In December, I gave my kids $20 for a toy store trip and they picked out $90 worth of stuff. They had no concept of money. They didn’t know if our house cost $2,000 or $2 billion. So I started making them pay for small things — Starbucks, Jamba Juice, pizza, whatever — hoping they’d slowly understand the concept of worth.
I think it’s working. When we attended Monday-night Raw in L.A. last week, I gave them a $100 salary cap on whatever they wanted. They spent $60 on two T-shirts, $13.50 on pretzels and popcorn, and $9 on two Icee Cokes, leaving me $17.50.
Here’s the point: THIS ISN’T HARD. But had I brought Joe Dumars along as a spending adviser, they would have ended up with a $50 Rey Mysterio mask that my son already has, two T-shirts that were the wrong size.