Motivating kids to do chores with cash

Learn about: Motivating kids to do chores with cash from Gregg Murset, CFP,...
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Motivating kids to do chores with cash

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So I get this question all the time: Do I have to pay my kids to do everything? And the answer to that is absolutely not. There are certain things that you do around the house just because you're a member of the household and if that, in your family, is to make the bed, great. Have them make their bed and you don't have to pay them for that, of course you don't. So, but if they wanna do things that are up and beyond just the normal routine things in the household, then you can absolutely pay them for that and that teaches them not only how to work, but it also gives them money to understand financial fundamentals. So I like a clean car. I've always liked my car clean and when it comes to having a clean car, I have three options: I can wash it myself, I can bring it to the car wash or I can have one of the kids wash the car. And I will always choose having one of the kids wash the car, and that's not because they do the best job. Because if I bring it to the car wash, they usually do a better job than the kids. But it teaches them some really important things, it teaches them how to do a job, how to do it well, and it also gives them the opportunity to earn money. So that also provides me a teaching opportunity so that I can say, "You know what? If you just did this a little bit better or you wipe this down a little bit more, you'd actually be able to get a two dollar bonus on the car." And that really teaches the kid, "Wow, if I do a good job, and even if I do a better job and if my dad really likes the job, then I'll get a bonus." When kids learn those valuable experiences early on, that's gonna stick with them, that's gonna stick with them in their jobs, it's gonna stick with them in their family life, those kinds of responsibility and accountability characteristics will stick with them for the rest of their lives.

Learn about: Motivating kids to do chores with cash from Gregg Murset, CFP,...

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Gregg Murset, CFP

Founder & CEO, MyJobChart.com

Gregg Murset, CFP, is the father of six children, a Certified Financial Planner and the Founder and CEO of the fastest growing website, MyJobChart.com, which teaches kids about work and money.

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