 "Readers’ Corner: Financial planning")
I have a 16-year old son. I don’t give him pocket money. He asks money whenever he needs. I ask him the purpose and pay him accordingly. The amount varies widely each month. Do you think I should pay him pocket money to teach financial discipline?
Yes. By giving pocket money to children we teach them a very important life skill — basic financial management. The sooner they learn about income minus expenses equals savings and savings transform into investments which in turn transforms into life choices, the better they will be able to live their life. Providing a fixed
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