How far would you go to teach your child financial independence?
A mom’s post on how she’s teaching her five-year-old about this has gone viral.
American mom Essence Evans claims she makes her daughter pay rent.
In a Facebook post, Essence explains how doing this will guarantee her daughter understands how to manage her finances.
“Every week she gets $7 (about R84) in allowance. But I explained to her that in the real world most people spend most of their paycheck on bills with little to spend on themselves,” Essence wrote.
“So I make her give me $5 (R60) dollars back. $1 (R12) for rent, $1 for water, $1 for electricity, $1 for cable [satellite TV] and $1 for food. The other $2 (R24) she gets to save or do what she wants with.”
Essence further explained the $5 she takes from her daughter every month isn’t going back into her pocket but that she’s investing it for the little girl.
“Now, what she doesn't know is the $5 is actually going away in her savings account which I will give back to her when she turns 18,” Essence explained.
“If she decides to move out on her own she will have $3 380 [about R40 000] to start off.”
The post then went viral, with many mothers praising Essence for her practical lesson. Others, however, accused her of “robbing her child of a carefree childhood”.
What do you think of Essence’s lesson? Would you do the same?
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