Hope for your financial life and beyond

My 6-Yr. Old Has Earned 100 Dollars and Opened a Savings Account

This past Saturday my 6-yr. old son and I made a trip to our local bank. This trip wasn’t for me though. He was there to open his very first savings account.

savings jar with $100 bills His first deposit was for $103, a very cool amount of money for a six year old to already have. The best part about this money though is that it was earned. All of it came from commissions he has earned from doing work around the house.

My wife and I don’t give our kids allowances for reasons that I’ve shared before. We believe in giving commissions. We developed a chore sheet with assigned tasks for each child based on their age.

Our kids do the assigned work they’ve been given each week and they get paid for that. Don’t complete the work and they don’t get paid. It’s as simple as that. I think that accurately reflects what will take place in a real world work environment.

Teaching Kids About Savings and the Bank

We start our kids out with doing paid chores at age five. So for one year and a few months now Doot-Doot (our 6-yr. old) has been doing five chores per week for which he gets paid five dollars. Two dollars goes into his savings jar, two goes into spending and one dollar goes towards giving.

[Continue reading]

6 Financial and Emotional Reasons to Reconsider Early Retirement


Who wouldn’t want to retire early, right? The thought of leaving that career and setting aside the accompanying stress that it produces sure does sound exciting. In fact, you may already have begun to plan how you might be able to that 10 or 20 years … [Continue reading]

5 Practical Steps to Consider When Making a Career Change

career in crosshairs

Today I'm guest posting and commenting at the personal finance website Cash Cow Couple. Click the link below to read about all the steps my wife and I took when we were considering her career change. We’d all like to make more money, right? … [Continue reading]

No One Can Serve Two Masters

Hidden Nuggets Series #61 - “No one can serve two masters; for either he will hate the one and love the other, or else he will be loyal to the one and despise the other. You cannot serve God and mammon.” - Matthew 6:24 Anakin Skywalker had a … [Continue reading]

The Best and Worst Places to Save Money in the Budget When Getting Out of Debt

scissors cutting a one dollar bill

Lets assume that you’ve finally decided to get out of debt and are looking to save money in the monthly budget by cutting expenses. Where do you start? Not all categories are created equal. In some you can find money savings quickly. Others … [Continue reading]

Why I No Longer Hate Making a Budget

Today I'm guest posting and commenting at personal finance blog Canadian Budget Binder. I'm talking about my journey from hating budgets to loving them. Click the link below to join me there. Fifteen years ago you could not have twisted my arm … [Continue reading]

I’m Sick But Still Writing Only Because I Set a Goal

words "sick day" written on sheet of paper

Hidden Nuggets Series #60 - “Therefore I run thus: not with uncertainty. Thus I fight: not as one who beats the air. But I discipline my body and bring it into subjection…”- I Corinthians 9:26-27 I feel awful today. From top to bottom and places … [Continue reading]

3 Sneaky Marketing Words Companies Use to Lure Consumers

The words "I miss you" written in sand

It’s a beautiful, sunny October day here in the South. One where the temperature is just right and fall has knocked the humidity on its knees. The kids are playing in the front yard and I’m strolling to the mailbox to see what goodies the postman has … [Continue reading]

Debt Begins When You Swipe a Credit Card

credit cards

Today I'm guest posting and commenting at the Debt Free Guys. Join me there by following the link below. I'd love to hear your take on this topic. I often hear people justify their use of credit cards this way, “Well, I pay it off every month so … [Continue reading]

The Hands of the Diligent Make One Rich

hands forming clay

Hidden Nuggets Series #59 - “He who has a slack hand becomes poor, but the hand of the diligent makes rich.” -Proverbs 10:4 Take a look at your hands. What do you see? At first glance I see the obvious - the lines in the palm, the shape of … [Continue reading]

How to Make a Zero-Based Budget in 3 Easy Steps

grafitti of the word zero

One task that may not be apparent to first time budgeters is to create a budget that is zero-based. My wife and I had tried to make a monthly budget before but for one reason or another, our budgets never seemed to work. Putting this step in place … [Continue reading]