Monthly Archives July 2017

Needs and Wants: Create guiding principles

Understanding the difference between Needs and Wants is crucial to managing money.  When given extreme examples, children can easily distinguish between a ‘Need’ and a ‘Want’.  For example, children know they need food but they want toys. At these extreme ends of the spectrum is easy.  It becomes blurred when we start moving into the middle ground – a ‘need’ may in fact, be a ‘want’.  Take for example a digital TV.  Today, a TV is considered a ‘Need’ in many households in
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Paying for electricity with hot chips

My youngest child often asks if we can buy some hot chips after his swimming lessons every week.  I don’t have a problem with buying hot chips as a treat.  But he asks for hot chips every week.  Then he will eat a few strands of chips before going off to play with a friend.  By the time he returns, the chips are no longer hot and they are starting to feel soggy. It is also close to dinner time,
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Worm factory lesson: bartering

In another post I talked about setting up a small business to teach children entreprenership.  In the next series of posts, I write about the lessons that are being taught to my children from a simple worm factory. This post is about bartering. At a fundamental level, transactions involving money is essentially an example of bartering (this is explained in detail in my book).  Most people understand bartering at an abstract level because in the modern society, we rarely barter with each
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