As Toni Braxton does the promo rounds for her new memoir Unbreak My Heart she is speaking more about her life as a mother and entertainer. She’s already shared about her secret abortion, and last week on the Queen Latifah Show she shared that her 11 and 12-year old sons are required to pay for rent and utilities;
They get ten and twelve dollars a week, and one pays me two dollars, the other pays me three dollars. Seventy-five cents for gas and electric and fifty cents for cable and things like that… Just so they can understand the value of a dollar and they can understand that when you get older and have to leave, you have to pay bills. It was a shock to me when I found out I had to pay bills, like, ‘What do you mean rent?!’ So I thought I should instill that into my little boys.
You can watch the video here;
Personally, I don’t think it’s a bad idea! Money management is an important life skill to teach children, and you can never start too young. What are your thoughts ladies? Do you disagree with Toni’s tactics? Why or why not? How do you teach your children about money management?
I love it. I think it’s a great life lesson, especially if she puts the money away for them so they can have it as a graduation gift or something like that. You go Toni!
Well, she’s had serious finacial messes, so I guess she doesn’t want them to make the same mistakes that she made. Hopefully they develop strong money management skills and never end up on position where they are filing for bankruptcy.
I am curious. What happens if they don’t pay ?
As a certified financial planner, I say kudos to Toni! If parents want to get the entire family engaged in the family’s budget and financial planning, it’s a great idea to involve the children. Most schools aren’t so strong in teaching students financial literacy so starting at home is absolutely brilliant.
I’ve always wanted to meet a financial planner. Is this the same as an adviser? I was neither taught at home or at school to properly budget and I think I’m doing a bad job. I think my mom is doing a bad job too. Do you have a website with advice?
Hi Krysten,
Yes! A financial planner is the same as an adviser. Please feel free to visit my site where I write articles and videos each week to help women get their finances in order. You can click on my name, visit http://sheandmoney.com/blog, or http://youtube.com/sheandmoney
And great job on starting the process! It all starts with education
I personally don’t agree with it at 11 and 12. There are other ways to teach financial literacy. When I started my paper route (I know I am dating myself), my mother (the accountant) made me keep a ledger of what I had coming in and going out. In addition, I had to put 50 percent of my pay in the bank. I responsible for all my incidentals (sp) and clothing. I didn’t have to pay rent, but it did teach me financial responsibility. In addition, when I received allowance I had to learn how to save money up to get things I wanted. Now once I was older and living at home, I did have to pay rent and the most expensive utility. I feel like that prepared me to live on my own.
I like it because it’s usually at that middle school age when kids start getting a feeling of entitlement (sometimes even younger). I know first hand how stressful it is to have someone in the house like that (cough cough, my 16 y/o brother, my best friends 17 y/o sister). They really refuse understand our moms’ struggle, how they need to spend more money than they make trying to care of us. All they want is the newest iPhone, new $100+ sneakers,and run up water and electricity bill as if these things come for free. I can’t wait for them to see how much ONE college textbook costs. Somebody’s gonna have to start selling their shoes lol.
I think she is off to a good start with her sons financial knowledge. This is a much overlooked area of teaching for parents. My mom was smart enough to have me write out checks to pay bills, make grocery lists and plan meals etc….it was a great head start on money responsibility. Now if I could just make myself pay myself first each month to guarantee my yearly savings…still learning, still growing.
Good Job Ms. Braxton.
At first when i read the title of the article,I was like ” really?”, but after reading it through, I don’t think its such a bad idea.Parents have different ways in teaching their kids how to be financially responsible. I think it’s great that she is teaching them this early.