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Blog Entry 304 of 326 Father Knows... Something. Let's figure out what.
This is my outlet to share with the world all the things I've learned - and continue to learn - about being the Father to 3 young children. But I should warn you that my experience is probably NOT yours: my wife and I are in the process of adopting a sibling set of 3 - all 6 years old and younger - while in our 40's. We've heard that, "it keeps you young," but so far, it has mostly kept us tired... But like any parent, our kids teach us something new every day and I hope to share at least something here with you at that same pace. The entries will be short - time constraints will probably keep it at or around a mere 200 words - but as they say, brevity is the soul of wit. Let's hope I can create some brevity here. So if you read something you like, please leave a comment. If you read something you don't, please just leave. (Just kidding - I'd love to hear from critics as well.)

Putting the kid on the payroll
Contributed by: Chris Stone   on 3/30/2008

What I tell you now I tell only by way of background; I'm not bragging. (Well, maybe a little)...

In aught-four, The Wif and I decided to start working together - financially - toward a better future; we combined our 7 individual bank accounts into 2 joint accounts and started to pay off our commercial debt. As it turns out, that amounted to $99,618.91. Needless to say, we didn't finish it in '04 ...

But near the end of '06, and just after the kids moved in, we completed the task. Our heads were still spinning with the introduction of 3 youngsters into our life, and here we were celebrating their arrival while we mostly ignored a HUGE milestone for our marriage and family: We were - with the sole exception of our first mortgage - completely out of debt.

We were largely following the principles of Dave Ramsey, and he/they got us to a very good place. But now we have children and added responsibilities - could he/they still help?

As it turns out, yes. He recommends putting kids on "commission" rather than giving them an "allowance," and the difference should be obvious: An "allowance" is something of an entitlement, while "commission" is dependent upon favorable performance at a certain task. And while we decide which is more akin to the real world ...

And so tonight was our daughter's first payday. She had cleaned the table and placemats 8 times between when we first asked her if she'd like a paying a job and tonight. That includes the times we've eaten out and eaten at friends' and family's (which subtracts from her earning power, no matter how much she enjoys it).

8 times, times 25 cents per time. She earned 2 dollars.

All of it in quarters ...

Chris Stone is a slightly different - hopefully better - father and man than he was yesterday...



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CONTRIBUTOR INFORMATION

Chris Stone

Arvada , CO

Chris Stone has posted 326 blog entries and 133 comments since joining on 7/6/2006. Chris Stone 's average blog rating is 5.
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