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Should you give your kids an allowance? I argue with Zina Kumok the pros and cons of giving kids an allowance. Who do you think won and what do you think? Does giving kids an allowance help them develop money skills or just spoil them?
Check out Zinaโs site, zinakumok.com/
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Co
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17 Comments
Top Comments of this video!! :3
Allowance for doing chores and occasional discussions about money can be very helpful. This gets them started early so they learn to handle money correctly. Teaching them how to invest is also a plus.
2 | 0
Personally, as a kid my parents didn't give us an allowance, but they paid us money for doing things around the house above and beyond our normal responsibilities. So I do the dishes every day and take out the trash, but my parents ask me to trim the bushes or go pick some weeds, they'd give me money for picking weeds, which teaches me hard work and oh, is this thing worth $10? Because that $10 took me two hours of weed picking, should I really buy it? Those sorts of thoughts have helped me tremendously throughout my life.
5 | 1
I have always put a bit of money in my daughter's account every month since she was small. She has always cooked, cleaned and done other chores without too much pressure -- definitely an unusual kid.
2 | 0
Absolutely! ๐ฏ
Semper f
| 0
As a parent, I decided to make my kid pay for rent, food, clothes and anything else he wanted when he was 4 years old. I didnโt give him a job, but made him find a job himself. Now, he is 12 and he has been homeless for 8 years.
| 0
I don't believe in spoiling children
Make them earn money instead of giving it to them
| 0
I am 14 I spend every dime on investing. I donโt think I am wasting it
| 0
Thru donโt get money for nothing. They need to earn it. So before old enough for outside work, they need to learn by understanding there are no freebies in life. Teach them entrepreneurship as well.
| 0
I give my kids an allowance and then make them save half of it. The other they can choose how to spend or save up for a bigger item.
| 1
As in 12 year old I just started getting an allowance and I really need help should I keep it or spend it I want to spend some of it but not all of it like mabye 30 or 20 percentage I really want to invest in stocks but I need someone's opinion
| 0
lol what?
| 0
Tbh your co-ops quality is ๐. You can do better than arguing with random people on obvious and meaningless topics
| 0
Hi brother, I'd love to connect with you further. Is there another platform or email address where we can chat privately?
| 0
@TotalWealth
2 years ago
Best thing I did for my daughter financially was to STOP paying her expenses when she was only 10 or 11 years old and give her an allowance SHE had to manage to buy school lunches, clothes, birthday presents, etc.
She learned to budget and found the clearance rack real fast!
2 | 0