“Every week I get one dollar for allowance,” the boy explains. “Then I get to choose the section where I put my dollar. There are four sections: spend, save, donate, and invest.”
If the boy puts the dollar in the “invest” bucket, his parents give him two pennies at the end of the month. The incentive is working. The boy says he has “way over $10” in his investing section.
He’s only spent money twice, he says.
“I used to have more but I took some money out and put it in my ‘donate section.’ We used to it to buy food for people who don’t have much money in their ‘spend section,'” the boy told Brandon Stanton, founder of the Humans of New York blog.
People around the world praised the parents for teaching their kids about money and kindness. The post received over 700,000 “likes” on Facebook and was shared close to 80,000 times.
(Source: humansofnewyork.com, CNN.money.com)
Westminster Academy understands the importance of teaching children the skills to manage personal finance. We have integrated this knowledge in the English lessons or organize thematic lessons to teach children smart financial habits. Teachers in this field at Westminster Academy have advanced degrees and practical experience in both reputable international and domestic financial institutions.
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