada and the U.S. are existing on borrowed time. You can’t have a substantial segment of a country’s population sliding downward with regards to standard of living while another, smaller segment climb higher and higher forever. Sooner or later something cracks, then everybody looses. Ang to see how things have been for hard working, middle class Canadian’s over the last 30 years , it might even come within our lifetime.

#56 Ponzius Pilatus on 10.28.22 at 7:20 pm

#39 crowdedelevatorfartz on 10.28.22 at 5:50 pm
@#36 KenR
“Great advice Tatiana. Unfortunately, many kids don’t have parents with any financial acumen. Many kids don’t have present parents at all for that matter.”

+++
100% correct.
Kids learn from parents.
If the parents are idiots with their money….. monkey see, monkey do.
—————
Not at all.
I have four kids.
I’m very good with money.
Two of my kids are good with money.
The other 2 are more into other things.
So You could say I’m a balaced and diversified parent.
The role of parents in the intellectual and emotional  development of their kids is highly overrated.
Lots of variables , like peer pressure involved.
There is no scientific formula.
The worst thing is to try to create a “mini you”.
“Mama, let them play.
Let them play some Rock’n Roll”.

#57 R U kidding me? on 10.28.22 at 7:29 pm

DELETED (Anti-vaccine doodle)

#58 Fragrant Cookie on 10.28.22 at 7:30 pm

Great post, Tatiana!

The credit card companies making yacht loads of money off consumer debt will probably be among the first to lobby against such a change.

#59 IHCTD9 on 10.28.22 at 7:39 pm

#47 Shawn on 10.28.22 at 6:42 pm

Justin Trudeau has absolutely nothing to worry about here. If the various Police forces involved had done their job better then the EA would never have been needed.
———

Sure, the Police could have charged in, busted some heads, and hauled the whole lot of them off to jail. But of course, they can’t do that here in Canada. That’s a good thing btw.

The cops have to follow the rules. Consider that no one would have guessed that 10K protesters would show up, and no Canadian Police force has has ever had to deal with thousands of tons worth of heavy iron lined up on their streets with their air brake systems drained empty and all 10 wheels locked up solid. Throw them a bone.

They did great considering the limitations of the laws of peoplekind, and the laws of physics that were dumped on their shoulders. No tow truck is quickly and easily hauling off a single semi with all the spring brakes on. That’s all there is to it. Maybe this is not common knowledge. There were *hundreds’ of them sitting there.

The cops did great. Trudeau might have toned things down (maybe not, we’ll never know), but he blew it. Hence the EA.

#60 cuke and tomato picker on 10.28.22 at 7:44 pm

Financial literacy is best taught at home by parents the examples you set are the examples you get.

#61 Mehling on 10.28.22 at 7:54 pm

Under pressure:

https://www.bloomberg.com/news/articles/2022-10-28/private-lender-cuts-canada-mortgage-business-as-defaults-rise?sref=iI6bsqPK

#62 Ponzius Pilatus on 10.28.22 at 8:00 pm

All my kids were involved in team sports.
The worst thing that I found was parents paying their kids for scoring goals.
That’s the best way to create selfish kids.
They rarely passed the ball/puck.
When I coached soccer, a pass that led to a goal was equal to the goal.

#63 GratefulCanadian on 10.28.22 at 8:06 pm

I disagree. Not everyone is an investor, and not everyone should try to become one. Investment consultants pound this message the same way that shovels were sold to gold diggers in Yukon back in the day…shovel sellers made the big bucks, rather than adventure seekers. That’s why we have a government – its duty is to ensure that the vast majority of its populace can live a good life without resorting to risky investments, and to be taxed (through fees, losses, and taxes on gains) by yet another class of elites. Saving one’s money – yes. Careful spending – yes. Investing – should not be a necessity of life.

#64 Sail Away on 10.28.22 at 8:47 pm

#111 Ustabe on 10.28.22 at 1:59 pm

What a lovely time it has been recently, mostly on topic opinions expressed and discussed.

Now it looks like its back to cliquey old high school.

———-

What clique are you with the on-topic head gasket discussion?

Glass houses, bro.

#65 crowdedelevatorfartz on 10.28.22 at 9:05 pm

@#56 Parental Ponzie’s Profits
“If the parents are idiots with their money….. monkey see, monkey do.
—————
Not at all.
I have four kids.
I’m very good with money.
Two of my kids are good with money.
The other 2 are more into other things.”

++++

Apparently you missed the part where I said.
“Parents who are idiots with their money….”

You, obviously AREN’T an idiot with your money.
Perhaps the two kids take after the wife’s side of the family?

#66 al on 10.28.22 at 9:14 pm

I think the blog should not stray into parenting advice. Stick to it’s strengths.

#67 Ponzius Pilatus on 10.28.22 at 9:23 pm

60 cuke and tomato picker on 10.28.22 at 7:44 pm
Financial literacy is best taught at home by parents the examples you set are the examples you get.
———————
Easier said then done.
No one is cheques anymore.
What do you tell them if they ask about cryptos?
And all the other instruments hat clutter the investment land scape.
After 19 years of age, they should probably get some professional advice, if they wanna play with the big boys.
But tell them to stay away from Sailo.

#68 Shawn on 10.28.22 at 9:46 pm

A Replacement for Physical Cash?

One of the great advantages of physical paper cash is that there is no record of where you spent the money.

Google tells me that in the U.S. most banks will sell you an anonymous debit card. It becomes like a gift card that you can use anyplace that takes debit – including online. And there is no record of where you spent the money except presumably on the card itself which perhaps you can dispose later. And maybe all the card needs to track is the remaining balance.

The Canadian banks COULD do this. The Alberta government handed out debit cards to evacuated residents after the Slave Lake and Ft. McMurray fires. They would obviously have tracked who got a debit card (to prevent you getting multiple) but I don’t think they tracked any sort of serial number or debit card number that each person got. I may be wrong but they could not track where you spent the money as far as I know.

I think prepaid Visa and Mastercard’s that you can buy at the corner store are anonymous but they have quite high fees (on top of the discount fees the merchant faces when you use the thing.)

My point is why are our banks not “selling” low-fee pre-paid anonymous debit and credit cards? Does some banking regulation prevent it? Is it because they would be so handy for criminals?

I understand CIBC sells pre-paid credit cards – only for their own customers. Last I checked TD did not offer these.

I’m concerned that low income people who may have a need for pre-paid cards face very high fees when they buy a pre-paid Visa or MasterCard at the grocery store for example. What is going on?

Our banking system is usually ten years ahead of the U.S. so what is up?

Can anyone shed light on this?

#69 Ustabe on 10.28.22 at 9:52 pm

#64 Sail Away on 10.28.22 at 8:47 pm

#111 Ustabe on 10.28.22 at 1:59 pm

What a lovely time it has been recently, mostly on topic opinions expressed and discussed.

Now it looks like its back to cliquey old high school.
———-
What clique are you with the on-topic head gasket discussion?

Glass houses, bro

Pretty vain you thinking I’m taking about you. And you missed the part where I said “mostly”. But that’s OK, you miss a lot.

#70 What a Clown on 10.28.22 at 10:18 pm

#5 Faron on 10.28.22 at 3:06 pm
Man attack’s Nancy Pelosi’s husband after breaking into their home. He shares:

=====================

Completely unhinged, unscientific ramblings from the comment section’s soi-disant Chief SJW and so-called “scientist”.

You’ve lost it bud.

Take some more time away, it was nice not having you here. The crazy was reduced for a bit.

#71 IHCTD9 on 10.28.22 at 10:31 pm

#67 Ponzius Pilatus on 10.28.22 at 9:23 pm
60 cuke and tomato picker on 10.28.22 at 7:44 pm

Financial literacy is best taught at home by parents the examples you set are the examples you get.

———————

Easier said then done.
No one is cheques anymore.
What do you tell them if they ask about cryptos?
And all the other instruments hat clutter the investment land scape.
After 19 years of age, they should probably get some professional advice, if they wanna play with the big boys.
But tell them to stay away from Sailo.
— –

I think Cuke is right. The kids will learn through osmosis. If you’re trying to teach your kids to be smart with money, but meanwhile Mom and Dad are having emergency credit meetings every night because of all the spending, they might not receive the lesson if that’s what they’ve grown up with.

I think when you teach your kids financial literacy, you are really teaching them a lifestyle. Modest house, used cars, normal vacations. Year after year. They will tend to live like you live, which is the only way they’ve ever lived. To them, that eventually becomes how living is actually done.

I’ve never had to sit my kids down for a formal lesson on spending and saving, it turns out they already know. My eldest had 20K saved up at 19 before starting post secondary. I may have mentioned that saving up for Uni is a good idea, once or twice, can’t recall.

The base attitude towards money is what counts, and what leads to smart money decisions later in life. This (imho) is a “show me, don’t tell me” kind of lesson.

Genes might be involved too. Ms. IH and I are cut from the same cloth here. My kids might not have had much choice. Maybe.

#72 Observer on 10.28.22 at 11:44 pm

#29 Brian on 10.28.22 at 4:56 pm

You’re obviously getting your info from the CBC!

^^^^^^^^^^^^^^^^

Never! I don’t like “getting info” from sources that waste time and energy on quality control. Like yourself, I prefer to get my “facts” from media that allows their writers to write whatever they want, where the only thing that matters is how much money is made. Freedumb!

#73 Observer on 10.28.22 at 11:46 pm

@Brian, True North comes to mind. I bet you’re a fan of theirs.

#74 Observer on 10.28.22 at 11:51 pm

#70 What a Clown on 10.28.22 at 10:18 pm
#5 Faron on 10.28.22 at 3:06 pm
Man attack’s Nancy Pelosi’s husband after breaking into their home. He shares:

=====================

Completely unhinged, unscientific ramblings from the comment section’s soi-disant Chief SJW and so-called “scientist”.

You’ve lost it bud.

Take some more time away, it was nice not having you here. The crazy was reduced for a bit.

^^^^^^^^^^^^^
Actually, you are the clown.

#75 Yukon Elvis on 10.29.22 at 12:13 am

#70 What a Clown on 10.28.22 at 10:18 pm
#5 Faron on 10.28.22 at 3:06 pm
Man attack’s Nancy Pelosi’s husband after breaking into their home. He shares:

=====================

Completely unhinged, unscientific ramblings from the comment section’s soi-disant Chief SJW and so-called “scientist”.

You’ve lost it bud.

Take some more time away, it was nice not having you here. The crazy was reduced for a bit.
+++++++++++++++
Assburger syndrome. Severe case.

#76 macduff on 10.29.22 at 12:39 am

@31 Is anybody listening
Many including me take the view that words can lead to action, especially if they involve racism or other forms of hate. Was the attacker of Mr. Pelosi fueled by words inciting violence against Nancy Pelosi? Quite likely, yes. Was the Nazi regime fueled by misleading propaganda, ie words? Most definitely. Freedom to express must have boundaries or else the nutjobs will continue to make our society increasingly unsafe. And no, I am not a Liberal.

#77 Nonplused on 10.29.22 at 12:43 am

I’m very responsible with my money. I limit myself to one cart per trip to Coscto. I always fill it up though, dog food or toilet paper on light trips so I don’t need to get it when the cart will already be full. Unless of course I decide I want a new office chair or something, then I have to make two trips into the store. But definitely when the car is full that’s it, no more carts. Unless I want patio furniture or something. Then I have to go home and get the truck. But only one truck full per trip, that is the absolute limit. Unless the car was already full when I went home to get the truck. Then I end up with one car and one truck full. But that’s it! You can only do so much shopping in a day.

Amazon is much harder to manage, so we try and keep that to 2 packages per day.

——————————

I think I am teaching my son about money more gooder too. For example he suggested maybe he would get a job at Tim Horton’s (there is one within walking distance of the house). I said “When are you going to get time for that? You already quit soccer so you would have more time to study. I thought the goal here was to get into university? Let’s look at this like Jordan Peterson; your study time is probably worth $50/hour, if you count future earnings. So you want to trade that for minimum wage? That’s how you stay on minimum wage. Let’s look at getting that math mark up where it could be instead.”

#78 Faron on 10.29.22 at 12:44 am

#70 What a Clown on 10.28.22 at 10:18 pm

Take some more time away, it was nice not having you here

Sounds kinda cancel-ey, no?

Nice handle switch too, totally not obvs. I guess there’s no putting that genie back in the bottle now that Garth has condoned Old Boot unbanning her twice banned self.

#79 Don't Feed The Trolls! on 10.29.22 at 12:58 am

I learned this the hard way too, but it is simple. If you respond to trolls, it is food for them. “Narcissistic supply”, some call it. And the more upset you seem to be getting, the more delicious they find it. If the conversation goes that way, drop it. Do not respond. Don’t even attempt to defend your honor. It can’t be done. And nobody wise enough for you to care what they think of your online persona is reading their comments anyway.

#80 DON on 10.29.22 at 1:13 am

#62 Ponzius Pilatus on 10.28.22 at 8:00 pm
All my kids were involved in team sports.
The worst thing that I found was parents paying their kids for scoring goals.
That’s the best way to create selfish kids.
They rarely passed the ball/puck.
When I coached soccer, a pass that led to a goal was equal to the goal.

*******
Yup…takes a Team to win a game.

Played mens soccer on a turf field in the pouring rain Thursday night, best game ever. It was warm…no wind and nothing to worry about after you got absolutely drenched. You could drink the water running down your forehead.

My kids are aware of what happens when interest rates go up. Now they are starting to ask more questions. Instilling the responsibility to vote is also important in every election.

#81 Cristian on 10.29.22 at 2:44 am

“not everyone is lucky enough to have access to computers or to live in a comfortable house”

This is not about luck. If I have all of those and more it is mostly because of hard work, consistence, determination, saving and investing, all of these things I am responsible for, and only in a very small part due to good memory and intelligence that I was born with and I am not responsible for.
I started my adult life from absolute zero, didn’t get anything from my parents, achieved everything I have by myself and without charity from anyone.
So why should I give anything ever to someone who repeatedly makes wrong choices, who is lazy or who spends all they have on useless crap?
By the contrary, I teach my children to never give anything to anyone, to work hard for what they have and keep what they have and multiply it by investing and eventually spend it on things they need and sometimes on things they want. I teach them that luck and intelligence only has a small contribution to what one achieves and accomplishes in a lifetime and that most of it is related to the choices that we make and how hard to work to reach our goals.
I teach them that charity only demotivates people and makes them rely on others and think things will work out OK even if they make any wrong choice possible because there are idiots out there who will take care of it and give them money for nothing.

#82 Tony on 10.29.22 at 2:54 am

Rental income is also deemed earned income for RRSP’s dating back to the days of Bob Rae who changed the legislation while he was in power.

It took 13 years to kill inflation back in the 1970’s because it took 13 years to kill the U.S. housing market. The housing market is just starting to rollover in America.

#83 M.Towne on 10.29.22 at 5:13 am

Some good criticisms of this post here, notably by #2 None.

I don’t have kids but have thought about how I would go about money education if I did.

One thing that seems crazy to me is that we send our kids to school for six hours a day plus another hour to three hours of homework, where they learn the skills that will eventually get them jobs and money… but we divorce their school effort and peformance from money.

What if kids’ allowances were tied to their grades? Pull a C average and you get five bucks a week; pull straight A’s and get fifty.

You could even start to give them their own clothes and entertainment budgets when they’re teenagers, and those budgets are tied to how they do in school. Want to be even more realistic? An A in math or science should be worth more than an A in English. Rightly or wrongly, some knowledge is more valuable in a money sense than others.

When you’re a kid, school is your job–a job that you have to do well if you want good jobs later in life. Why aren’t we teaching THAT lesson in any meaningful way?

It just blows my mind that, currently, through their teenage years and even to the end of university, we encourage kids to work minimum wage jobs at precisely the time in their lives when their time and effort is best spent elsewhere.

#84 TurnerNation on 10.29.22 at 5:51 am

Children should be taught to Pay Their Fair Share!
For all the wonderful things it brings here in this Former First World Country.
It brings a ramshackle and dangerous national railway system it does. (At this point with all the money T2 has squandered and given away to overseas, taxation is theft. It doesn’t have to be, but it is so).
How about a bullet train? No Comrade, we love our 1950s technology. Sea King Helicopter anybody?

“”The National Post reports in its Friday edition that it recently became known that VIA Rail is running “buffer” cars at the front and rear of trains using its mid-century stainless-steel passenger cars. … VIA said the move was recommended by a “third-party engineering firm.” It said, “The corporation has added buffer cars to reduce the consequences in the unlikely event of a train-to-train collision.” Essentially, Mr. Selley says, these cars are so old and possibly structurally compromised — the latter having been discovered during a refurbishment project that VIA calls the “Heritage Program” — that they require crumple zones. Mr. Selley says the buffer cars are supposed to absorb the impact, or at least lessen it, “before it bursts any human meat bags.” … Dogs and cats travel in the baggage car, and must be fed and watered along the way; now, those “buffer” cars must always be empty except for baggage. Mr. Selley calls for “winding down this wretched, [tax payer subsidized] failed Crown corporation and starting over.”
© 2022 Canjex Publishing Ltd. All rights reserved.””

#85 Dharma Bum on 10.29.22 at 7:21 am

#44 Faron

You forgot to add some tripe about micro aggressions, safe spaces, being triggered, etc.

#86 Wrk.dover on 10.29.22 at 7:28 am

Beatles song, Eleanor Rigby;
“All the lonely people, where do they all come from?”

Greater Fool Blog Spot, that’s where!

Enjoy your weekend moderating, Host Garth.

sarc, but will they notice?

#87 millmech on 10.29.22 at 8:33 am

The hardest working, smartest people with money I work with grew up dirt poor. The lesson they learned was that they did not want a childhood for their children like they had and also did not want to struggle like their parents did.
I also know lots of younger(30ish) people who had well off parents who have no clue/do not care how money works and lead lives of financial calamity after calamity.
When I was in school it was hard enough to stay focused on the basics at the best of times and to try and get financials to stick in the minds of kids with the attention span of a fly good luck with that.

#88 jess on 10.29.22 at 12:29 pm

literacy?
why need a human when a AI machine will do this allows the human to have more time thinking about all that other thinking.

#89 GratefulCanadian on 10.29.22 at 12:35 pm

#83: “It just blows my mind that, currently, through their teenage years and even to the end of university, we encourage kids to work minimum wage jobs at precisely the time in their lives when their time and effort is best spent elsewhere.”

You’re absolutely right. By doing this (e.g., sending their kids to work fast food jobs in order to pay their well-off parents rent), they let themselves be manipulated into subsidizing the franchises and conglomerates. Of course, for some it’s a good life experience, especially if done for a short time, but for many it’s a rut that they won’t get out of.

#90 Dragonfly58 on 10.29.22 at 12:56 pm

In my limited experence being born into the right family pays serious dividends.
Only one of my very long term friends came from a business oriented , very prosperous family. He is today a multi millionaire having grown the commercial property base his father started in the 1970’s into a very large holding. Without his father getting things off to a very healthy start I doubt my friend would have achieved all that much more than any other of my circle have done purely on their own.
Two others have also done quite well. Not so much direct financial help from the familly. Except they finished Uni debt free unlike the $50,000 or so my Wife and I each had. But some very good family connections opened some extremely important doors as young men getting a start.
Once again no special qualities vs any of the rest of us. Hard work combined with a significant head start compared to the rest of us starting truly from scratch . Hard work plus more hard work.
50 years out of High School the contrasts are quite stark.

#91 Nonplused on 10.29.22 at 4:31 pm

#90 Dragonfly58 on 10.29.22 at 12:56 pm

Lots of people who come from relatively wealthy families also manage to accomplish not much. I think a head start helps, but it is overrated. Just another excuse for the people who hid the master’s shekels when the master rebukes them.

The secret to intergenerational wealth lies much more in the things the elders teach their children than the things they give them. Let that sink in, because it is important.

But since the behaviors are learned, anyone can learn them. Unfortunately for most people, you have to do a lot of unlearning first. If your parents are dirt poor and unhappy about it (some people are perfectly happy with what they have and I don’t include them in this group), chances are anything they taught you is counter-productive. The first thing you need to do is get better teachers. Sometimes better friends too, because they can also hold you down. There is nothing your friends hate more than to see you succeed if they are not. Family is even worse.

#92 Att0m on 10.30.22 at 8:47 am

Your first 3 activities culminate in the spending phase, teaching kids the shopping culture is their end goal. And there is a danger to giving them money for every task they complete, they may start seeing their worth in terms of $$$.

I’d argue we have a greater chance of being financially secure (and even wealthy) if we are not a slave to the whole shopping culture.