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Do You Give Your Kids an Allowance?
There's something built into the struggle that is psychologically rewarding. When people don't have that, sometimes they're floundering, looking for a sense of purpose. I think it's really important to teach children around money, and allowance is a perfect way to do it. But if they never have to do anything for it, maybe it teaches them the wrong lesson. So one way to structure it is to have children spend part, save part, give part away and maybe invest part. And each one of those buckets give you the opportunity to teach them how to manage money effectively as an adult.