“Dad, can I get the new iPhone?”
“How much does it cost?”
“$649. Is that a lot?”
“Well, it’s:
- 83 car washes (assuming $7.82 per car1)
- 68.8 hours worked as Starbucks Barista (assuming $9.43 per hour and ignoring FICA)
- 81 clay pots moved across town (if you can get that sweet neighborhood gig!)
- 216.3 custom cartoon T-Shirts sold on CafePress (assuming a $3 per shirt markup)
- 536.4 pet poop patrols (assuming $1.21 per tour2)”
“Wow, that’s expensive. Maybe I’ll just stick with what I have for now.”
Bingo!
The value of money can be difficult for kids to gauge. Not surprising. Most have limited exposure to real world paychecks and expenses. Converting prices to familiar work units will give your child some valuable perspective.
1 Average amount paid for a car wash in last 90 days on FamZoo.com.
2 Average amount paid for pet poop patrol in last 90 days on FamZoo.com.
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