When most people recall their childhood, they remember simpler times when their biggest stress was making it home in time for their favourite TV show or deciding what colour fingerpaint to use next.
Well this five-year-old has something much bigger to worry about: paying rent.
6 ways to make your kid a money geniusEssence Evans recently wrote a post on Facebook about how she makes her daughter pay rent using a large chunk of her weekly allowance. Now we were just joking when we said this little girl has something big to stress over. She gets her “income” just before her rent is due and the amount is always enough to cover it—there’s no stress involved really. Although we’re sure she cried the first few times the money got taken away. It’s OK girl, we still cry every time we have to pay for those daycare bills!
Each week Essence gives her daughter seven dollars, and out of that amount, she takes back five dollars for “rent,” which covers the cost of housing, water, electricity, cable and food. Wow, all that for $20 a month? This girl is living in LUXURY. After the fee is collected, her daughter is free to do whatever she wants with the leftover two bucks.
The best part? The rent that Essence is collecting is actually going into a savings account in her daughter’s name. She plans on giving the money to her daughter on her 18th birthday, so that when she does leave the nest to go pay real rent, she’ll have a nice amount of cash saved up to start off with. GENIUS!
So basically, Essence took the idea of putting away money for her child’s future and turned it into a weekly teaching moment for her daughter. By the time her kid reaches adulthood, her money management skills are sure to be on point. At the very least, she’ll be totally used to the reality of bills eating up most of her paycheck.
Bravo Essence, you’ve got this parenting thing down.