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Every parent wants their child to grow up into a financially savvy adult. But for young kids, money can seem abstract and a little boring—especially when they’re used to toys and treats that seem to magically materialize without understanding what it takes to earn a dollar.
If you’re stumped on how to start teaching your kids about personal finance, consider assigning chores around the house and rewarding kids with an allowance. It’s a hands-on way to illustrate money lessons, even for the youngest members of your household.
But before you start doling out cash each week, think ahead about how you plan to approach chores and money with your kids:
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