One mother says she has gone about creating a loan contract with two of her sons so she can teach them the value of money.
The mother of three was identified as Nicola Adams who says it’s so important to make children realize what the true value of money is and why it should be respected. For this reason, this modern mom has opted to adopt a unique parenting strategy that is bewildering plenty of other parents.
The mother who hails from New Zealand revealed how no child is ever too young to learn about the concept relating to loans. And for that reason, she’s pulling out all of the stops to teach them just that.
Her boys are aged just 9 and 12 but they’re up and ready to buy their own electronic gadgets which include PlayStations and Television sets too.
However, they never had enough cash, considering how young they are. But this mom came up with a revolutionary idea in terms of a saving strategy that would not only ease her burden but also teach the little ones about money, credit ratings, and interest as well.
After completing a series of chores and saving up their funds, alongside their money from the holiday season with some birthday cash too, the boys have around $350 in their bank accounts.
Now, as a parent, she and her husband were faced with two different options. Either she could teach them that they don’t have enough money to make such grand purchases or she could introduce to them the concept of loans and repayments.
The couple opted for the second option and for this reason, her husband wrote out the loan contract that is now going viral. This included the amount that the boys are in debt and for that reason, they’ll need to indulge in more chores to pay off their loans.
What do you think of this idea? Is it pure genius or not?