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The Rachel Cruze Show

Should Kids Get Paid for Household Chores?

The Rachel Cruze Show

Ramsey Network

Education, Investing, Business, Self-improvement

4.83.6K Ratings

🗓️ 20 November 2024

⏱️ 9 minutes

🧾️ Download transcript

Summary

💵 Start your free budget today. Download the EveryDollar app! Should kids be paid for doing chores? I’ll share my honest opinion. Plus, you’ll learn how to teach your kids money management from a young age. Next Steps: 🎥 Watch my video “Why Are Millionaires Leaving Their Kids Nothing?” 📙 Pick up a copy of my new kids book, I’m Glad When I Can Share Connect With Our Sponsors: 🏥 Learn more about Christian Healthcare Ministries. 🔒 Get 20% off when you join DeleteMe. Listen to More From Ramsey Network: 🍸 Smart Money Happy Hour 🎙️ The Ramsey Show  💸 The Ramsey Show Highlights 🧠 The Dr. John Delony Show 💰 George Kamel 💼 The Ken Coleman Show 📈 EntreLeadership   Ramsey Solutions Privacy Policy

Transcript

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0:00.0

Well, hey you guys. So as a personal finance expert, who's also a mom, I get a lot of questions

0:11.3

when it comes to kids and money, which makes sense because I think as parents, we want to raise

0:17.1

our kids to be great adults in life and part of great adulting is understanding

0:21.3

how money works.

0:23.2

And also I talk to some people that say, I wish I had known this earlier.

0:26.8

And they're passing that on to their kids saying, if you can get this early, you can

0:30.2

avoid so many mistakes that I made as a parent when it comes to money.

0:33.4

So the motivation is so great and I love the conversation.

0:36.7

So today I'm sharing my take on whether or not your kids should get paid for household chores.

0:42.3

It's a very hot topic these days.

0:44.4

Stick around, hit that subscribe button, and also let me know your thoughts in the comments as we go.

0:50.0

So typically there's two different opinions on this topic.

0:53.3

It's either kids should never get paid

0:55.5

for any chores around the house. They are part of the family and they should just learn to help out.

1:00.2

And the other side is like, no, pay kids on everything because it teaches them earning money

1:04.7

and work ethic. There's so many great learning opportunities. So there's like these two extremes

1:09.1

and I'll be honest, I land right in the middle.

1:13.0

And the way my parents always did it growing up is that we were on the commission system,

1:18.6

not allowance. So if you work, you get paid. If you don't work, you don't get paid. But there's

1:23.6

also a few chores you're going to do because you're part of the family. There's also a set number of chores that you can do to earn money if that's what you want to do.

1:32.5

So again, falling in the middle, I think, is really the healthiest balance on both of them

1:37.1

because there's such, you know, great learnings on both sides of that argument.

...

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