Like many pointed out, the purpose here is to teach the child financial responsibility and build his confidence level. I still remember one v impressive model ( fictious, though ... I read it in 'Kane & Abel' ) where out of every week's allowance, the child is allowed to spend a certain portion, must save/invest another portion and then, must keep aside some money for charity. He is asked to maintain a full account of his finances so he can understand where his money is going....... and Voila, he grows up to be one of the biggest bankers in America !
I'm not as ambitious as that, but would still like to teach my child to handle money more responsibly, especially here in the Gulf, where children get everything so easily.
Thanx everyone !
Like many pointed out, the purpose here is to teach the child financial responsibility and build his confidence level. I still remember one v impressive model ( fictious, though ... I read it in 'Kane & Abel' ) where out of every week's allowance, the child is allowed to spend a certain portion, must save/invest another portion and then, must keep aside some money for charity. He is asked to maintain a full account of his finances so he can understand where his money is going....... and Voila, he grows up to be one of the biggest bankers in America !
I'm not as ambitious as that, but would still like to teach my child to handle money more responsibly, especially here in the Gulf, where children get everything so easily.
Thanx again , All, & have a good weekend !