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020 Washington DC Crist is on the line.
Hi crystal what's up.
Hi Dave I appreciate you taking my call -- and help.
I'm calling at that single mom and a ten year old aren't you.
And I could feel like I AM raising an entitled child you know particularly being in the DC area all these kids have everything.
And -- are working really hard against that he and our our problem now is that you know I offered to pay him for calling -- of its chores and not Christian -- is dependent on things like we you can look crushing a car at the garage -- -- that kind of thing.
-- -- he killed by eight.
Back to my to perpetrate that much money could have little money you know because his -- might get twenty dollars a week have been allowance for.
Not thinking that he really that I I'm not I didn't -- I the twentieth and so.
-- I know -- when he's become maybe sixteen or seventeen and -- high -- job at the local supermarket they're gonna pay a minimum wage you can and you haven't afraid that.
He won't be willing to you know do anything if he can't make a hundred dollars you know in ten -- you know who they like -- -- I'm looking for any protection that you might have to teach him the value of hard work.
But at the same kind of party leader principle to -- I do not want him making -- mistake that I did and you know I really want him to get -- while he.
Well you sure got the -- hard about it no question about that thank you end you know.
And I ice should strongly suggest she get control of this while -- here.
Because in about three more years he's gonna lose his mind pray and pray and you don't have this is an underpinning in the process you're gonna have a problem.
We think that and we did this -- -- our kids that there's basically four lessons about money that children really need to have ingrained in them.
But by the time they hit the teenagers.
OK and -- -- -- understand work.
Work creates money.
And then to have emotional connection between the two.
And you were talking about that -- they need to understand saving.
And then you -- -- understand giving.
And the need to understand spending money they have earned by working.
And -- it wisely.
All of these are done under the careful watchful eye of mom.
And mom is going to dictate what is wise here.
Until you are wise on your own.
And then I will delegate a little bit more of your decision making to you -- your decision making proved to be good.
Now we don't have -- news that's just get a language with the little guy but that's the bottom line.
Sure in other words you can't get over every single thing.
That's piled up in your room.
-- can you know if you if you work really hard you've saved up a hundred dollar education give the whole hundred dollars.
I I wanna -- I wanna teach you to get out of but I don't want about -- you need to learn some of these other lessons as well and so while it's very sweet to wanna give it all away.
That's really not how you're gonna run your life later and so I'm gonna teach you now how to walk through this process and -- and be a -- -- But but don't be silly.
And you know we're not gonna save everything and never buy any thing.
We're not gonna spend every thing and never have any savings are -- And so we've got to teach the balance between those three things in the work gives us the teachable moments.
So I would back down into some of the other chores personally and I would put him on a commission rather than on allowance.
And these are chores that you have to do around the house and -- you do them your gonna get paid for them if you don't do them one week you don't get paid that way.
-- -- -- And we broke it down around our house we did five dollars a week you can do what -- you wanted to do I don't care.
And this was a few years back so maybe it's ten -- with inflation but whatever -- didn't don't you know I have and we have five chores and so if you didn't do all five -- got four hours.
If you waited -- and we got three dollars I seen and so I'm not gonna tell you sixteen times to clean up pushed Lincoln room.
You gave your -- -- and you get the money you know keep -- and playing you don't get the money.
And so I would probably take some of those things you're just making him do anyway and because I'm trying to create that.
It's not that doesn't need do the shorts anyway.
What I'm trying to create the teachable moment.
Between work equals money no work equals no money.
Okay I'm 854 girls don't get that -- and so -- that that's where we start from.
And then ultimately here's the other thing.
Just because he doesn't like the economics of this situation because of the nice neighborhood you live in or whatever.
Are just because he for some reason feels they he doesn't have to clean up his room and ultimately you have to clean up your remaining life.
-- and so this money -- part of the picture.
And everything you do around here is not for money you're not a union -- something you do around here because you have your mom play.
And other things you do around here I'm creating teachable moment so I can teach you about work and money and then when you earn their money -- can -- -- about saving American teacher by giving a speech about spending.
And I'm teaching you on all of these things and I'm in control of your life.
-- -- -- Right and I'm the mom.
-- that -- maybe cleaned his room played by a eating at Saturday morning at noon not by letting go one way you can not get paid so it feels the economics thing.
OK moving on won't go three months and I clean his room right now does he just doesn't think it's worth it.
OK you know he's -- is thinking or -- what grade and so you know there's kind of a.
Okay you have to make him spend it wisely.
You're gonna have to make him idea of wisely.
And you're gonna have to make him safe.
Wisely and you got to make him work.
At some level at some point but I like to create a little situation they were there some natural consequences.
-- pain and all your money and there's -- spending money left and they only the saving in the giving money left and then you wanna do something.
Old are you -- your money.
If you're not in congress get out.
You know there's a cut off -- right.
And and so we call that financial peace junior it's a box of teaching aids.
Teaching children these things -- giving the saving the spending on the -- The dry erase board for the refrigerator is there.
For that for the commission's and you can check off that sources have done I'm gonna give you -- set of that to help you teach this young guy because I think you really got.
When you're really on the ball with him you really really have a good view of things and I live in a neighborhood to in the particular county I live -- that's very wealthy.
And so you know as our kids are growing up they -- teenage years.
You know I got.
People monitor her give their children brand new BMW when they turn sixteen that currently damage you know prey on the Ramsey kids knew going up I mean we can afford to do that -- -- know that.
-- we're not doing it that is not how we function.
Can you not whether they get that are not -- and -- that -- that your parents are brain damage so it's not happen when you're going to learn to work you're going learn to give.
You're going to learn to spend because if you don't you'll end up living in my basement when you're 32.
That match and -- Critics think and so these are -- -- on this is how we've talked to -- kids that various ages and age appropriately as we've gone along.
You are going to learn this now I do want them to.
Content to ride the bicycle without me holding the back -- in the we're going underwater awhile -- -- there and fall over couple bombs on one of make some mistakes and -- a natural consequences of having goofed up with that.
Because if they can do that with a hundred dollars later they won't do with a 100000.
Hang on the line tomorrow we'll send you -- copy of the financial peace junior yet.
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