June 21, 2011 7:01 pm at 7:01 pm #597543a maminParticipant
Starting a new thread from suggestion of DY.
How do you feel about teens earning and spending their own money in any way they wish?June 21, 2011 7:04 pm at 7:04 pm #779364June 21, 2011 7:05 pm at 7:05 pm #779365WolfishMusingsParticipant
Teens are a pretty wide range. A thirteen year old and a nineteen year old are quite different in terms of money management and how they should be (and even *if* they should be) managed by their parents.
Or did you have a narrower definition of “teens” in mind?
The WolfJune 21, 2011 7:45 pm at 7:45 pm #779366HLMMember
I for one think it’s great. I save my $$ so when I’m older ill be able to buy something… something big! Maybe a down payment on house? Or the whole house! It’s great to know I actually have something of vaue!June 21, 2011 8:17 pm at 8:17 pm #779367zahavasdadParticipant
You dont learn the value of a dollar unless you earn it, you appreciate it more.June 21, 2011 8:29 pm at 8:29 pm #779368amichaiParticipant
when my kids earned money from babysitting, and cleaning etc. they were able to spend it as they wished. gr8 way for them to learn the value of $.June 21, 2011 8:40 pm at 8:40 pm #779369600 Kilo BearMember
I ran my first Ponzi scheme when I was 14. The teachers who lost their money in it were too embarrassed to report me. All twenty of the ones who lost and even the three who made at the beginning still have their 60 per cent shares in a twelve-lot parcel of swampland in the Mojave Desert.June 21, 2011 8:57 pm at 8:57 pm #779370RedNails19Participant
I have been making money since I’m 12, babystting, working n stuff- and spending on what i wish, and what i need. My parents dont make a lot of money so i really didnt have much choice, but to live on my money; which im actually grateful for. It taught me the value of the dollar, money management, prioratising, budgets…etc.
So I think it would be a great thing for a teen to work hard for their money and spend it how they wish…if they mess up, they learn- cuz its their money, and it means more.June 21, 2011 9:06 pm at 9:06 pm #779371zahavasdadParticipant
For boys it might be tougher though
Since yeshiva can go until 9pm , Obviously there is no work Friday night or Shabbos and there is Yeshiva on Sunday, they dont have time to get a part time jobJune 21, 2011 9:14 pm at 9:14 pm #779372WolfishMusingsParticipant
Obviously there is no work Friday night or Shabbos and there is Yeshiva on Sunday, they dont have time to get a part time job
I used to earn money as a ba’al kriah while still in yeshiva.
The WolfJune 21, 2011 9:16 pm at 9:16 pm #779373mamashtakahMember
Oldest daughter wanted to travel from Israel to America after HS graduation to see friends, family, etc. She babysat a lot and earned enough to make the trip. (She did the same thing a few years ago, pre-aliyah, when she wanted to spend a summer in Israel.)
Second oldest daughter wanted to do the same thing this year. She cleaned houses after school; she had several regular customers on the yishuv. She also picked up extra business before Pesach. She earned enough money for a round-trip ticket, spending money, and one Broadway play.
They both knew that as much as we loved them, we just didn’t have enough money to give them for these types of things, so if they wanted it badly enough, they would have to earn it. And they did.June 21, 2011 10:02 pm at 10:02 pm #779374☕ DaasYochid ☕Participant
It was gaw’s (thoughtful) suggestion.
I’m in favor of a young adult learning the value of hard work and of money. I am also petrified of the prospect of the money being spent inappropriately. Mostly, I’m afraid of electronic devices with the ability to access inappropriate media. I also think that spending on other luxuries can be harmful. The stories mentioned by some posters obviously don’t fit into either of these categories.
For a boy, of course, ideally he should be such a masmid that he has no time for it, but otherwise (most cases), a teen could earn money and spend it with parental supervision, or save it, as appropriate.June 21, 2011 10:21 pm at 10:21 pm #779375GumBallMember
i cant wait to make my own money!!!June 22, 2011 1:09 am at 1:09 am #779376happiestMember
I posted this in the wrong thread before…
Aren’t we the ones who complain about our young kollel couples that rely on us to pay for their needs on a daily basis? I think the answer to that would be to let the teens earn money and put it away for important times.
I worked since I was 12 or 13 so that I could pay for my year in seminary. It worked, I had enough saved up for that and spending money.June 22, 2011 3:14 am at 3:14 am #779377brotherofursParticipant
i don’t really make money, this is my first year working in a camp! i’m scared.June 22, 2011 5:25 am at 5:25 am #779378123bubbyParticipant
I know I personally have a bank account since im like 10, and by now ive saved up quite a lot!!!
its a really good idea, u could help ur kid start one!!June 22, 2011 10:23 am at 10:23 am #779379aries2756Participant
IMHO, that is a very dangerous avenue to go down. There is nothing wrong with teaching kids to earn their own money and have responsibility but before they start it is important for parents and kids to sit down and set up some basic financial planning and ground rules.
For instance, if a teen is earning their own money, and this usually starts with babysitting, should they pay for their own clothes, or should that money be put away for something really important? Don’t jump to answer, really think about it. If you choose the option of your kids paying for their own clothes, you have to set the guidelines first. In other words, just because they are paying for it that doesn’t mean they can go out and buy whatever they want because it is their money. In that case It is YOUR house, and if they are earning money, maybe they should be charged some rent or some cleaning fee. There is a way of discussing this before you go down that path. Have the discussion before you get there. You would not want to be in a position where you have a yelling match an you throw it out at a child “pay me for room and board!” or something as heartless because they bought jeans when it is against house rules. So make sure you define the house rules and the consequences before you get into trouble.
It is a good idea to introduce them to a savings account, maybe even bonds or something that will grow but is not easily liquidated. So you might choose to open a custodial account for them and they can deposit money in there. They also can’t take money out until they reach a certain age. So that money is safe. You can work out a budget with them. Obviously they should give masser money and then a percentage should go into savings and then discuss what they can spend the balance on and how. Don’t be caught off guard.June 22, 2011 12:53 pm at 12:53 pm #779380gavra_at_workParticipant
I don’t think money is a stopper for items that you don’t want your children to have; they can always steal if they really want something. I believe the critical point is to communicate with your child and explain why your rules exist, and be up front about the rules. If your child has good reason to make an exception, accept it.
However, be firm about “my house, my rules”.
DY, thanks for the plug.June 22, 2011 5:01 pm at 5:01 pm #779381a maminParticipant
Aries: You’ve made some excellent points. As usual…..June 22, 2011 11:06 pm at 11:06 pm #779382tomim tihyeMember
I’m so grateful to my father, who opened a Young Investors fund in which I consistently deposited most of my earnings from age 11 (when I earned $2/hr watching a neighbor’s baby) to 20. We lived off that money when my husband was in Kollel and I hadn’t yet finished my degree.
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