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946

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[–] 1 pt

Absolutely not, because then you create the grounds for a child refusing to do chores in return for non payment. Also, the chores are directly benefitting them (keeping their house clean).

That said, managing money is also very important, so you should have other jobs (that do not benefit them) lined up.

For example, dad has a micro-brewery hobby in the shed, he can pay the kids 25c a bottle to clean the bottle prior to being filled. He also tells them that if they find anyone that wants to buy said beer, he will sell them a bottle at $2 each, and they can keep the difference in price (sell for $3, keep $1), set up a few friends to buy some bottles to get them motivated, and let them find more customers on their own. You can substitute beer for peppers, home made sauce, etc.

A more legal example would be if mum liked to breed birds (not family pets), and you could pay your kids to clean the cages every week. Also, if they find anyone that wants to buy a bird, she'll sell it to them for $20, and they keep the rest as profit. This also encourages them to keep at least $20 in reserve in case a sale appears, and teaches them the value of having quick and easy access to cash that isn't always tied up in "hard" investments.

Third example is if dad restores and flips some kind of mechanical thing. Teach and pay kids to help you fix and prepare the thing, and show them lots of examples of "good deals" that they can buy to make a profit on... if they have the savings. If they get that far, throw in at least one loss so that they understand the concept of risk. Also, include a quick flip (no work needed) so that they understand the value and trade off between effort and bargaining skills: 3 hours more work could get 100 more at sale, but good haggling could do the same with "zero" effort.

...

I gotta get my family a house.

[–] 1 pt

No one else is going to hire them, nor legally allowed to, so yes. The sooner you teach them about money, work, budgets, etc., the better off they will be. Once older they can get a paper route, mow grass, or whatever, and hopefully by then they will have some understanding of personal finance.

[–] 1 pt

Kids should get an allowance. Kids should do chores. The two are not related however.

That is to say allowance is about learning to manage money and to start building a sense of self sufficiency. Chores on the other hand are about developing work ethic and how contribution to the family is important, even necessary.

Being paid to do chores turns it into a job, which the kid probably didn't want in the first place so that defeats all of those things.

That's not to say your kid might want some extra cash and you work out a deal for him to paint the garage for example. That's a one-off, and a job, and has nothing to do with either chores or allowance.