SAN ANTONIO – Editor’s Note: This “Money: It’s Personal” story is written using fictional characters to help younger audiences understand the money earning concept. This story is the third part of a back-to-school mini-series that will be airing on GMSA at 9 on Tuesdays until Aug. 11.
Brad, who's 4, and his big brother, Ethan, who just turned 10, are learning about earning money with their dad, Danny.
The Consumer Financial Protection Bureau has some tips to make it easier for Danny to talk about earning with his boys.
When Danny talks to little Brad about earning, he can describe how he earns money as a lawyer. Danny can also speak to Brad about other jobs in their community when they're out running errands.
Danny can use phrases like "money is what we use to buy things," and "you can earn money by working." These phrases can help Danny describe how earning works in the real world.
The father and son can practice counting money so that Brad can learn about the different types of bills and coins that exist.
Now, since Ethan just turned 10, Danny can start discussing with him the power of choice someone gets when earning money. They can practice this with the money Ethan earned by doing chores around the house.
Danny can use phrases like, "people can get money in different ways," and "sometimes, that means they spend it in different ways."
These phrases can help Danny explain to Ethan that he must plan how he will spend his earned money. And Ethan can have a choice to spend it wisely or carelessly.
For more resources from the CFPB on how to discuss money earning with young children, click here. For tips for school-aged children, click here.
First Story: Want to teach your kids to save? Here are some tips to help you get started.
Second Story: Want to teach your kids money planning? Here are some tips to help you get started.