How to raise Young Millionaires using their Allowance

There are two basic schools of thought about giving allowance to children. One is to make the children work for it in order to earn it. The other one is to just give it to them on a regular basis with little or no conditions, depending on the agreement between parents and children. Some prefer to do a combination of the two.

- Rose Fress Fausto

What do you practice at home? Your chosen method should be in agreement with your family values. What is important is that the guidelines and reasons are clear to both parents and children. The important lessons and skills that can be honed in allowance-giving are discipline in money management and work ethic, which are basic characteristics of millionaires.

Handling student allowance is a good training ground for millionaires! How your children are with their allowance now can determine how soon they can become millionaires.

I always believe that lessons are best delivered and remembered when told in a story so let me tell you ours.

Our Allowance Story

As a young mom many moons ago, I heard the homily of a Jesuit priest who said, “The problem with most parents is that they are so preoccupied with what they didn’t have when they were growing up, and now, they make sure that their children will get it—be it a Voltes V or Barbie doll. But come to think of it, you will never know how you would have turned out if you actually had that thing that you never had. That being said, why don’t you focus on what you actually had as a child that really worked well for you. Then give that to your children.”