Cool FHE: Finance 101
Mike and I have been talking about finances recently, specifically how we can ensure that Adam, our youngest and most spoiled child, is as financially savvy and responsible as his older siblings. Mike called me from work last Monday to discuss an idea he had for Family Home Evening. I thought the concept sounded great, but I wondered about the execution. Turned out to be "the best Family Home Evening we've ever had," according to Adam. I have to concur.
Mike looked up the median starting salary in the United States and elected to give Adam an annual salary of $48,000. That meant that Adam would have $4000 to budget for his monthly expenses. We started the lesson by discussing the church's pamphlet "One for the Money" by Elder Marvin J. Ashton. There are some wonderful principles in that booklet, and we had a thought-provoking discussion. Then we moved on to the practical application part of the lesson.
I wish I had gotten a picture of Adam's face when Mike pulled out four large envelopes that contained $4000 in cash, all in twenty-dollar bills. He was initially sure it was fake, but when he established it was the real deal, he was in awe. We had to help him re-focus on the task at hand--budgeting and making the money cover the entire month--but once he got his head back in the game, it was very productive. It was fun to watch him squirm a little and hard not to bail him out or to help him re-allocate funds when I didn't agree with how he was budgeting. It was an excellent learning experience for him, and while we may still spoil him a bit, I think he'll grow up to be responsible with his money.
It was a very effective FHE, and I felt very relieved when all that money went straight back to the credit union about fifteen hours after Mike withdrew it. Mike told both tellers, the one who gave him the cash and the other who received the money back, about our lesson. They may have been more excited about the idea than he was. I wish all FHE's were this productive. Tomorrow we'll watch the NCAA championship. It won't be productive, but it sure will be fun!
Mike and I have been talking about finances recently, specifically how we can ensure that Adam, our youngest and most spoiled child, is as financially savvy and responsible as his older siblings. Mike called me from work last Monday to discuss an idea he had for Family Home Evening. I thought the concept sounded great, but I wondered about the execution. Turned out to be "the best Family Home Evening we've ever had," according to Adam. I have to concur.
Mike looked up the median starting salary in the United States and elected to give Adam an annual salary of $48,000. That meant that Adam would have $4000 to budget for his monthly expenses. We started the lesson by discussing the church's pamphlet "One for the Money" by Elder Marvin J. Ashton. There are some wonderful principles in that booklet, and we had a thought-provoking discussion. Then we moved on to the practical application part of the lesson.
I wish I had gotten a picture of Adam's face when Mike pulled out four large envelopes that contained $4000 in cash, all in twenty-dollar bills. He was initially sure it was fake, but when he established it was the real deal, he was in awe. We had to help him re-focus on the task at hand--budgeting and making the money cover the entire month--but once he got his head back in the game, it was very productive. It was fun to watch him squirm a little and hard not to bail him out or to help him re-allocate funds when I didn't agree with how he was budgeting. It was an excellent learning experience for him, and while we may still spoil him a bit, I think he'll grow up to be responsible with his money.
 |
| Yes, son, it's real. We are not counterfeiters. |
 |
| "This should be easy to take care of all these bills with such a huge wad of cash. No problem." |
 |
| "I'm supposed to pay how much in taxes?!" |
 |
| He managed to take care of all of his bills AND still put money in savings, all with a theoretical wife and two kids. Strong work, Adam! |
