I set up a super-high-yielding account for my kids (that I pay) for when they save money.
They earn 7% per week, calculated and updated daily with a scheduled task, saved on a ledger. Also, when they go in debt, they pay 7% interest per week. My boy did go in debt for a while but he's since paid it back.
I created this to illustrate early on investing and compound interest, and the problems of going into debt. My 9 year old girl seems to get it, she's always excitedly asking me how much money she has now, and how she wants to save more so it will earn more faster.
My 11 year old boy spends money as soon as he earns it.
ChatGPT thinks this is the single weirdest thing I have set up 🤣
Learning
A 7%-a-week savings ledger teaches two kids about compound interest
Joseph Carlson, founder of Qualtrim, set up a scheduled task that calculates and updates the children's balances daily, paying 7% weekly interest on savings and charging it on debt. The 9-year-old keeps asking for the balance; the 11-year-old spends everything on arrival.
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- Founder of Qualtrim and host of The Joseph Carlson Show
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