Should You Give Your Elementary Schooler an Allowance?
In this Motley Fool Answers video segment, Alison Southwick and Robert Brokamp are joined by personal finance guru, journalist, and author Beth Kobliner, whose most recent best-seller is Make Your Kid A Money Genius (Even If You're Not): A Parents' Guide for Kids 3 to 23. It offers a raft of straightforward advice for teaching your children the skills and habits that will lead them to lifelong financial stability. But since one podcast can't sum up a whole book (guess you may have to buy it), they'll focus on one fundamental concept: how to get your children into the habit of saving. Well, first, they'll have to handle some money, which is why many of us give our kids an allowance. Now, Kobliner can go either way in the pro versus anti-allowance debate, but since we also like to give them chores, it seems natural to link the two -- after all, mom and dad work to get paid, right? Turns out, though, that this has some unintended negative consequences.
A full transcript follows the video.
Source: Fool.com
