If you’re like an estimated 41% of parents, you’ve never talked with your kids about investing. That statistic is courtesy of T. Rowe Price’s 8th Annual Parents, Kids & Money Survey.
But a new chore app called BusyKid wants to help break the silence.
BusyKid wants to give you free stock
BusyKid, which bills itself as “a revolutionary system for chores and allowance that teaches your kids financial literacy and responsibility,” has teamed up with discount online brokerage Stockpile to offer $10 of free stock per child in a company of your choice.
Shares of companies such as Alibaba, Apple, Boeing, Facebook, Microsoft, Nike, Netflix, Twitter and many more are all available.
Now for the catch…
In order to get the stock, you have sign up for BusyKid at an annual cost of $14.95.
But because this offer is good for two children per enrollment in BusyKid, that’s up to $20 of free stock up for grabs.
There are no investment fees with Stockpile — unless you choose to purchase more stock or sell your initial shares.
So, this offer amounts to a positive net gain of $5.05 right off the bat if you have two children.
That’s before any appreciation (or loss, of course) the shares could enjoy down the road!
This limited-time offer is available to the first 2,000 children.
Here’s what you’ll get with BusyKid if you choose to pay for the service:
Clark Howard’s take on chores
Money expert Clark Howard believes in the idea of allowance as a paycheck that is earned for doing chores.
He has long given his kids a dollar a week multiplied by their grade level as long as they complete their chores. So a first grader gets $1 a week, a second grader $2 a week and so on. The chores are detailed for them on a chore wheel so everybody knows what they’ve got to take care of in the house.
When it comes to younger children understanding money, Clark also likes the three jars concept.
With this idea, one jar is labeled “give,” another is labeled “save” and a third is earmarked as “spend.” Taken together, this system provides a very simple, clear and tangible lesson for children about the uses of money.
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