Hope for your financial life and beyond

How Much We Pay Our Kids For Chores

If you’ve ever wondered how much to pay kids for chores you are not alone. It’s a question my wife and I have wrestled with again and again. I’ve mentioned before why we don’t give our kids allowances. I’m not giving them money just for existing. It seems like that is what an allowance implies. Kids need to feel the burden of work so they can experience the joy of its rewards.

how much to pay kids for choresIn addition to earning some money, doing chores around the house is teaching them responsibility. The home is where they should begin to learn basic life skills. When I was in school, I knew some college freshman who couldn’t do their own laundry. My oldest two children have been doing that since they were nine.

Over the years my wife and I have adjusted how much we pay our kids for chores. The amounts started out small and increased as they got older. Now that our oldest has turned 16, we are looking at another radical change. Before I get to that, here is some background information that helped us decide on how much to pay kids for chores.

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3 Principles from the Bible that Will Help You Build Wealth

The following is a guest post from ESI who blogs at ESI Money. He’s a 50-something early retiree who has amassed a multi-million dollar net worth by following three simple steps to build wealth — earning, saving, and investing (ESI).

As most Christians know, the Bible has a wealth of information and advice about handling money and the ability to build wealth. The book of Proverbs alone provides enough guidance to fill many personal finance books.

build wealthOf course the Bible doesn’t focus on becoming wealthy for wealth’s sake, but to bless others. That said, if you apply the principles in the Bible, you can’t help but become wealthy.

Over the past 25 years I have applied three simple steps to become wealthy. At the same time, my knowledge of what the Bible says about money has grown. Somewhere along the way I realized that my actions mirrored what was in Scripture. And even better, as I changed my actions to better reflect the Bible’s teachings on money, I prospered even more.

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10 Futuristic Money Saving Ideas That Are Already a Reality

Technology is changing the face of the world as we know it and it’s doing so at lightning speed. For example, think about this article. Ten years ago the platform on which you discovered it was either non-existent or looked totally different. Fifteen years ago you might not have been able to even conceptualize the device you’re using to read it. Twenty years ago you wouldn’t have anticipated this information – and many other things you need to know – being so readily available.

The mainstream financial services industry has not moved at quite the same pace. Traditional banks have not led the process but followed along with the sort of lag you’d expect from an old Windows PC. A major reason has been security concerns. It’s been challenging figuring out how to make financial services immediately accessible without compromising the safety of the huge amounts of money involved.

But the non-traditional financial services companies have made big strides. And with increased safety, it’s becoming easier to innovate ideas that save you money. The following 10 startups have produced some of the most revolutionary money saving ideas out there.

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Is a Liberal or Conservative President Better for Your Money?

It’s President’s Day, 2016 and it’s also an election year. America will again be choosing a liberal or conservative candidate to be the next President. We won’t know our choices until the primaries are finished but it will once again be a knock-down, drag-out fight all the way to the November elections. And well it should be – a lot is at stake.

liberal or conservativeThere are many issues on either side of the political spectrum that attract people to the liberal or conservative cause. I’m sure you have a worldview or pet issue that draws you in one direction or the other. Our differences are both a strength and a weakness, propelling us forward at times and hindering us at others.

One area though where the American electorate can find common ground is this: we need money to manage our lives. I don’t see how you can argue with that statement given the nature of our society. Money functions as a tool for living. The more of it we have, the better off we are when it comes to running our day to day lives.

So during an election year is a good time to ask, “Which philosophical viewpoint – liberal or conservative – gives me the best chance to succeed with money?” Whoever becomes the next President will surely promote his or her agenda to the American people. Their views about money, economics, businesses, taxes and foreign affairs will have a dramatic impact on our pocketbooks. Not that you should only vote based on your wallet but it is a major factor to consider.

To answer the question, I’ll start the only place I know – with the actual viewpoints.

Liberal or Conservative Worldview on Money?

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Money in the Bible: 99 Topics That Will Move You to Action

When I began Luke1428, the main purpose was to share all that I’d learned about money in the Bible. After reading through the Bible in a year, I had recorded all the verses about money I could find. It was my goal to use those for a series of articles that would teach people what God thought about money and inspire them to take action.

I called this money in the Bible series “Hidden Nuggets.”

digging up hidden nuggets about money in the bibleIt’s called Hidden Nuggets because sometimes things aren’t obvious when you read the Bible. Usually you must dig to understand what God is trying to say. Like a piece of gold that is waiting in the earth to be discovered by a metal detector or a miner, so are many Bible verses. The truth is there waiting to be exposed to those who want to search out the meaning.

God has revealed to me more than I could have imagined through my study of money in the Bible. Many things I thought I knew I realize now I didn’t really know. So it is when you begin to dig for the truth – it stretches you to examine your faulting ways of thinking.

I’ve come to a very exciting milestone in my Hidden Nuggets series about money in the Bible. This is my 100th article for the series that dates back to July 14, 2013 with the publication of This Little Light of Mine. To commemorate this, I’d like share with you what I believe are the best 25 posts in the series.

My Top 25 Posts About Money in the Bible

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10 Can’t Miss Warren Buffett Quotes On Life and Money

warren buffett quotes on lifeWhere do you seek out sound advice?

Your parents?

Friends at work?

A counselor or pastor?

The Bible or other religious literature?

As I see it, the problem with a lot of advice is threefold:

  • It’s not actually helpful…
  • It’s given by someone who has a damaging, personal life issue that clouds their bias and…
  • It’s coming from a person who has an alternative agenda (i.e. they are driving you to a decision that benefits them)

This makes it extremely hard to find advice that you can run with. Put the wrong advice in your head and hands and the results could be disastrous.

When it comes to money, perhaps no businessmen and investor has achieved more in his lifetime than Warren Buffett. From humble beginnings of selling chewing gum, Coca-Cola and magazines door-to-door as a kid, he has become one of the wealthiest men in the world. People pay money to sit at his feet for a few minutes so they can pick his brain about life and money.

So when I ran across some Warren Buffett quotes on life and money awhile ago, I couldn’t help but pause and reflect on how I felt about a few of them.

Famous Warren Buffett Quotes On Life and Money

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Why Parents Should Never Give Kids Money for Good Grades at School

Parents (and now some schools) have often given money for good grades as a tool to motivate their kids to do well in school. During my years as teacher and principal of a private Christian school, I knew about it happening at all levels, from kindergarten through high school. The rates I heard varied from $5 – $100 being offered by parents for kids earning A’s in a class.

money for good gradesYes…that’s $100 per A…per semester.

Start calculating that out over 6 or 7 classes and it makes me want to go back to school. Seeing that I was a straight A student I would have made a killing.

Some parents had higher standards that required their child to get A’s in all classes in order to receive any money. The theory behind that approach is to develop a well-rounded child who excels in everything. Make them work hard in every class to get rewarded.

Neither of these options ever felt right to me. So early on my wife and I decided we would never give our kids money for good grades. Here’s our reasoning and what we chose to do instead.

Why We Are Not Giving Money For Good Grades

The biggest reason we do not give our kids money for good grades in school is…

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Buying the Blessings of God (Acts 8:19)

Hidden Nuggets Series #93 – “…he offered them money saying, ‘Give me this power also…'” (Acts 8:19)

Throw a few greenbacks in the offering plate and be showered with the blessings of God.

buying the blessings of GodIf only it were that easy. Think giving to churches or charities would go up if this were the case?

Unfortunately many believe it. There are churches out there preaching that the more money you give to God the more He will bless you. Misinterpretation of verses like Luke 6:38 (“Give and it shall be given to you…”) lend credence to the notion God’s favor can be bought for the right price.

It’s nothing new. This idea has been around for centuries. In fact, Peter – one of Jesus’ disciples – dealt with it in the early days of the church.

Trying to Buy the Blessings of God

Old habits are hard to break. Even when we’ve committed to turning over a new leaf the baggage still lingers. We often carry it forward for a while until we are weaned from its grip.

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When Giving Money Is the Wrong Gift (Acts 3:6)

Hidden Nuggets Series #92 – “Then Peter said, ‘Silver and gold I do not have, but what I do have I give you: In the name of Jesus Christ of Nazareth, rise up and walk.” – Acts 3:6

Can all problems be fixed by giving money to someone? Silly question…of course they can’t. Money doesn’t solve every problem. In fact, it doesn’t solve many problems.

There is nothing wrong with giving money to people when they need help. However, what if that’s not what they need most? What if their issue is deeper than the surface problems money can solve? Would we be doing a good service by only meeting their superficial need? I think not.

The funny (interesting) thing is sometimes people don’t even know what their real need is. They think it might be “X” when it’s really “Y”. Case in point this man, who one day had a run in with Jesus’ disciples Peter and John in the temple.

Giving Money or Miracle?

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10 Important Money Questions You Need to Ask Before Marriage

A huge issue that needs to be addressed before marriage is each person’s belief about money. Too many marriages end due to money fights or money related problems. If it’s one of the biggest reasons couples get divorced it should be a key area they address prior to marriage.  And you can only do that by asking certain money questions.

One would think you could get to fully know your partner through dating. You really can’t, not 100%. Dating is all about making a positive impression. Marriage is when personality, habits, beliefs, etc. truly become known…warts and all.

money questions before marriageThat’s why good pre-marriage counseling is important. It forces you to dig deeper in your understanding of one another. If it’s done properly there will be fewer shocks and surprises after you say, “I do.”

But where should the conversation about money start? What money questions need to be asked?

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I’m Losing Sleep Tonight For a Worthy Cause But Never Will Over Money

Tonight I’m going to do something I haven’t done in a long time – losing sleep by voluntarily pulling an all-nighter. The last two legit occurrences happened over 20 years ago in college while I was studying for finals. Then all it took was the fear of failing, a couple sleeves of Pringles and a two-liter of Mountain Dew to pull me through the wee morning hours.

losing sleepNow, at 42, I’m not sure all the Jolt Cola in the world will do the trick. The old body ain’t what it used to be. But I’m gonna give it the old college try.

Why would I put myself through this? Well, it’s for a worthy cause.

It’s a lock-in…at our church…for the youth group.

Some of you are wincing (or laughing) right about now knowing what I’m about to go through.

They need events like these every once in awhile though with crazy, sometimes chaotic fun. It will be memorable, which is what you want out of your teen years.

As the youth leader, I don’t mind losing sleep for this cause or any other worthy cause for that matter. But what I’m really thankful for that I’ll never lose sleep over money related problems. Because…

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