Ask HTM - House Hacking, Teaching Kids About Money, and Small Business Banking #108

Parental Influence

Matt Altmix and Joel Larsgaard reflect on how their parents influenced their financial perspectives. Matt shares that his parents' hard work and eventual bankruptcy profoundly impacted his views on money, leading to his deep interest in personal finance 1. Joel adds that his entrepreneurial mindset was shaped by his father's encouragement to take on additional jobs during his childhood 1.

My parents both have worked long hours for a lot of years so that their kids, so that we could have better opportunities. But we didn't really talk about money a whole lot when I was growing up.

--- Matt Altmix

They both agree that financial discussions were lacking in their upbringing, which motivated them to start their podcast to fill this gap 1.

   

Allowance vs. Payment

Joel and Matt debate the concept of allowances versus payments for chores. Joel argues that children should be paid for jobs rather than given an allowance, emphasizing that money should be earned 2. Matt agrees, stating that responsibilities should be part of family duties, but financial rewards should be tied to specific tasks 2.

There shouldn't be an allowance. There should be payment for jobs. There are responsibilities that children have, like you said, as part of the family, but it's never just given to them because they're part of the family.

--- Joel Larsgaard

They believe this approach teaches kids the value of work and financial responsibility from a young age 2.