Why Parents Shouldn’t Tie Allowance to Chores – with John Lanza

It’s important to concentrate on our own financial situations, but as parents, we can’t forget to teach our kids the principles of financial literacy as well. These lessons can be taught by instituting an allowance program or chore and reward system.

John Lanza, the author of The Art of Allowance, joins us on the show to talk about how we can develop a system like this. The earlier parents start, the better off their kids will be.

As we start to make progress here, John has a key piece of advice for the parents out there: Don’t pair allowance with chores.

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How to Get Your 5-Year Old to Help Around the House

On a recent Friday evening, I came home from a long day of work and to my surprise I saw my 5-year old daughter Zoey vacuuming our kitchen. I asked my wife what our little one was up to, but she was just as perplexed as I was. We’d been working with Zoey to do her chores every Saturday morning for the past year, but she’s never taken the initiative to do them on her own.

After Zoey finished vacuuming, she asked my wife and I to leave the kitchen while she put away the silverware. She told us that she wanted it to be a surprise.

We let this cleaning frenzy go on for another 15 minutes before we stopped her and asked, “Why are you doing your chores today, Zoey?”

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