It is better to teach kids how to do something themselves than to just do it for them.   Now, I did not say “easier” 😉 , I said “better” – in the long run.

You may have heard the proverb: “ If you give a man a fish, he eats for a day; If you teach a man to fish, he eats for a lifetime.”

In this podcast I spell out why it is so important to teach your kids how to get what they want or need – not to “give” your kids what they want or need – all the time.  Delayed gratification is a learned behavior – it’s not instinctual (unfortunately).  So taking the steps in this podcast to help them learn how to earn will empower them.

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I have often said that allowance is the gateway to budgeting.  Allowance gives the child in your life directions – how to make choices, how to set goals, how to delay gratification and so on.  All good things.  Budgeting is then the next level up in financial empowerment.

Budgeting allows you to live your best life – maybe just not all at once – but over time.  In this “A Seat at the Kids Table” podcast segment from the Seven Figures Podcast, I offer some steps that can help make budgeting fun vs. a “chore” for kids.

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In my time, we have had several interns at Money Savvy Generation. Each one was a “win” for us as a company. They brought new ideas and enthusiasm for the financial education work that we do. They were excited about tackling projects that we just did not have the time to devote to – but needed to get done nevertheless. We know they added value to our organization.  But did we give the same value in return? I think we did.  But many ask should internships be paid or unpaid?

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My daughter Allison’s first job was at a shoe store. She quickly realized that it was hard to make money at $1 a pair of shoes sold on commission(!).  She then moved on to waiting tables at a local restaurant. At the start of this summer job, we talked about how much she would save. She was not inclined to save, so I let things ride until after the summer was over.

Do the math

Just before she was to go back to college, I invited her out to lunch to talk about how much money she made over the summer. We talked about what was left to head back to college with to cover her “expenses” that we did not cover. Just for fun – mine alone, mind you – I did the math for her. I showed her how much money she had made – and what was left.

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