Comments

• linda steele, Georgetown 07/18/07

  From the day our son was born ( he's now 14) he has had a passbook savings account. You have to be able to hold that book and look at the balance grow as deposits and interest are added. It's key early on. On birthdays and at Christmas he has to put into his savings acct 50% of all money received. The rest he keeps in a wallet with any gift cards (these also count in the $ amounts to be saved). He also can't accrue more than $100.00 in his wallet. (It use to be $40.00 when he was younger.) The excess has to be transfered to his savings account. When you have to physically go to the bank to withdraw from that book it gives him the time to think about that expense and if it's really worth it. Does he have a cell phone? No .. he doesn't want one. Does he have an I-Pod? No .. he doesn't want one. Does he have a really nice bike - Yes and he paid for it and he takes care of it. Does he have a great set of golf clubs . Yep and he has paid for most of those and pays for most of driving range cost and greens fees.
  And when he gets his working papers he will get a job. He does not have a choice and he will be required to bank it and we will open a retirement fund for him at that time.
  Start small early on and they will be set for life!
  If they do not earn it they will not appriciate it and they will not take care of it.

• Alice Trentacosti 07/18/07

  We had a system in place from the time our kids were little that they would have to do regular household chores just to be part of the “home team,” but for a special project, like cleaning out a closet or helping to plant the garden, they got a salary. This really brought home the value of work and now that they’re teens, they see their part-time earnings as a normal part of life.

• Cynthia Rouldy 07/10/07

  My kids just aren’t motivated to get part-time jobs. I guess that’s the problem of living in a community where most parents have a lot of money and most kids get everything they want just by asking. How do you turn your kids onto the work ethic?

• Sam Otten 07/08/07

  This piece is really inspiring. I have always been concerned about my children never really being able to earn enough to make a dent in their future savings for college (or whatever they end up doing after high school) but this puts the work for money thing clearly in perspective.