One of the most important concepts to understand about money is that it is really a function of time. Money is earned, and in order to get it, we must sacrifice a certain amount of time. For example, if your student earns $6 per hour, then they must trade in 5 hours of their work day to buy that $30 sweater. Likewise, if they want you to buy the new video game console, with extra controllers and games, that could total $300 or more. If you take home $15 per hour, then to buy that toy requires you to work 20 hours (not counting taxes)! This definitely puts a different perspective on what things really "cost."
Sunday, January 17, 2010
Budgeting for Kids
One of the most important concepts to understand about money is that it is really a function of time. Money is earned, and in order to get it, we must sacrifice a certain amount of time. For example, if your student earns $6 per hour, then they must trade in 5 hours of their work day to buy that $30 sweater. Likewise, if they want you to buy the new video game console, with extra controllers and games, that could total $300 or more. If you take home $15 per hour, then to buy that toy requires you to work 20 hours (not counting taxes)! This definitely puts a different perspective on what things really "cost."
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