ilmscore | Prediction Details
"so for college that's a great plan but everything else it's teaching your kid that money comes from work at an early age don't give them allowance give them a commission for work they're doing what do you mean by that well you know Dave and Rachel write about this in their book smart money smart kids but Dave learned early on that when you give kids allowance it creates the sense of entitlement of because I exist money shows up ah so allowance is like every week you get a bucks or something ex but commission is when I do XYZ I will get paid this much and this isn't like you're a member of the House you help Mom with the dishes sure but if there's something extra you do hey clean out the attic and I'll give you 20 bucks and so there's easy things you can do that are age appropriate I'm not talking about child labor here you know but as your kid gets older they can understand this and there's what I love to teach kids is there's only three things you can do with money give save and spend a 5-year-old can understand that concept and it's a beautiful thing we have our our Savers bank that you can get for kids and it's a great way to just teach them when you get money we're going to put if you get 10 bucks we're going to put a dollar into the give side we're going to put $5 into the save side for the future and then you get to spend the other $4 and we're going to go get a toy so these are Concepts you can teach kids early on to where you're kind of teaching the kid to fish"
By Minority Mindset | March 13, 2024 | Pending
From video
How I Went From Broke To Millionaire In 3 Steps | George Kamel x Jaspreet Singh 00:49:02 - 00:50:14
Interpreted Prediction
Instead of allowance, parents should offer commission for specific tasks to teach children that money is earned through work. Additionally, teaching the fundamental concepts of 'give, save, and spend' with money from a young age is crucial for financial literacy.

Prediction Details

Topic
Delayed Gratification in College

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