Comments on: 3 steps to a personalized income plan for your children http://www.gatherlittlebylittle.com/2008/01/3-steps-to-a-personalized-income-plan-for-your-children/ Proverbs 13:11 - "...he who gathers money little by little makes it grow." Wed, 17 Mar 2010 22:40:38 -0400 hourly 1 By: Your page is now on StumbleUpon! http://www.gatherlittlebylittle.com/2008/01/3-steps-to-a-personalized-income-plan-for-your-children/comment-page-1/#comment-3646 Your page is now on StumbleUpon! Sun, 17 Feb 2008 00:37:57 +0000 http://www.gatherlittlebylittle.com/2008/01/03/3-steps-to-a-personalized-income-plan-for-your-children/#comment-3646 <!--%kramer-ref-pre%-->[...] Your page is on StumbleUpon [...]<!--%kramer-ref-post%--> [...] Your page is on StumbleUpon [...]

]]> By: WJ http://www.gatherlittlebylittle.com/2008/01/3-steps-to-a-personalized-income-plan-for-your-children/comment-page-1/#comment-3642 WJ Sat, 26 Jan 2008 07:11:38 +0000 http://www.gatherlittlebylittle.com/2008/01/03/3-steps-to-a-personalized-income-plan-for-your-children/#comment-3642 @Analisa- That sounds like a great idea. The key is to realize your own values and feelings in this matter, seek guidance from above, and figure out where your heart leads you. There are so many variables in family situations such as this that there can never be a one system fits all. What we have done works well for us, and has taught my daughter the connection between work and money, as well as the importance of saving (thus having your money work for you.) As stated in the article, I would encourage you to be as specific as possible when first implementing your system. Kids have a glorious ability to "think outside the box," so firm ground rules are imperative. Thanks for the comment!! Let me know what you decide, and good luck!! @Analisa- That sounds like a great idea. The key is to realize your own values and feelings in this matter, seek guidance from above, and figure out where your heart leads you. There are so many variables in family situations such as this that there can never be a one system fits all. What we have done works well for us, and has taught my daughter the connection between work and money, as well as the importance of saving (thus having your money work for you.) As stated in the article, I would encourage you to be as specific as possible when first implementing your system. Kids have a glorious ability to “think outside the box,” so firm ground rules are imperative. Thanks for the comment!! Let me know what you decide, and good luck!!

]]> By: Jeff http://www.gatherlittlebylittle.com/2008/01/3-steps-to-a-personalized-income-plan-for-your-children/comment-page-1/#comment-3643 Jeff Sat, 26 Jan 2008 01:40:59 +0000 http://www.gatherlittlebylittle.com/2008/01/03/3-steps-to-a-personalized-income-plan-for-your-children/#comment-3643 @Analisa: I'm sure you could tell I agree with not paying for chores but rather believe that as we are part of the family the kids need to do their part as well. However we do look for other ways for them to earn money, for example we started paying for getting good grades. Our break down goes like this: A 2.00 B 1.00 C -1.00 D -2.00 F -5.00 In the classes where they don't get a letter grade they get 2.00 for every Excellent, 1.00 for every Satisfactory, and -2.00 for every Needs Improvement. I wrestled with the docking them for getting a needing improvement mark, however both my kids are at the top of the classes so that mark would equal an F. In addition to the letter payout they get some extra reward if they get a special award in school such as most improved student. Also if they make the A honour roll they get an additional 10.00 and an extra 5.00 for making the B honour roll. Adding up all the money and it can turn out to be quite the payday for them. :) @Analisa: I’m sure you could tell I agree with not paying for chores but rather believe that as we are part of the family the kids need to do their part as well. However we do look for other ways for them to earn money, for example we started paying for getting good grades.
Our break down goes like this:
A 2.00
B 1.00
C -1.00
D -2.00
F -5.00
In the classes where they don’t get a letter grade they get 2.00 for every Excellent, 1.00 for every Satisfactory, and -2.00 for every Needs Improvement. I wrestled with the docking them for getting a needing improvement mark, however both my kids are at the top of the classes so that mark would equal an F.
In addition to the letter payout they get some extra reward if they get a special award in school such as most improved student. Also if they make the A honour roll they get an additional 10.00 and an extra 5.00 for making the B honour roll.
Adding up all the money and it can turn out to be quite the payday for them. :)

]]> By: Analisa Roche http://www.gatherlittlebylittle.com/2008/01/3-steps-to-a-personalized-income-plan-for-your-children/comment-page-1/#comment-3644 Analisa Roche Sat, 26 Jan 2008 00:35:21 +0000 http://www.gatherlittlebylittle.com/2008/01/03/3-steps-to-a-personalized-income-plan-for-your-children/#comment-3644 Sorry, hadn't read all the comments yet and just did. I think maybe a certain amount required and then paying for above-and-beyond might be a good compromise? Sorry, hadn’t read all the comments yet and just did. I think maybe a certain amount required and then paying for above-and-beyond might be a good compromise?

]]> By: Analisa Roche http://www.gatherlittlebylittle.com/2008/01/3-steps-to-a-personalized-income-plan-for-your-children/comment-page-1/#comment-3645 Analisa Roche Sat, 26 Jan 2008 00:30:46 +0000 http://www.gatherlittlebylittle.com/2008/01/03/3-steps-to-a-personalized-income-plan-for-your-children/#comment-3645 Really appreciating the discussion. Question: the reason I haven't paid for household chores is that I feel like they are the price of living here. We all contribute to making our home a comfortable place, you know? However, teaching the connection between money and work also makes sense to me...comments, feedback? Really appreciating the discussion. Question: the reason I haven’t paid for household chores is that I feel like they are the price of living here. We all contribute to making our home a comfortable place, you know? However, teaching the connection between money and work also makes sense to me…comments, feedback?

]]> By: How I Taught My Preschooler the Value of a Dollar | beingfrugal.net http://www.gatherlittlebylittle.com/2008/01/3-steps-to-a-personalized-income-plan-for-your-children/comment-page-1/#comment-3641 How I Taught My Preschooler the Value of a Dollar | beingfrugal.net Thu, 10 Jan 2008 12:02:49 +0000 http://www.gatherlittlebylittle.com/2008/01/03/3-steps-to-a-personalized-income-plan-for-your-children/#comment-3641 [...] And to read more on children and money, check out recent articles by Rocket Finance and Gather Little by Little. [...] [...] And to read more on children and money, check out recent articles by Rocket Finance and Gather Little by Little. [...]

]]> By: an announcement and pfblogsround : plonkee money http://www.gatherlittlebylittle.com/2008/01/3-steps-to-a-personalized-income-plan-for-your-children/comment-page-1/#comment-3640 an announcement and pfblogsround : plonkee money Sun, 06 Jan 2008 09:58:32 +0000 http://www.gatherlittlebylittle.com/2008/01/03/3-steps-to-a-personalized-income-plan-for-your-children/#comment-3640 [...] 3 steps to a personalized income plan for your children @ gather little by little - incidentally, why not vote in his poll on how you pronounce glblguy [...] [...] 3 steps to a personalized income plan for your children @ gather little by little – incidentally, why not vote in his poll on how you pronounce glblguy [...]

]]> By: Saturday Roundup - Jan 5, 2008 | Credit Withdrawal http://www.gatherlittlebylittle.com/2008/01/3-steps-to-a-personalized-income-plan-for-your-children/comment-page-1/#comment-3639 Saturday Roundup - Jan 5, 2008 | Credit Withdrawal Sat, 05 Jan 2008 17:35:02 +0000 http://www.gatherlittlebylittle.com/2008/01/03/3-steps-to-a-personalized-income-plan-for-your-children/#comment-3639 [...] Gather Little By Little - 3 steps to a personalized income plan for your children [...] [...] Gather Little By Little – 3 steps to a personalized income plan for your children [...]

]]> By: tracy Ho http://www.gatherlittlebylittle.com/2008/01/3-steps-to-a-personalized-income-plan-for-your-children/comment-page-1/#comment-3638 tracy Ho Fri, 04 Jan 2008 13:52:28 +0000 http://www.gatherlittlebylittle.com/2008/01/03/3-steps-to-a-personalized-income-plan-for-your-children/#comment-3638 Great post, coming holiday will make my kids more efficient, Thanks a lot, Tracy Ho Great post, coming holiday will make my kids more efficient,

Thanks a lot,

Tracy Ho

]]> By: WJ http://www.gatherlittlebylittle.com/2008/01/3-steps-to-a-personalized-income-plan-for-your-children/comment-page-1/#comment-3631 WJ Fri, 04 Jan 2008 13:23:58 +0000 http://www.gatherlittlebylittle.com/2008/01/03/3-steps-to-a-personalized-income-plan-for-your-children/#comment-3631 @Jeff Thanks for the extra info. @Lynnae Sounds like a good plan. We started at five as well. I bet you hear some interesting reasoning from you son as to why he should be able to spend it all now!! Thanks! @Randall We also pay for good grades. I had not thought about the car match. Sounds like a good plan, and it would encourage saving tremendously during the teenage years. Good luck, and thanks for the comment!! @Cheapster Bob Thanks for the comments. Do you have a set amount that you prefer her to place in the 529 plan, or is any amount ok? Has she read the book yet, and is she required to discuss it with you as well, or just read it for the money? I totally agree on the college textbooks!!! Ebay and Amazon are a great starting point!! @ Fathersez I like the idea of the weekly accounts. Thanks for the comment!! @Jeff Thanks for the extra info.

@Lynnae Sounds like a good plan. We started at five as well. I bet you hear some interesting reasoning from you son as to why he should be able to spend it all now!! Thanks!

@Randall We also pay for good grades. I had not thought about the car match. Sounds like a good plan, and it would encourage saving tremendously during the teenage years. Good luck, and thanks for the comment!!

@Cheapster Bob Thanks for the comments. Do you have a set amount that you prefer her to place in the 529 plan, or is any amount ok? Has she read the book yet, and is she required to discuss it with you as well, or just read it for the money? I totally agree on the college textbooks!!! Ebay and Amazon are a great starting point!!

@ Fathersez I like the idea of the weekly accounts. Thanks for the comment!!

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