No one intends to raise spoiled brats, but it’s sometimes hard to see the consequences of your actions several years down the road.
Ron Lieber, personal finance columnist for The New York Times, offers his advice on the subject in his new book The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous and Smart about Money.
Here are his eight most practical tips:
Hand out on a regular allowance.
Commit to doling out the funds once a month or once a week, and offer raises on birthdays.
But there’s a catch: Allowance money shouldn’t be given to children as a reward for chores completed.
“If they do (their chores) poorly, there are plenty of valuable privileges we can take away, aside from withholding money. So allowance ought to stand on its own, not as a wage but as a teaching tool that gets sharper and more potent…
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