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093 Past Due – Kids, Money & The Madness

by Derek Sisterhen on February 20, 2010

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Past Due: Radio 093 – Kids, Money & The Madness

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The third installment of “Relationships Month” addresses kids and money.  Host Derek Sisterhen discusses the importance of teaching your kids about money and doing so in a systematic way so they carry on a positive financial legacy.

Dave in California also asked a question about starting a new business while still getting out of debt.  For his question, he’ll be receiving Past Due: Essentials!

  • arch1960

    As usual Derek, another great show! And guess what? You didn't get popped with bacon grease, and my laptop was pretty close to the frying pan! Yep, nothing like pancakes, whole hog bacon, and watching Past Due Radio on Saturday mornings!
    Looking forward to next Saturday with two Sisterhens!
    Have a GREAT week.
    Archie

  • http://www.oneextraordinarymarriage.com/ Tony & Alisa – ONE

    Great show Derek. I wanted to share something that we recently started with our kids that you mentioned. After a couple of years of giving our kids an allowance we switched to a commission based plan. This has helped us out in a couple of ways.

    1. When we were paying an allowance and something didn't get done I would get upset with my kids. I would have to cajole them to do their chores. Not something I was to fond of doing. In my mind I was paying so they need to do what was expected of them, but this wasn't a good thing for me or for them.

    2. Once going to a commission based system I've been able to release this area of tension by letting them be 100% responsible for their tasks. If it doesn't get done they don't get paid. This has happened a few times, but they quickly realize that there is no money on payday.

    We have had a number of crying outbursts on payday because there was only $.25 earned. Then there are those paydays when everything was completed and the cheers that we hear are of joy and accomplishment.

    This has truly helped us teach them about money.

    Again great show.

  • http://www.oneextraordinarymarriage.com/ Tony & Alisa – ONE

    Great show Derek. I wanted to share something that we recently started with our kids that you mentioned. After a couple of years of giving our kids an allowance we switched to a commission based plan. This has helped us out in a couple of ways.

    1. When we were paying an allowance and something didn't get done I would get upset with my kids. I would have to cajole them to do their chores. Not something I was to fond of doing. In my mind I was paying so they need to do what was expected of them, but this wasn't a good thing for me or for them.

    2. Once going to a commission based system I've been able to release this area of tension by letting them be 100% responsible for their tasks. If it doesn't get done they don't get paid. This has happened a few times, but they quickly realize that there is no money on payday.

    We have had a number of crying outbursts on payday because there was only $.25 earned. Then there are those paydays when everything was completed and the cheers that we hear are of joy and accomplishment.

    This has truly helped us teach them about money.

    Again great show.

  • http://pastdueradio.com/138-past-due-top-5-financial-resolutions 138 Past Due – Top 5 Financial Resolutions — Past Due: Radio

    […] Teach your kids about money; check out Episode #93 – Kids, Money & The Madness for age-appropriate […]

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