Comments on: Question of the Day – Kids and Money http://allfinancialmatters.com/2006/10/02/question-of-the-day-kids-and-money/ A personal finance blog dedicated to discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance. Sat, 11 Feb 2012 20:32:19 +0000 hourly 1 http://wordpress.org/?v= By: Anissa http://allfinancialmatters.com/2006/10/02/question-of-the-day-kids-and-money/comment-page-1/#comment-38366 Anissa Wed, 01 Nov 2006 16:11:54 +0000 http://allthingsfinancialblog.com/2006/10/02/question-of-the-day-kids-and-money/#comment-38366 Well, i have gotten paid for grades but only if i had above a C. Like if i had an A B B and a C i wouln't get anything because that C took it all away. I don't think that this was fair because i didn't get any money for the things that i did well in. This practice is not bad, however, it may make the kids think that they will get rewarded for everything they do. The real world is not like this. Maybe there shouldn't be any bribary. I guess it would be up to the parent. But i defiantly agree witht the person that said he would rather teach his kids how to manage that $20.00. Money manegement is really important. Well, i have gotten paid for grades but only if i had above a C. Like if i had an A B B and a C i wouln’t get anything because that C took it all away. I don’t think that this was fair because i didn’t get any money for the things that i did well in. This practice is not bad, however, it may make the kids think that they will get rewarded for everything they do. The real world is not like this. Maybe there shouldn’t be any bribary. I guess it would be up to the parent. But i defiantly agree witht the person that said he would rather teach his kids how to manage that $20.00. Money manegement is really important.

]]> By: Chris http://allfinancialmatters.com/2006/10/02/question-of-the-day-kids-and-money/comment-page-1/#comment-30191 Chris Fri, 06 Oct 2006 13:17:53 +0000 http://allthingsfinancialblog.com/2006/10/02/question-of-the-day-kids-and-money/#comment-30191 My parents tried to impart the desire to get good grades. We never received money for doing our best. However, something I found - oddly enough without my parents guidance - was that reading and having the ability to absorb knowledge through reading was extremely important. With our 4 children however, we will provide some monetary offer if they achieve A's or B's. However C and below will provide them with a "good job, so what do you think you could do to do better next time". My parents tried to impart the desire to get good grades. We never received money for doing our best.
However, something I found – oddly enough without my parents guidance – was that reading and having the ability to absorb knowledge through reading was extremely important.
With our 4 children however, we will provide some monetary offer if they achieve A’s or B’s. However C and below will provide them with a “good job, so what do you think you could do to do better next time”.

]]> By: WearyTraveler http://allfinancialmatters.com/2006/10/02/question-of-the-day-kids-and-money/comment-page-1/#comment-29914 WearyTraveler Thu, 05 Oct 2006 20:13:06 +0000 http://allthingsfinancialblog.com/2006/10/02/question-of-the-day-kids-and-money/#comment-29914 I feel that paying for the grade itself might give the wrong impression. Just like paying executives for a company's high returns etc... I think that it's better to give the kids a reward for perfect attendance or completing all assignments or improving a failing grade etc... That teaches them to try harder and to do their best constantly to excell. We have to remember that not all kids are "A" or "B" students. Some have to bust their butts just to maintain that C average while some can skip half their classes and still get A's. I'd rather pay my son a dollar (see how old I am) because he displays that dogged determination than on actual grades. That way there's a reward for trying hard, regardless of the resulting grade. Remember - it's not the grade that make us rich; it's the knowledge and drive that we have. Just my 2 cents... I feel that paying for the grade itself might give the wrong impression. Just like paying executives for a company’s high returns etc… I think that it’s better to give the kids a reward for perfect attendance or completing all assignments or improving a failing grade etc… That teaches them to try harder and to do their best constantly to excell. We have to remember that not all kids are “A” or “B” students. Some have to bust their butts just to maintain that C average while some can skip half their classes and still get A’s.
I’d rather pay my son a dollar (see how old I am) because he displays that dogged determination than on actual grades. That way there’s a reward for trying hard, regardless of the resulting grade.
Remember – it’s not the grade that make us rich; it’s the knowledge and drive that we have.
Just my 2 cents…

]]> By: HC http://allfinancialmatters.com/2006/10/02/question-of-the-day-kids-and-money/comment-page-1/#comment-29244 HC Tue, 03 Oct 2006 14:36:33 +0000 http://allthingsfinancialblog.com/2006/10/02/question-of-the-day-kids-and-money/#comment-29244 My family made it a point to go out to dinner together when we had good report cards, rather than paying us cash. I got very good grades without being directly incentivized. More to the point, I didn't shrink from taking a really demanding schedule because I might miss that "A" while in honors classes. Of course, my high school had a policy of putting honors classes on a 5-point scale, rather than a 4-point, so some of us graduated with a better than 4.0 GPA anyway. They do matter, regardless of scale. Grades are still a signal, and whether a student goes directly off to college or to the workforce, someone is going to be looking at their transcript for at least the next few years out of high school. I think it's important for parents to follow Single Ma's example, and demand that every child put in their best effort. My family made it a point to go out to dinner together when we had good report cards, rather than paying us cash. I got very good grades without being directly incentivized. More to the point, I didn’t shrink from taking a really demanding schedule because I might miss that “A” while in honors classes. Of course, my high school had a policy of putting honors classes on a 5-point scale, rather than a 4-point, so some of us graduated with a better than 4.0 GPA anyway.

They do matter, regardless of scale. Grades are still a signal, and whether a student goes directly off to college or to the workforce, someone is going to be looking at their transcript for at least the next few years out of high school. I think it’s important for parents to follow Single Ma’s example, and demand that every child put in their best effort.

]]> By: S/100/30 http://allfinancialmatters.com/2006/10/02/question-of-the-day-kids-and-money/comment-page-1/#comment-29241 S/100/30 Tue, 03 Oct 2006 14:20:10 +0000 http://allthingsfinancialblog.com/2006/10/02/question-of-the-day-kids-and-money/#comment-29241 My parents took an approach similar to Single Ma's, and it worked. I'd worry that paying reinforces the idea that academic excellence is something you should only worry about if you want a little extra spending money. My parents took an approach similar to Single Ma’s, and it worked. I’d worry that paying reinforces the idea that academic excellence is something you should only worry about if you want a little extra spending money.

]]> By: prlinkbiz http://allfinancialmatters.com/2006/10/02/question-of-the-day-kids-and-money/comment-page-1/#comment-29240 prlinkbiz Tue, 03 Oct 2006 13:37:56 +0000 http://allthingsfinancialblog.com/2006/10/02/question-of-the-day-kids-and-money/#comment-29240 What's the point exactly? I want my kids to do their best at anything they try, and I certainly value education. However, I am under no delusions that the educational system today will equip my kids for the world they are going to be adults in. What's a grade really? I will however teach them about money, how to manage it, and how to grow it. How they learn to make and handle that $20 is the most important thing. What’s the point exactly? I want my kids to do their best at anything they try, and I certainly value education. However, I am under no delusions that the educational system today will equip my kids for the world they are going to be adults in. What’s a grade really? I will however teach them about money, how to manage it, and how to grow it. How they learn to make and handle that $20 is the most important thing.

]]> By: Kira http://allfinancialmatters.com/2006/10/02/question-of-the-day-kids-and-money/comment-page-1/#comment-29237 Kira Tue, 03 Oct 2006 13:25:02 +0000 http://allthingsfinancialblog.com/2006/10/02/question-of-the-day-kids-and-money/#comment-29237 I always wished my parents paid me for my grades since I got good grades anyway, and a bunch of the other kids on my block got money for their grades. But whatever method you need to motivate your kids, especially the smart kids - DO IT! Although I always got A's and B's without trying, I never actually applied myself and tried for more A's because I didn't feel like it mattered. It was only until senior year of high school that I realized how much my high school grades mattered for college. Most kids just have the goal of getting through the quarter or year without doing badly, but whatever method you need to use to convince them to try harder will pay off in the end. If my parents had paid me for A's and not B's I probably would have gotten a lot more A's! I always wished my parents paid me for my grades since I got good grades anyway, and a bunch of the other kids on my block got money for their grades. But whatever method you need to motivate your kids, especially the smart kids – DO IT! Although I always got A’s and B’s without trying, I never actually applied myself and tried for more A’s because I didn’t feel like it mattered. It was only until senior year of high school that I realized how much my high school grades mattered for college. Most kids just have the goal of getting through the quarter or year without doing badly, but whatever method you need to use to convince them to try harder will pay off in the end. If my parents had paid me for A’s and not B’s I probably would have gotten a lot more A’s!

]]> By: Sarah http://allfinancialmatters.com/2006/10/02/question-of-the-day-kids-and-money/comment-page-1/#comment-29236 Sarah Tue, 03 Oct 2006 13:15:23 +0000 http://allthingsfinancialblog.com/2006/10/02/question-of-the-day-kids-and-money/#comment-29236 My mom used to pay my siblings and I for straight As. It was always a big incentive for my siblings, but not so much for me. What really motivated me was getting into the college of my choice. I guess it depends on the child, but I don't see anything wrong with the practice. My mom used to pay my siblings and I for straight As. It was always a big incentive for my siblings, but not so much for me. What really motivated me was getting into the college of my choice. I guess it depends on the child, but I don’t see anything wrong with the practice.

]]> By: Single Ma http://allfinancialmatters.com/2006/10/02/question-of-the-day-kids-and-money/comment-page-1/#comment-29233 Single Ma Tue, 03 Oct 2006 13:05:14 +0000 http://allthingsfinancialblog.com/2006/10/02/question-of-the-day-kids-and-money/#comment-29233 I don't pay for grades anymore. I used to. Then I realized that I was rewarding her for something she is already required to do. Doing her BEST in school (be it As, Bs, or Cs) is a MINIMUM expectation and anything less is not tolerated. However, if she does EXCEPTIONALLY well, shows SIGNIFICANT improvement, or demonstrates that she's overcome the odds in a subject where she was struggling, then we'll celebrate but she will not be monetarily compensated. I don’t pay for grades anymore. I used to. Then I realized that I was rewarding her for something she is already required to do. Doing her BEST in school (be it As, Bs, or Cs) is a MINIMUM expectation and anything less is not tolerated. However, if she does EXCEPTIONALLY well, shows SIGNIFICANT improvement, or demonstrates that she’s overcome the odds in a subject where she was struggling, then we’ll celebrate but she will not be monetarily compensated.

]]> By: Steve Heath http://allfinancialmatters.com/2006/10/02/question-of-the-day-kids-and-money/comment-page-1/#comment-29228 Steve Heath Tue, 03 Oct 2006 12:36:07 +0000 http://allthingsfinancialblog.com/2006/10/02/question-of-the-day-kids-and-money/#comment-29228 $20 for each A+, $10 for each A, $5 for each B, -$10 for anything less than a C. I give a cheque that we take to the bank together. If the total is more than $65 (8 subjects) then the trip to the bank also includes dinner and a trip to Yuk Yuks (a comedy club in the big city). $20 for each A+, $10 for each A, $5 for each B, -$10 for anything less than a C. I give a cheque that we take to the bank together. If the total is more than $65 (8 subjects) then the trip to the bank also includes dinner and a trip to Yuk Yuks (a comedy club in the big city).

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