I want to hear some input on this.
Back when I was in personal finance, my teacher told us about her kids and their jobs. She has like..eight kids and three have jobs pretty sure. Anyway, she gave us the "game rules" so to speak.
10% of their earnings go to church as tithe offering (w/e, religious family no biggie)
10% of earnings go to their mom (?????)
10% of earnings go to father (?????????????????)
Basically, she said its their way of "contributing" to the family. Although I think the mindset is not a total loss, isn't it kind of a given that parents should pay to raise their kids? My personal finance teacher is literally the daughter of millionaire parents, so its not like the kids are paying to put food on the table.
Another thing that bothered me: the oldest daughter is trying to save for a car. On top of only getting 70% of total earnings, my teacher will not let her get a car unless it is a large sedan with good safety ratings big enough to hold her siblings. She also requires a down payment of $9000. Have fun saving...
The whole time she was telling the class this stuff was completely mind blowing from my point of view.
Just got word from my mom that my ex-personal finance teacher just died. Really sad to hear. Apparently she just got back from England and died in her sleep from a fatal blood clot caused by jet lag. On top of being a teacher, she was also the coach for a volleyball (my sister was almost on her volleyball team) and a basketball team.