Should kids get allowance? Tom Henske of Lenox Advisors says yes.
Tom explains that having and spending money is good practice for life. You wouldn’t send your child to play tennis without a racquet and you can’t expect them to appreciate the value of money without actually having any.
Tom says it’s better not to attach the allowance to chores and suggest giving them $1 per week for each year of their age. A six year old will have $6 per week to save, spend, invest or donate. They can spend it on anything they want. This is practice, its okay to make mistakes. It’s better to make that now with a few dollars than later in life with a few thousand.
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