Mom pays her kids for hobbies instead of chores

<p>Today on Financial Juneteenth TV, I am going to break down the story about a mother who says that she pays her kids' allowance based on their passions and hobbies, not to do chores.&nbsp;</p> <p><br></p> <p>I like the creativity of her idea, but I think also that when teaching kids the power of economic thinking, we should calibrate the situation to ensure that safeguards are in place. &nbsp;</p> <p><br></p> <p>Hobbies are fun and beneficial in a multitude of ways, but providing the right economic incentives for successful choices in adulthood requires a bit of thought.&nbsp;</p> <p><br></p> <p>I'll share some ideas on this topic in hopes that this can help you figure out how to create the right economic thinking in your own children.&nbsp;</p>