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Should you pay your children to do chores?

An allowance is an excellent way to teach your children about money management. How to dole out that allowance, however, is an oft-debated issue. Why giving your grown children an allowance may make financial sense Ted Rechtshaffen: Seniors often fear that by passing on their wealth too early they will kill ambition in their offspring, […]

Son, Get A Job!!

Son, Get a Job! This was the conversation behind me in line at Superstore today. A teenager who was in grade 12 (they were talking about his graduation) was shopping with his mother. His mother was complaining that she was buying him chips and pop and other treats and it sounded like he was not […]

The Forced Savings Account

Most parents want to teach their children the importance of saving money.  While teaching children to save is VERY important, the approach many parents take is out of balance. Some adults get excited when their child receives a cash gift and has the great idea to open that special savings account at the bank. Granted, it […]

Cash for Chores

Chores: To Pay or Not to Pay?  That is the Question! As a part of a family it should be a child’s responsibility to contribute to the chores around the home.  This not only assists the parents with the work load but trains them to do different tasks that they need to do when they […]

My Kids Earn their Own Money

A common misconception many parents have is that if their children are entrepreneurial and find ways to earn their own money, then they are good money managers. While we encourage entrepreneurship in children we must realize that not all entrepreneurs are successful with their money.  While many know how to MAKE a lot of money, […]

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