Early Financial Habits for Kids

My five year old, we've had more time with him. If he goes out in the backyard and pulls weed, we give him 10 bucks. $1 bills, 10 of them. And now we've had so many conversations around saving that if I give him 10 bucks, I say, some of that has to go in your piggy bank. The rest you can spend. How much are you going to save? Naturally, he'll save at least 50% of his income. That's what's normal to him. By the time that kid hits real life, if he's saving 50% of every paycheck or whatever he's earning, he is doing 10 times greater than the average American. You know, he'll beat him by default, which is what Nelson said. Now the fun part is getting them to understand what's happening in their policy. So I tell him one night, I say, riker, do you like pulling weeds in the backyard? Yeah, it's okay. I said, do you know that every night you go to bed and you wake up there's more money in your insurance policy? He says, that is amazing. He doesn't really know what that means, right? But he's starting to get an idea of what's happening with money.