Many parents try to instill really important life lessons in their children from an early age. Many parents like to teach their kids the "value of a dollar" and how to save and budget so that when they're older, they are financially savvy.
Many parents try to instill really important life lessons in their children from an early age. Many parents like to teach their kids the "value of a dollar" and how to save and budget so that when they're older, they are financially savvy.
Many kids grow up with a lot of financial struggles as college has become more expensive and in many cities, the price of rent is on the rise.
Many parents think that teaching their kids lessons about money is incredibly important and can help them out down the road.
Felicia Rae Farley says that she charges her seven-year-old rent. At first glance, many people. on TikTok were outraged. But, after hearing the full story, they were inspired.
“Every week my daughter has a list of chores. If those chores were completed daily she will get $7 at the end of the week," she said.
Farley charges her daughter a dollar for food, water, electricity, internet, and rent. That totals up to $5 in bills.
“She has $2 left over, which she can keep and save or spend.
I then take that $5 and put it into a savings for her, so that when she turns 18 she can learn that she made all that money on her own and know the value of money," the mom said.
Some said that kids shouldn't be worrying about bills and finances and should "just enjoy being a kid." Many said that $5 seems like a lot for all of those things parents "should be providing" for their children.
Some were saying it was "harsh" until they found out that Farley was putting all the money into a savings account for her daughter.
Others said that their parents "never taught them" the financial lessons they needed in their life and are now still not sure about how to manage their finances. So, they thought this was an incredible lesson from Farley.
What do you think? Do you think it's smart parenting or too harsh?