We were setting up a system for receipt of pocket money for our 7 year old tonight. We negotiated what she would do to receive the money, and how much money she would get for each activity. I then drew a diagram of how her pay would go directly to the bank (being mummy and daddy) and how she would have a cheque account and a savings account. I explained that the more money she had in the savings account, the more money the bank would give her for free! I told her how this was called “interest”. Well, can I tell you how exciting that sounded to a 7 year old! I also started to think about how cool that was for me! The bank pays you money so that they can give your money a place to live! Wow!
For the record, I also explained that we would be taking out 10% tax and 5% for income protection insurance so she would still be paid if she was injured or sick.
Now…..back to the free money…..thanks to those banks who give me free money for not doing anything – I really do appreciate it.
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