Should We Stop Paying Commission?
Steve asks if families who are struggling with paying off debt should still give their kids commissions for chores.
QUESTION: Steve on Twitter asks if families who are struggling with paying off debt should still give their kids commissions for chores.
ANSWER: Yes, but it doesn’t have to be a lot of money. Kids very seldom get paid an amount that is equal to what the chore is worth because, truthfully, the chore is not worth much. You wouldn’t pay someone five dollars a day or a week to feed your dog. It takes 30 seconds to scoop the food into the bowl.
What we are trying to do is create teachable moments. We want to teach a kid that work is tied to money. Then when we have money, there are three things we always do with it. We always give some of it, we always save some of it, and we always spend some of it. You teach them wise ways to do those three things while you are teaching them to work. You can do that for a small amount of money.