Best of Blogs – Kids and spending money

Tomorrow, my oldest son Robbie turns 9 and it’s fitting to share a little story involving Robbie this week.  Robbie came to me with $130 and told me that Mom wanted the money in the safe because it was not safe in his sock drawer.  When I asked him where he got the money from and why it was in his sock drawer, he told me it was money he got from birthdays, holidays and Grandma and he didn’t want to give it to me because every time he gives me money, I never let him spend it.  We put the $130 in an envelope and he made me sign it saying I would give it to him if he asked for it.  I love that kid and he will thank me one day for helping him save!

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Written by Jim Yih

Jim Yih is a Fee Only Advisor, Best Selling Author, and Financial Speaker on wealth, retirement and personal finance. Currently, Jim specializes in putting Financial Education programs into the workplace.For more information you can follow him on Twitter @JimYih or visit his other websites Group Benefits Online and Advisor Think Box.

3 Responses to Best of Blogs – Kids and spending money

  1. I have a question about the value of having an investment advisor. I pay m y advisor about $5,000 a year to run a balanced portfolio. The portfolio hasn’t increased much. His efforts are earning about 3.8% annually – instead of an early optimistic promise of about 6% per year.
    Hey, it’s a tough market, I get it. But why should I pay this guy fees when a bunch of Treasury Bills and GIC’s would earn about 2.5%? I’m nearing 60 – should I get out on my own?

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