This Chore System Was Created to Teach Kids About Money - Black Enterprise
Black Enterprise Magazine July/August 2018 Issue

As the founder and CEO of My Financial Home Enterprises, a nationwide consulting business specializing in wealth management, Cozette M. White, “The Money Coach,” is on an unapologetic mission to transform lives, bank accounts.and families. She recently launched a practical system under the My Financial Home suite designed to teach kids about money and wealth at an early age. When the program was introduced, it skyrocketed on social media, particularly among parents who were drawn to get this message to their children. “If we don’t help our kids develop healthy money habits, then they become accustomed to being rewarded for participating, not producing.”

The Infinity Wealth Circles Chore Chart System teaches children to assume responsibilities around the house and encourages them to work together as a family unit–after all it’s all about “one team, one dream.” The system enables youth to assume personal accountability for their actions and helps them to understand they must “earn” money and not “burn” their parents’ money by thinking they’re entitled to it. The system also empowers children to establish financial stability and eliminates the entitlement mentality. Balanced ambition grows as they wait for things they want and, over time, a healthy work ethic is manifested. They now are encouraged to foster a vision for the future that motivates and energizes them to labor for it.

White shared a high level overview of The Infinity Wealth Circles Chore Chart System:

teach kids about money

Cozette M. White (Image: Kennis McDaniel)

“It starts with the chart labels that are placed on a money board in an area where the entire family can view the board. These are daily chores that will be assigned to the kids. Together as a family, we sat down and assigned the chores together. The kids ‘choose’ what chores they feel they are most able to complete independently. Allowing the kids to choose chores with you gives them more of a voice. This helps with personal accountability and also being responsible. They should be age appropriate and set your kids up for success. For example, taking out the garbage, making their bed, etc. When your kids complete the basic chores, they are paid a base salary which is at your discretion.

Next, we laminated our chore chart for logging purposes. We designed the chart for personality and then we began tracking. We tracked all incoming and outgoing monies for the kids.

The pay-for-chores are chores in which the kids earn extra money doing chores that their parents would normally perform. The household rule is: all homework must be completed and the kids have to complete their daily personal chores before doing any pay-for-chores. This motivates them to complete their daily chores. Pay-for-chores acts as an incentive plan for the kids. It is mandatory that each child take 50% of their money and deposit the funds into their personal savings account.

We took the kids to the bank to set up both a savings and checking account (Select banks offer minor checking accounts.) Prior to setting up the accounts, we had the kids do homework assignments to determine which financial institute was offering the highest interest rates. They were each shown how to track all deposits and withdrawals. Once the bank statements arrived, we sat down with the kids and showed them how to read the statements.

It’s a very fundamental system that instills and teaches children money management in a simple, yet creative, rewarding and fun way. After all, we can’t expect the school system to teach our kids about money. Finance 101 must start in the home.”

White is currently working on her next book on wealth, prosperity and abundance. She believes that all things are manifested by believing and using the law of attraction. “If you believe deeply and are willing to put the effort in reprogramming your mindset, then you will attract more than you can imagine is possible.” Wealth, prosperity and abundance is about mindset transformation, using affirmations frequently to take control of your finances and create the lifestyle you desire.

 

 

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