Every parent worries about their children’s future, irrespective of their financial background. As children grow up, they are taught the significance of money and the importance of saving, as this lays the foundation for their future. Teaching children to utilise money properly at an early age does make a difference. Many parents give out pocket money to their children but an American millionaire is doing things a little differently. He is giving out a salary to his children in return for them running small errands. He thinks this will inculcate a habit of earning money in children. His method is going viral.
According to a Daily Mail report, David Ciccarelli, CEO of the giant company Lake, explained how he makes his children understand the importance of money. David became a millionaire at the age of just 30. He has four children, aged between 12 and 20. David said he encourages his children not to lead a luxurious life and instead earn money for themselves. Talking to Business Insider, David admitted that he never handed over his hard-earned money to the children. He always ensured that the four children were not given pocket money, but salary after they came home after completing any work assigned to them.
David said, “I dislike giving pocket money to children. I want them to learn to contribute to the family. We are willing to cover their essential expenses, like food and clothing, but I cannot justify buying them trendy shoes. I provide them with money as a form of salary each month. I try to give cash based on each child’s age and the work they do around the house. It’s just one dollar per week (Rs 85). I often remind the children that without this one dollar, we wouldn’t be able to do many things.” David’s wife, Stephanie, added, “This approach is helping to shape our children into responsible individuals.”
David has opened a bank account for the children. They keep their earned money in it. They spend it using their debit cards. The result is that all four children have learned to invest their earned money. All of them have invested in companies like Tesla and Disney.
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