My Job Chart ~ Stop Overlooking Your Biggest Investment

We’ve recently started expecting a bit more out of our 8 year old daughter around the house.  You know – clearing the dinner table, picking up her room… that sort of thing.  As all parents know, this can be a process which takes some time, patience, and training.

This past week I was introduced to My Job Chart, a free online chore chart for kids (and their parents) to use.  It appears to offer some interesting assistance in  motivating your child to get their tasks done around the house.  A nice side bonus is that it strives to help them visualize and appreciate the concepts of earning and saving money.  That oh, so valuable lesson in life – how to manage money.

If you are interested in learning more, here’s a message from My Job Chart founder, Greg Murset.

The following is a sponsored post, paid for by My Job Chart.

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Stop Overlooking Your Biggest Investment

In honor of Financial Literacy Month, stop overlooking your biggest investment.(Hint: It’s not your House or Car.)

Your biggest investment is your KIDS! According to a 2011 USDA report, it costs $295,000 to raise a kid from birth to age 17. And that’s per kid! The sad news is
that doesn’t even cover the cost of college.  This simply means that we need to put these costs into perspective, and start treating the price of kids with more attention to detail and a sharper eye on expectation for return.

As a Certified Financial Planner (CFP) I have spent my entire career counseling people on how to carefully select investments, pay close attention to them and make sure their portfolios are tweaked for maximum return.

Buying a new pair of pants or another trip to get a haircut – it all slowly adds up.  So now that we know kids are the biggest investment you’ll make, how do you take charge to get the most out of your investment?

1.     Make your kids aware
2.     Make a conscious effort to share on big ticket financial items
3.     Help them enjoy work and money
4.     Don’t cultivate entitlement, tie work to reward
5.     Consistency counts

Make Your Kids Money Aware

The days of keeping hush-hush when it comes to finances are over. Ninety-five percent of parents feel it is their responsibility to teach their kids about money, but only 26 percent feel comfortable doing it. To reverse this trend, start with some small steps. Let the kids know how much the electric bill is next month.  Also, let them know how much it costs to fill the gas tank of the family car.

Once their eyes are opened to the costs of running a family and what it looks like to budget you’ll be surprised at how quickly they start learning how to make better money decisions. You’ll also start hearing things like, “Dad, that is a total rip off! Let’s not buy it here when we can get it cheaper somewhere else!”. These skills will last a lifetime. Get your kids to participate.

Help Your Kids Enjoy Work and Money

If kids are held to a high standard when it comes to helping around the house, being diligent in their studies or staying on top of their piano lessons they will learn to enjoy work. Will you hear some complaining along the way? Definitely, but it will be worth it.

Don’t Cultivate Entitlement, Tie Work to Reward

When it comes to paying kids for their work, there is plenty of debate. The bottom line is that you can call it what you want: allowance, commission, work-pay, whatever… but it needs to be tied to family contribution and it needs to teach your kids something about work ethic. Giving allowance not tied to contribution only encourages the entitlement mentality.

Don’t feel like you have to pay your kids for every little thing they do around the house. Of course some things are expected, but if it is above the call of duty make it worth it. As they work and you pay them for it, it will create meaningful conversations about contribution, hard work and how to make good financial decisions with their money, such as how much they should save, spend or share.

Start them early with chores and family activities around the house that will help them learn how to be smart with money from a young age. This will pay big dividends down the road for them personally and for society as a whole.

Your kids truly are the BIGGEST investment you’ll ever make. The return on that investment won’t be seen immediately, but you’ll see glimmers of it as they grow. They’ll gain personal accountability, confidence and financial freedom.

We must pay more attention to our kids and inspire them to reach their potential. Raising your kids has a big price tag, but it’s worth every dime, especially when you start to see your return on investment and the responsible citizen they’ve become.

Here’s some more information from My Job Chart on your biggest investment:

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