Been thinking about giving my boy an allowance but want to make sure he learns the value of a dollar and not just thinks money grows on trees. My pops had me doing chores for money by age 7 and I turned out alright but times are different now. Anyone else struggle with this? Want to do it the right way.
Post got cut off but I'm curious what your pops taught you about money. Sounds like you turned out alright if you're already thinking this carefully about it.
Your pops had it right. 7 is a perfect age to start. Nothing greedy about teaching a kid that things cost money and he has to work for what he wants.
How much are you thinking of giving him per week? I've been struggling with finding the right amount that's not too much but enough that he actually cares about it.
The key is letting him spend it too. Some mistakes with his own money teaches way more than any lecture. Let him blow it on something dumb at first, he'll learn.
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I'd say start with chores that are just expected without pay, then add on optional tasks he can earn money for. That way he learns responsibility first and money comes second.