With an entitlement mindset, a child simply expects to be paid each week.
With an entrepreneur’s
mindset, a child finds ways to create value and earn money through applied creativity.
extra efforts. Those same kids agree- ably cleaning up after meals may also be thinking of extra chores around the house to earn their allowances. Encouraging a child’s entrepre-
neurial spirit: Inspire children to think of creative ways to earn money and watch in pleased amazement at how creative they become when they really want something. One 12-year-old now has a business collecting cans from all of his neighbors and is earning $100 every other week. He was able to buy the faster skateboard he wanted and even justified it as a business expense, because he could collect the cans more quickly with it.
Providing structure and enabling communication in a family’s approach to allowances is critical to ensuring that children learn good money habits that will serve them well for life. It’s a mutually constructive way to teach principles related to the importance of saving, spending less than they earn and consistently giving back to their community.
The answer to the question of whether or not to pay a child an allow- ance and under what conditions rests with the parents. The greater and more vital question is what mindset do they want to create and nurture within their children: a sense of entitlement or an entrepreneurial spirit? The foundational choice is theirs.
Sharon Lechter is CEO of Pay Your Fam- ily First, creator of the ThriveTime for Teens life and money reality board game and co-author of Outwitting the Devil, Three Feet from Gold and Rich Dad Poor Dad. A recognized financial education expert, she is a member of the National CPAs Financial Literacy Commission. Learn more at
SharonLechter.com.
natural awakenings September 2012 45
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64