Our five-year-old receives an allowance of $5 per week to complete his chores.
His chores include making his bed, feeding the cats, and cleaning his room. Every day that he doesn’t complete a chore, he is supposed to lose one dollar.
We purchased two individual stocks via the Robinhood app with his savings. This wasn’t his decision, but he also didn’t push back against the decision.
The Robinhood app was surprisingly easy to set up and even easier to purchase the individual stocks. There are no fees to use the Robinhood app either.
I had recently paid my oldest to help haul some trash out to the dumpster. I explained that he could sometimes make extra money by helping out with side jobs.
Regardless, all we can do as parents is our best and hope to raise money-smart kids who aren’t spoiled little brats!