WootBot


quality posts: 14 Private Messages WootBot

Staff

Poll: Does your child earn an allowance?
  • 50.7% - No. 365
  • 27.9% - Yes, but I use the term "earn" very loosely. 201
  • 21.4% - Yes, and he/she works very hard for it. 154
720 votes

Well, how do you fare compared to the Zeitgeist? Chat up your fellow wooters and let us know how lame this poll was or what obvious choices we missed. For example: Was this poll a) STUPID, b) DUMB, c) POINTLESS or d) ALL OF THE ABOVE?

ladyloerya


quality posts: 2 Private Messages ladyloerya

When my son was around 10, he decided he wanted allowance. We discussed and negotiated. I asked "how much do you want to earn?" He gave me a number and I told him what he would have to do to earn that. We negotiated until we were both happy with the exchange. Always on him and on him about completing said chores. After about a year he came to me and said - and I quote - "I don't want to earn an allowance anymore". I looked at him squarely, "are you SURE you don't want to earn an allowance?" He said he was certain. I answered, "well, it's nice to know I don't have to pay you to complete your chores". He realized what he had done and tried to argue out of doing the chores but I told him "as part of this family, you are now old enough to contribute to the running of it, but now I don't have to pay you for it. Thanks!" He's 16 now and hasn't earned allowance since (he's never broached the subject again, but to be fair, he really doesn't do much for chores either... just the occasional garbage or vacuum)

curtisuxor


quality posts: 56 Private Messages curtisuxor
ladyloerya wrote:When my son was around 10, he decided he wanted allowance. We discussed and negotiated. I asked "how much do you want to earn?" He gave me a number and I told him what he would have to do to earn that. We negotiated until we were both happy with the exchange. Always on him and on him about completing said chores. After about a year he came to me and said - and I quote - "I don't want to earn an allowance anymore". I looked at him squarely, "are you SURE you don't want to earn an allowance?" He said he was certain. I answered, "well, it's nice to know I don't have to pay you to complete your chores". He realized what he had done and tried to argue out of doing the chores but I told him "as part of this family, you are now old enough to contribute to the running of it, but now I don't have to pay you for it. Thanks!" He's 16 now and hasn't earned allowance since (he's never broached the subject again, but to be fair, he really doesn't do much for chores either... just the occasional garbage or vacuum)



Hah, mom of the year, folks.

CyborgBill


quality posts: 1 Private Messages CyborgBill

When I got stationed in Japan I decided to teach my son the difference between money (buying power) and currency (dollar, yen, pound, etc.). He was getting a certain amount every week. When my wife and son arrived (I didn't bring them over until I had secured housing) I pegged the equivalent yen amount to the exchange rate for when they arrived. Then each week he got to decide which currency he wanted to receive his allowance in. The dollar and yen amounts were fixed despite the then current exchange rate. Example: Say the exchange rate was 200 yen to the dollar and his allowance was originally $5.00/week. That means that he could choose to get either 1,000 yen or $5.00. I don't recall the actual amounts in play but those are good round numbers.

Chase, the bank on base, would let us exchange dollars to yen and vice versa for a tiny fee. Now back then the ratio between dollars and yen could vary greatly in the matter of a week or two. There were actually times when the exchange rate was so favorable towards yen (I saw it approaching 100 yen to the dollar) that if he elected to get allowance in yen, it cost more dollars for the originally set yen amount. At 150 yen/dollar, if he chose yen that week, the 1,000 yen would cost ME $6.68. Less the bank's small fee, he would net $6.50 if he converted the 1,000 yen to dollars or a 30% temporary raise! Conversely when yen was cheap - say 275 yen/dollar - his 1,000 yen only cost me $3.64. The magic was in converting from one currency to the other AND BACK.

Take for example when the yen rate was 275. If he got his allowance in dollars he'd get the set $5.00 which he could take to the bank and buy yen at 260 (bankers always get their cut off the top) and come out with 1,300 yen. If he held it until the yen got expensive again - 150 net after fee - and his 1,300 yen became $8.67! Hey! The 11-year-old is making money without working anything but his noodle. It's always better to work smarter than harder. We got the "Stars and Stripes" newspaper delivered daily and he always wanted the section that included exchange rates on Friday morning so he could decide how he wanted his allowance that week. It also encouraged saving since holding on to his money could potentially reap him a bigger reward.

My son had serious problems due to aphasia but he could do basic arithmetic in his head.

BTW, the bank allowed us to have both a dollar account and a yen account and to transfer between accounts at the going rate almost for free. If the treasurers of the various on-base clubs/organization had their act together at all they were growing their group's balance like this continually.

electric1


quality posts: 0 Private Messages electric1

Allowance? What's that? Growing up the rule of law in my house was: You do your chores and any work we ask of you and we will ALLOW you to live here and eat here free of charge. When I graduated high school I was told that if I wanted to live there and not go to college, then I needed to pay rent.

It worked pretty well and taught me a lot. Now the same rule of law applies in our house... The kids learn about earning money by doing other odds and ends not specifically required (mowing the lawn instead of me, cleaning out the garage, etc.) Then they are not left clueless about money, but they also know that there is no such thing as a free lunch...

rehta


quality posts: 6 Private Messages rehta

No. She's 3. And the other one is still incubating.

-Heather (First Burgandy Olfactory Center 12/6/11)

dnlkolender


quality posts: 1 Private Messages dnlkolender

MY CHILD IS A CAT, so kinda of... :p