Learning the Value of Money

[ecotourist]

Did something interesting today. My 12 year old grandson recently asked if we would pay for a Parkour course for him. We think it's very expensive ($440 Cdn).

So we said yes but you'll have to work for the money. We offered to pay him the going rate of $40 for mowing our lawn (takes me about 1 1/2 hours), and general work around the yard at the local minimum wage ($17).

We started this morning. I taught him to sieve compost for the first hour. We got 4 wheel barrow loads of very nice stuff. It was a chance to talk about bacteria and compost, why it doesn't smell bad, and then how much various jobs (doctor, lawyer, electrician, teacher, plumber, electrician, welder, army officer) pay. Also the importance of a career you really like.

Then he mowed the lawn on our septic field. Found out how to put a battery in the weed whacker and how to run it. Found out how to check the oil on the mower, how to fill it with gas, how to start it while feathering the choke, and then spent the better part of an hour mowing. It was pretty heavy going but he finished it, and did a pretty good job too.

Afterwards he showed my wife the pile of compost we had made and what a good job he had done on the lawn.

How much was that worth? Inestimable. He's learned how to do a few jobs, how to finish a job, taking pride in your work, and the value of money. It's going to take him a while to earn that $440 and from now on he'll know how much money $440 is - in terms of hard work.

He has wanted a metal detector for the past couple of years. A fairly good one starts at about $350 Cdn. That should be the next project. And I'll bet he'll take good care of it too.

 

[dubber09]

Did you tell him about ~30% income tax?

 

[ecotourist]

Did you tell him about ~30% income tax?

No. He's getting the gross amount. One step at a time.

 

[JHZR2]

I think it’s great. We do the same with our two older kids. That said, here’s where I’ll be the contrarian… I don’t know about rates by you, but that strikes me as a little stingy for your own kid.

I was making $20/hr around town for lawn work, and more for snow, back in the late 90s in northern NJ. I saved enough that with my parents’ match, I got a new S-10 ZR2 in 1998. And I was saving in IRAs, CDs, Etc.

We make our kids help us around the house. They don’t get paid, or an allowance for that.

But for other stuff, like helping me on car projects, or when I was rebuilding my garage, they earn. But we pay them enough that they don’t have to be slaving away every hour of the day to get stuff.

Point is, it’s great that you’re making kids work, appreciate the value of money, and what it takes to get something. But at the same time, they need to be kids too. Not entitled kids, not rude kids… but kids all the same.

So you may want to match their savings, or give them a bonus

 

[andrew_j]

That’s great.


My kids have been employed neighbors farm animals(goats/chickens), dog sitting since age 10.

They learned fast it pays way better doing gig/specialty than hourly waged work.

 

[99Saturn]

I like it!

I tell my toddler we can collect an extra stray cart from the Aldi parking lot and she can use the money for a stuffed animal or toy, or put it in the bank and buy more stuffed animals later.

Problem is the looks you get depositing a quarter at the bank.

 

[vavavroom]

"Grandpa, Miss Shelly down the street pays me $25 an hour for trimming her hedges and for cleaning her pool. She also makes me lemonade and shows me her butterfly collection. Your crabgrass has to wait until I can squeeze you in."

Edited for dubious content.

 

[ecotourist]

Point is, it’s great that you’re making kids work, appreciate the value of money, and what it takes to get something. But at the same time, they need to be kids too. Not entitled kids, not rude kids… but kids all the same.

So you may want to match their savings, or give them a bonus

We wanted them to learn the value of money and that hard work is part of every career and of life itself.

These kids will inherit the family estate. They'll be wealthy before they're thirty. What I actually feared was them suddenly having a lot of cash and no concept of how much effort goes into making it. Easy come, easy go.

Unbeknown to them we pay for all of their activities (soccer, summer camp, swimming, sailing lessons for our grandson and music lessons, swimming and horse back riding for our granddaughter). So they're not hard done by.

 

[JeffKeryk]

Bravo!

 

[Passport1]

Bravo Zulu Sir!

Your grandson will learn soon enough that life gives the test first and the lesson second.

 

[Leo99]

People that do parkour are a bit nuts. Does your grandson have good health insurance? Or is that an American question?

 

[eljefino]

"Grandpa, Miss Shelly down the street pays me $25 an hour for trimming her hedges and for cleaning her pool. She also makes me lemonade and shows me her butterfly collection. Your crabgrass has to wait until I can squeeze you in."

Edited for dubious content.

Found Greg Heffley.

 

[joekingcorvette]

If it were not for my dad I would be mechanically helpless. He taught me so much about how to fix things.

 

[JohnnyG]

What's Parkour?

Anyway, take this opportunity to teach him about revolving credit too. Especially the fact that you get your part first.

 

[ecotourist]

People that do parkour are a bit nuts. Does your grandson have good health insurance? Or is that an American question?

Parkour is a bit nuts but he's very athletic and perhaps even a bit gifted. He's generally the fastest runner, scores the most goals, etc. A number of kids attended a birthday party being held at a local climbing wall (maybe 3 stories). Most of the kids were standing around wondering what to do while our grandson was already at the top.

The Parkour instructors have promised no jumping from roof to roof! I suggested he try to not break anything and if at all possible not fall on his head either.

Yes we all have good medical coverage. He broke his wrist a couple of years ago. Doesn't seem to have slowed him down.

On a more positive note he asked for hearing and eye protective equipment before mowing the lawn.

 

[ecotourist]

What's Parkour?

Parkour is an athletic activity for getting from one place to another as fast as possible (climbing, running, jumping, etc). It's has a military and martial arts background.

 

[wwillson]

My grandparents were wonderful people that I miss to this day. They were busy as everyone is in their daily lives. They always took time for my brother and I. Time for coffee, fishing, talking, stories, meals, telling me about the hardships of the great depression and WW II, and sometimes just sitting by the fireplace. The absolutely invaluable thing they gave me is there time, as time is priceless. Do you have any idea how much I would pay for just 5 more minutes with them?

 

[Leo99]

 

[Dave Hess]

Point is, it’s great that you’re making kids work, appreciate the value of money, and what it takes to get something. But at the same time, they need to be kids too. Not entitled kids, not rude kids… but kids all the same.

So you may want to match their savings, or give them a bonus

I agree 100%.

 

[John105]

If it were not for my dad I would be mechanically helpless. He taught me so much about how to fix things.

My dad taught me mechanical sympathy. I apply it to all machines and even rental cars.

My dad was not interested in cars. When I broke the fuel line to his 350.4 Buick, we went to the plumbing supply house. Bought a kit to flare tubes, a tube bender, and a pipe. He bent it into the necessary shape and car was good again. He didn’t even get mad that I broke it (the line turned with the nut). I won’t lie I can’t do that today and I’ve replaced a BMW abs pump

Different gen they had to do everything. My dad installed an antenna on the roof and installed a duct for an exhaust fan. Again 2 things I’ve never done to date..