Yappi Sports - THE Ohio Prep Sports Authority  

Go Back   Yappi Sports - THE Ohio Prep Sports Authority > General Sports > General Board

Hello Guest!
Take a minute to register, It's 100% FREE! What are you waiting for?
Register Now
Reply
 
Thread Tools Rate Thread Display Modes
  #1  
Old 01-02-19, 03:04 PM
thavoice thavoice is offline
All Yappi
 
Join Date: 07-17-07
Posts: 7,971
thavoice is on a distinguished road
Teaching kids the value of money?!

He ya'all,

I was wondering what you are/have done as a parent, or was the recipient as a kid, to learn the value of $$ while growing up?

I am looking for ways to get through a 12-13 yr old the value of money and the cost of goods.

One thing I am going to implement real soon pertains to going out to dinner.

I plan on giving the kid XXX $$ before we leave for a dinner out and tell him that he has to pay for dinner with that money (with a 15% tip) and the rest he gets to keep.

The amount given will be sufficient to pay for the meal and get to keep some money if everyone is wise with their choices and not more than what I would be spending anyways if everyone just did what they normally do.

The point I want to get across to him is the value of choices being made just not by him, but by the rest of the family.

Dumb idea?
Reply With Quote
Sponsored Links
  #2  
Old 01-02-19, 04:05 PM
clarkgriswold clarkgriswold is offline
All Yappi
 
Join Date: 08-28-07
Posts: 11,470
clarkgriswold will become famous soon enoughclarkgriswold will become famous soon enough
Quote:
Originally Posted by thavoice View Post
He ya'all,

I was wondering what you are/have done as a parent, or was the recipient as a kid, to learn the value of $$ while growing up?

I am looking for ways to get through a 12-13 yr old the value of money and the cost of goods.

One thing I am going to implement real soon pertains to going out to dinner.

I plan on giving the kid XXX $$ before we leave for a dinner out and tell him that he has to pay for dinner with that money (with a 15% tip) and the rest he gets to keep.

The amount given will be sufficient to pay for the meal and get to keep some money if everyone is wise with their choices and not more than what I would be spending anyways if everyone just did what they normally do.

The point I want to get across to him is the value of choices being made just not by him, but by the rest of the family.

Dumb idea?
Not a dumb idea at all. Any lesson on the value of money at that age is adequate.

In this era, the kids don't get the lessons we did. I delivered papers, cut grass, did janitorial work, etc. to buy clothes and stuff I wanted as a teen. These kids don't seem to be getting that experience so you have to be creative.
Reply With Quote
  #3  
Old 01-02-19, 04:09 PM
thavoice thavoice is offline
All Yappi
 
Join Date: 07-17-07
Posts: 7,971
thavoice is on a distinguished road
Quote:
Originally Posted by clarkgriswold View Post
Not a dumb idea at all. Any lesson on the value of money at that age is adequate.

In this era, the kids don't get the lessons we did. I delivered papers, cut grass, did janitorial work, etc. to buy clothes and stuff I wanted as a teen. These kids don't seem to be getting that experience so you have to be creative.
One thing I did this past summer was I paid him an hourly rate to help me build a deck.

I made a mock pay stub and showed up what he would get after taxes if it was a real job. It kind of was a big shock to him!


Looking for other ideas!
Reply With Quote
  #4  
Old 01-02-19, 05:04 PM
Auggie's Avatar
Auggie Auggie is offline
All Yappi
 
Join Date: 10-02-02
Location: The Other Side
Posts: 13,643
Auggie is on a distinguished road
Another tip is to use cash with kids. Many kids these days get their parents credit card to pay for things and it is almost like chips at a casino where you lose track what the value of something is because it is just a simple representation.
Reply With Quote
  #5  
Old 01-02-19, 07:06 PM
clarkgriswold clarkgriswold is offline
All Yappi
 
Join Date: 08-28-07
Posts: 11,470
clarkgriswold will become famous soon enoughclarkgriswold will become famous soon enough
My kid always loved to make a deal. If we were in a foreign country at a market or around here at a flea market, I'd give him a little cash and let him go to town. He turned into quite a negotiator.
Reply With Quote
  #6  
Old 01-02-19, 07:08 PM
zeeman zeeman is offline
All Yappi
 
Join Date: 10-22-11
Location: in a galaxy far far away
Posts: 7,000
zeeman is on a distinguished road
Quote:
Originally Posted by thavoice View Post
One thing I did this past summer was I paid him an hourly rate to help me build a deck.

I made a mock pay stub and showed up what he would get after taxes if it was a real job. It kind of was a big shock to him!


Looking for other ideas!
Have them start their own business selling flexseal as engine oil
Reply With Quote
  #7  
Old 01-02-19, 07:18 PM
eastisbest eastisbest is offline
All Yappi
 
Join Date: 08-27-06
Posts: 18,636
eastisbest will become famous soon enougheastisbest will become famous soon enough
Ma gave me some. Then took it away and said, you want it don't you? I said "yes." She said get a job, you're 7 years old and have done nothing with your life.


And that's how I set on my early criminal path.
Reply With Quote
  #8  
Old 01-02-19, 09:15 PM
D4fan D4fan is offline
All World
 
Join Date: 01-08-15
Location: At work
Posts: 3,144
D4fan is on a distinguished road
Seems like handling money is like many gifts, you are either natural at it or have to work at it.

Having a budget is the best way I know of to learn the value of money, there always is a supply limit in life so a budget sets the limit.

We have done things with our kids where if they spend wisely the money they have left over gets recorded and once we reach a certain amount we take an agreed upon family outing together , reinforcing the benefit of saving.

I definitely like the thought of using actual cash, rather than check or card, as the amount of money can be felt as well as counted.

I can tell you what not to do, based on my experience better than I can tell you what to do. When interest rates bottomed out in 2008 I offered to become my kids bank and offered 7% interest to encourage saving. They all moved their money over to our "bank" to get the extra return. Not sure that experiment helped them much with learning how to manage money as we were beteeeen them and their poor spending so they did not dare try to ask for money knowing we knew if they were spending recklessly. I think they should have access to their own source to manage just as young as possible so that if they mismanage their money they learn the lesson at a young age with little conciquence.
Reply With Quote
  #9  
Old 01-02-19, 09:57 PM
Mr. Slippery's Avatar
Mr. Slippery Mr. Slippery is offline
All Yappi
 
Join Date: 02-05-07
Location: Slippery Rock
Posts: 18,945
Mr. Slippery is on a distinguished road
My parents gave me a weekly allowance from age 5 or 6 until HS when I got a job. The thought was that it would teach me how to manage money, it would make me feel like I had a larger stake in the family's financial situation, and it would prevent me from asking them for additional money for hobbies (baseball cards, candy, music, etc).

IIRC, my initial allowance was 15 cents a week, and a portion of it was earmarked for the church envelope. EDIT: I think I was getting more like 50 cents a week, but 15 cents was my "take home." Other portions of the 50 cents were earmarked for the church envelope and the piggy bank.

At my peak allowance in junior high, I was getting $3.75 a week and probably would've gotten a little more if I was in an organization like Boy Scouts, so that I would have extra money to cover monthly dues or fees for camp-outs. Not a lot of money, but if I really wanted a CD or something, I could save for about a month and have the money to buy it. Allowance didn't make me rich, but I always felt like I had enough money to do the things I wanted to do as a kid. It probably helped that I wasn't allowed to have any video game systems back then.

Allowance went away in HS when I inherited the neighbor's paper route. Even then, I believe my parents made me put half my paycheck in the bank.

Last edited by Mr. Slippery; 01-03-19 at 10:49 AM.
Reply With Quote
  #10  
Old 01-03-19, 03:27 AM
FootballFan1795 FootballFan1795 is offline
All American
 
Join Date: 11-02-16
Posts: 1,146
FootballFan1795 is on a distinguished road
Fortunately, clipped this article, because now I canít find it online ...

This is what one middle school did:



Not the same, but related:

My parents gave each of their nine children (starting at the age of ten) a simple money ledger and a weekly allowance of twenty-five cents (or whatever the inflation-adjusted price of a candy bar was). Likewise, I did the same with my kid. However, in looking at the one ledger I saved from my childhood and in comparing it to one my kid kept, I noticed that many of the same calculation and entry errors were repeatedly made, even though my kid and I were both taught how to properly utilize the ledgers. So, maybe ten is too young for a ledger.

As we grew up, my parents always ensured that our basic needs were met, but beyond what could be bought with our allowances, not many of our wants. Therefore, as a teenager, although the amount of my allowance had modestly increased over time, I found I wasnít motivated to actually save any of that money; rather, I was eager to earn more money to cover my wants. So, I worked a lot. Eventually, I also learned to save as my wants grew (i.e. house, car, luxury vacation, etc.).

Think the difference today is that many kids not only have their basic needs met by their parents, but also most of their wants (i.e. cars, cell phones, video game systems, TVs, name-brand clothing, etc.). And, after adjusting for inflation, I believe that the allowances of todayís teens are just bigger. Obviously, thereís really no motivation for them to save or to work because, after all, doesnít a money tree grow in the back yard?!

How can I explain, then, how it is that my modern kid learned to budget and also worked (maybe not as much as I did, but certainly more than the average modern teen)? Because, letís face it ... compared to me, my kid was spoiled and lazy! The only answer I can come up with is that, in spite of tremendous pressure and criticism from other parents, the in-laws, etc., I didnít pay for any of the items listed above, nor did I pay for my kidís college education (nor this study abroad nonsense that every college kid nowadays thinks he/she is entitled to and demands that Mommy and Daddy pay for).

Separately, I do think there are also some kids who are just impulsive, emotional spenders (and will always be), and there are those who will forever have no money-sense whatsoever. I have no idea what you do with these kids.
Reply With Quote
  #11  
Old 01-03-19, 08:27 AM
Arrogate Arrogate is offline
All Yappi
 
Join Date: 12-27-16
Location: Irish Buffalo's head
Posts: 5,839
Arrogate will become famous soon enough
I love reading humble brags and back in my day posts.

Always makes me laugh.
Reply With Quote
  #12  
Old 01-03-19, 09:34 AM
Arrogate Arrogate is offline
All Yappi
 
Join Date: 12-27-16
Location: Irish Buffalo's head
Posts: 5,839
Arrogate will become famous soon enough
Just kind of like the irony of taking financial advice from previous generations who have spending problems, created the housing crisis, big time credit card debt, and have ran up our country's debt to epic proportions
But yes please give me all the financial and monetary advice you can


For as good as "the greatest generetion" was, they certainly sucked at raising responsible children and it has trickled down to us.
Reply With Quote
  #13  
Old 01-03-19, 09:47 AM
D4fan D4fan is offline
All World
 
Join Date: 01-08-15
Location: At work
Posts: 3,144
D4fan is on a distinguished road
Quote:
Originally Posted by Arrogate View Post
Just kind of like the irony of taking financial advice from previous generations who have spending problems, created the housing crisis, big time credit card debt, and have ran up our country's debt to epic proportions
But yes please give me all the financial and monetary advice you can


For as good as "the greatest generetion" was, they certainly sucked at raising responsible children and it has trickled down to us.
I had never considered that an entire generation was responsible for the nation's spending problem, but you may be correct. Guess we are all wasting our time trying to fight the prevailing direction of society.
Reply With Quote
  #14  
Old 01-03-19, 10:33 AM
Arrogate Arrogate is offline
All Yappi
 
Join Date: 12-27-16
Location: Irish Buffalo's head
Posts: 5,839
Arrogate will become famous soon enough
I will teach my kids money management by taking them to the race track.
Reply With Quote
  #15  
Old 01-03-19, 10:54 AM
14Red 14Red is offline
All World
 
Join Date: 03-12-12
Posts: 4,221
14Red is an unknown quantity at this point
I saw this earlier in the thread, and I completely agree...use cash, and use cash in front of kids. Don't be afraid if you are out and the kid wants something to say you don't have the money and SHOW them!

Maybe purposely, only have $20 in your wallet. The kid wants Outback or some Sport bar type food and say you have $20, and you'll have to go the fast food route, or find some other way to stretch $20.

I've said for years we have a spending problem, not an earning problem. You can raise minumum wage all you want, you can make all the money you can, but if you spend it faster than you earn it, you'll never get ahead.
Reply With Quote
  #16  
Old 01-03-19, 11:13 AM
ronnie mund ronnie mund is offline
All Yappi
 
Join Date: 11-11-13
Posts: 7,889
ronnie mund can only hope to improve
Quote:
Originally Posted by Arrogate View Post
Just kind of like the irony of taking financial advice from previous generations who have spending problems, created the housing crisis, big time credit card debt, and have ran up our country's debt to epic proportions
But yes please give me all the financial and monetary advice you can


For as good as "the greatest generetion" was, they certainly sucked at raising responsible children and it has trickled down to us.
The Me Generation(Boomers) have certainly made quite the mess.
Reply With Quote
  #17  
Old 01-03-19, 11:16 AM
thavoice thavoice is offline
All Yappi
 
Join Date: 07-17-07
Posts: 7,971
thavoice is on a distinguished road
Quote:
Originally Posted by 14Red View Post
I saw this earlier in the thread, and I completely agree...use cash, and use cash in front of kids. Don't be afraid if you are out and the kid wants something to say you don't have the money and SHOW them!

Maybe purposely, only have $20 in your wallet. The kid wants Outback or some Sport bar type food and say you have $20, and you'll have to go the fast food route, or find some other way to stretch $20.

I've said for years we have a spending problem, not an earning problem. You can raise minumum wage all you want, you can make all the money you can, but if you spend it faster than you earn it, you'll never get ahead.
Not a bad idea.
I did give him $15 at the blue jackets game Monday and he had to spend it wisely instead of eating and drinking at will like in the past.
Reply With Quote
  #18  
Old 01-03-19, 11:49 AM
arizonawildcat arizonawildcat is offline
All Yappi
 
Join Date: 02-13-09
Posts: 7,464
arizonawildcat will become famous soon enough
I don't know if it was the fact that my mother worked as a bank teller for all the time I grew up or that an aunt gave me the start of a coin collecting as a Christmas gift when I was seven (yes, I was to become a nerd), or some combination of both, but I soon learned the value of money. Every coin that came before me was scrutinzed for value, and I learned to save. I also credit one of the first books I read, entitled 200 Pennies, in which a father promised his very young son a train set if he could accumulate 200 pennies. That book had a very strong effect on me as it taught me the importance of saving and not spending recklessly.
Reply With Quote
  #19  
Old 01-03-19, 11:51 AM
FootballFan1795 FootballFan1795 is offline
All American
 
Join Date: 11-02-16
Posts: 1,146
FootballFan1795 is on a distinguished road
Quote:
Originally Posted by Arrogate View Post
I will teach my kids money management by taking them to the race track.
Turpin and son:

Reply With Quote
  #20  
Old 01-03-19, 12:36 PM
FootballFan1795 FootballFan1795 is offline
All American
 
Join Date: 11-02-16
Posts: 1,146
FootballFan1795 is on a distinguished road
Almost all of my extended family is located in Kentuckiana, and they do love their horses. Sure they’d agree with you.
Reply With Quote
  #21  
Old 01-03-19, 02:37 PM
scbuckeye99 scbuckeye99 is offline
All Region
 
Join Date: 05-24-15
Posts: 333
scbuckeye99 is on a distinguished road
"back in the day" i sold pop at my mom's garage sale for a week. My parents bought the pop for me to sell but at the end of the week I had a enough money to buy a Nintendo (the original NES version). This was 1991 / 92 I think. It cost $100.00. NOW did I really make 100 bucks in a week selling pop? Gross revenue yes haha. But my 10 year old mind had no idea about this thing called profit haha. Either way it taught me that to make 100 dollars at age 10 requires a weeks worth of work in August in Ohio...outside. It made me VERY frugal ever since.
Reply With Quote
  #22  
Old 01-03-19, 08:33 PM
Crusaders Crusaders is offline
All Yappi
 
Join Date: 09-06-04
Location: Not Cincinnati
Posts: 35,959
Crusaders is on a distinguished road
I honestly didn't really learn the value of work/money until I got a job in HS. My parents had the habit of promising me money for work and then never ponying up or giving me like $5 for a day of mulching or something, so I remember thinking, 'It's nice to work with no real chance of a renege or lowball.'
Reply With Quote
  #23  
Old 01-03-19, 09:19 PM
Arrogate Arrogate is offline
All Yappi
 
Join Date: 12-27-16
Location: Irish Buffalo's head
Posts: 5,839
Arrogate will become famous soon enough
Your parents would stiff you?
Reply With Quote
  #24  
Old 01-03-19, 10:23 PM
USA70PP USA70PP is offline
All American
 
Join Date: 07-26-16
Location: West of Marion, Ohio
Posts: 1,014
USA70PP is an unknown quantity at this point
Maybe you guys grew up a lot different than I did. Dad rented a house and a couple of acres in the country and I worked during the summer for the guy he rented from. I was paid the prevailing wage at the time for youngsters, 50 cents an hour. Where are you going to go when you are 9 or 10 and living in the country? Nowhere, therefore what I earned Dad applied toward the rent. I thought nothing of it because he also was responsible for keeping a roof over the family, food on the table and clothes on our backs. Just looked at it as contributing to the family. I guess I really didn't think we were poor until I was 20 plus or so. On the other hand, those were days I fondly recall.
Reply With Quote
  #25  
Old 01-03-19, 10:43 PM
eastside_purple's Avatar
eastside_purple eastside_purple is offline
All Yappi
 
Join Date: 01-21-03
Posts: 70,617
eastside_purple is infamous around these partseastside_purple is infamous around these parts
Quote:
Originally Posted by 14Red View Post
I saw this earlier in the thread, and I completely agree...use cash, and use cash in front of kids. Don't be afraid if you are out and the kid wants something to say you don't have the money and SHOW them!

Maybe purposely, only have $20 in your wallet. The kid wants Outback or some Sport bar type food and say you have $20, and you'll have to go the fast food route, or find some other way to stretch $20.

I've said for years we have a spending problem, not an earning problem. You can raise minumum wage all you want, you can make all the money you can, but if you spend it faster than you earn it, you'll never get ahead.
Keep teaching your kid to eat fast food and it wonít matter if they save or spend.
Reply With Quote
  #26  
Old 01-04-19, 09:14 AM
thavoice thavoice is offline
All Yappi
 
Join Date: 07-17-07
Posts: 7,971
thavoice is on a distinguished road
Some very good ideas in here and I am going to implement them. Told him about it last night and he seemed excited.

Starting the 'savings with interest' plan where each month we will look up the interest rate for a money market account and whatever it is I will put that into his fund. He is scrounging for an initial investment as he blew much of his Christmas money last weekend!

Also want him to learn about stocks and such so I am starting him with $100 to buy/sell stocks. We will research them in the upcoming week and I will basically be his stock broker/banker. Together, we will look up the prices and calculate any increases/decreases. He can buy/sell them accordingly twice a month.


One last thing I am looking into coming this summer when I put him to work helping on house projects is doing a matching contribution 401k up to 5%. Whatever he takes out for it I will match. this is just something I am looking into doing.


Great idea guys!


To tangent off of this topic, what was everyone's first paying job that wasn't mowing/chores or work around the house for your family or grandparents/relatives?

Mine was in 5th and 6th grade when I and 2 friends became the chain gang at our schools Junior High and JV, FROSH football games. I remember it was $3 a game, plus season tickets to the HS football season. So we made $39 for the games and whatever the season tix were back then, probably like $10 for the season maybe?
Reply With Quote
  #27  
Old 01-04-19, 09:26 AM
eastside_purple's Avatar
eastside_purple eastside_purple is offline
All Yappi
 
Join Date: 01-21-03
Posts: 70,617
eastside_purple is infamous around these partseastside_purple is infamous around these parts
This all seems ridiculous. Why not just 1) make sure he has a job; 2) make sure he effectively saves 30% of it; 3) make sure he uses his money for discrenary purchases (no money, no things); 4) have him put at least half his savings in the market, preferably an s&p index fund.
Reply With Quote
  #28  
Old 01-04-19, 10:09 AM
thavoice thavoice is offline
All Yappi
 
Join Date: 07-17-07
Posts: 7,971
thavoice is on a distinguished road
Job market for 12 yr olds isn't the greatest with the influx of illegals taking the lower level jobs.
Reply With Quote
  #29  
Old 01-04-19, 10:41 AM
Arrogate Arrogate is offline
All Yappi
 
Join Date: 12-27-16
Location: Irish Buffalo's head
Posts: 5,839
Arrogate will become famous soon enough
For your stock market thing you should contact OBCF and get his "picks".
Reply With Quote
  #30  
Old 01-04-19, 10:42 AM
Arrogate Arrogate is offline
All Yappi
 
Join Date: 12-27-16
Location: Irish Buffalo's head
Posts: 5,839
Arrogate will become famous soon enough
Those dang illegals taking jobs nobody wants
Reply With Quote
Reply

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Child abuse rises on Saturdays after kids get report cards on Friday, study suggests Yappi General Board 5 12-19-18 07:33 PM
Dublin Coffman 2018 Harrycrane Football 598 12-19-18 08:04 AM
WVA Teachers - It's for the kids! 14Red General Board 203 04-27-18 03:26 PM
Diamond Hit Club Tryouts 2017-2018 Diamond Hit Club Baseball 29 07-18-17 09:33 AM
Teaching Opening at Harrison High School TheStuff142 Wrestling 0 05-15-17 11:41 AM


All times are GMT -5. The time now is 06:25 AM.




Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Registration Booster - Powered By Dirt RIF CustUmz