The "Jerry" Method of Raising Economically Productive ChildrenPosted on September 12th, 2012
In a recent blog, I discussed ways to raise economically productive children. Jerry responded with one of the most informative case studies that I have read to date.
I was raised by frugal parents. They didn't have a credit card until they were almost 50 years old - and only then because they started to travel and they couldn't get hotel or car rental reservations without a credit card. My Dad spent an hour telling all six of us why they obtained the card and that you never use one unless you have the money to pay it in full by the first due date.
The first sale in 4th grade resulted in him earning $3,000 after paying me for production and taxes. He had $300 to spend on whatever he wanted. He saved the entire amount. And only several months later decided to purchase an iPod for far less than $300.
He left for college with $15,000 in the bank which was 3 times what I had when I went away to college. He started a side business of his own now while in school.
My other 16 year old son is following in his brother's footsteps. His grades are high honor roll too, and although he doesn't have the bank account up there yet, he has 2 years to get another $5,000 to match is brother.
Neither owns a car, neither has a credit card, both have paid for their own electronics. In grade school when they wanted the latest Game Boy, we told them they had to sell the current version they owned and could use the money to help pay for it. They learned how to keep things clean and original boxes because they could sell them for more money on ebay that way.
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