Quote Originally Posted by wmarincic
My daughter is 16 and she is working a few day per week as long as her grades are up. I make her put 25% of her take home pay in a savings account and 50% of her pay in another savings account to save for her car insurance and she gets to spend the other 25% as she likes. I want her to learn the value of a dollar and the benefits of saving.
Good for you. You're teaching her the only hand out she gets is from herself and her own work. No problem if your in a hurt because of illness or things you can't control but otherwise we need to teach our kids responsibility for themselves. Another thing the credit based living has killed this country. I would teach her young the Dave Ramsey approach to finances. He is a multi-millionaire who lost it all. Went bankrupt. He decided to learn how money really worked and not how "they" told every it did work. He has a "Financial Peace University" course you can take on line. He helps get people out of debt. He's on Fox Business News Network. He's a very generous guy. I've seen him pay for financial counselling for a woman who lost her husband just two months earlier and had almost nothing. He paid for the counselor to help her. Just goes to show not all rich people are mean. In fact, most aren't.