Why I Don't Give My Kids an Allowance

[0:00]You should never pay your kids to make their bed and clean their room, do the dishes and trash, homework. The money comes as a result of value creation. And then what parents do is they say, well, my kids do a list of chores and I give them an allowance. Allowance teaches them nothing about creating value for money. Okay, so now there's that's value because they're helping out around the house or they're contributing. But the problem there is that half those chores you should never tie to money. We call those expectations. Yes. Standards. Yep, so that's why chores doesn't work in the first part. The other half those chores should be a menu of ways to earn, and it should be unlimited. Wow. Okay. And then so we call those gigs. That is the winner for every single family the moment your kid starts hunting for ways to create value at home or in those community, we call those community gigs. Now they're going out and having a lens to see the world, not what I can get, but how I can create value for others. That is the true hack for all financial competency.