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A Candy-and-Cash Conundrum Led to a Lifelong Money Lesson for Pam Horack

by Team Sammy

Sam X Renick interviews CFP Pam Horack for CentSai and Sammy Rabbit's Money Cents for Kids!

Renick: If you could teach a child only one money habit, what would it be? Briefly explain why.

Horack: I want all kids to learn to save. I have two boys who are as different as night and day. One is definitely a saver, and the other a spender. However, I put parameters in place to help both of them. They each have envelopes for “Giving,” “Saving,” and “Spending.” This allows them to save for the future and still having money to spend on fun stuff. Now my little one can buy what he wants and has money set aside for another day, while my older one can choose to save his spending money if he wants. They have choices... CONTINUE READING