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The Barefoot Investor has shared his three easy steps for parents to teach their kids how to save pocket money and become financially savvy as they grow up.
Scott Pape, who is known as the Barefoot Investor for his best-selling financial advice books, said paying pocket money is one of the most powerful tools parents have to teach their kids good money saving habits.
But Mr Pape said paying children a few dollars for household chores is only the first step. The main money lesson comes in what they do with their pocket money: the spending … the saving … and the giving, he wrote in his recent book The Barefoot Investor For Families.