The Barefoot Kid

Hi Scott,

I am so proud of our three-year-old! Scarlett saved up her pocket money from doing her ‘jobs’. We took her to our local tip shop and she selected a second-hand bike for $5 (see picture). She’s a Barefoot Kid!

Emilie

Hi Emilie,

That’s awesome! As a fellow parent of a three-year-old, I can attest that there’s something amazing that happens when they work hard, save up and buy their own stuff. I love hearing stories from families who’ve read the book. Now it's time to hit the schools as well.

Thank-you for reading, and sharing.

Scott

Don’t Send Kids to the Coalmine, Barefoot

Hey Scott,

I just wanted to comment on your response last week to the letter from Alice the 15-year-old asking if she should get a part-time job. Could you please recommend that high school students work no more than 12 hours per week, unless they are happy to take a nose-dive in their education! Up to 12 hours per week can help them with time management and all your other points. But not more. And I know what I’m talking about: I am a teacher who sees the results of overworked students!

Cheryl

Hi Cheryl,

I agree with you ‒ a few shifts on the weekend is more than enough. Really, you just want to get kids off their phones and work for a boss who will knock the ‘special snowflake’ out of them.

And here’s a tip for all those tired parents, which I call the ‘taxi rank’: shortlist the youth-friendly employers that are close to your home or the school. Think shopping malls, supermarkets, fast food joints and small businesses that you’re happy to taxi them to and from. Because you will!

Scott

Don’t Raise a Tightarse

Hi Scott,

Loving your new book, but I have a question. If a child does not want to spend their accumulated ‘Splurge’ money, isn’t that effectively another form of savings? I am trying to identify the more important lesson. Is it the realisation through experience that splurging can result in the impulse buying of random, insignificant items or should it be rewarding the decision not to splurge at times and having that money to top up their savings?

Joanne

Hi Joanne,

Congratulations on doing the jam jars!

You’re well ahead of most parents, who do pocket money for a while and then let it fizzle out, and give up.

Getting your kids to dish their pocket money into three jars teaches fundamental life lessons:

The ‘Smile’ jar teaches them the power of saving up for something that makes them smile.

The ‘Give’ jar teaches them the joy of generosity, and breaks the entitled bratty mentality some kids have.

The ‘Splurge’ jar teaches them how to spend their money wisely and enjoy it.

(The biggest financial fear that I have for my kids — having the Barefoot Investor as their dad — is they’ll be so focused on money that they’ll become tightarses. I don’t want to raise stingy, money-hungry kids. There’s a fine line between “8-year-old Johnny’s such a good saver, he won’t spend a cent!” and “28-year-old John is such a tightarse, no wonder he doesn’t have a girlfriend”).

So, Joanne, I’d encourage your kids to splurge some of their money. Yes, they’ll make some mistakes, as we all do. But then again, that’s how we learn, right?

Scott