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Teaching the children about money in 2024

A learning experience for the Jays and the Dees

We have decided that is is surely the proper time to start formally teaching the children about money in 2024.
Crypto is popping up more often these days- online shopping, crypto atms, local coffee shops, and more.
Fiat currencies are already readily available for everything in our daily lives.

So it sort of makes sense to teach the younger generation a thing or two about these ways of money – new and old. After all, we were taught about the value of money, and how to earn it, and also how it could be lost, throughout our youth and our experiences growing up.
The added bonus that makes it easier though, is the fact that the majority of the current youth, are already digitally enhanced. They have mobile phones, laptops, tablets, and various other devices, that they use pretty much every other day. Bankcards, licences, identifications, documents, qr codes, the list is almost endless.
This is akin to a ‘GenE-D’ – Generation Everything Digital.

“The Path We Take”

This is Jays n Dees story, of how we are going to be teaching our children about these financial systems- both fiat currency, and the possibilities of cryptocurrency. Earning, spending, saving, and interest gains will all be included. Interactions with them as a customer and also as a seller will be taught as circumstances arise.
Our 4 children range in age from preteen, right back through to almost 3 years old. this year, they are J1-13yo, J2-9yo, and J3 and J4 twins-3yo.
This last month or so, both myself (D1) and D2, have been busy working out how we will encourage our children to be more proactive with their –chores– i mean responsibilities.
Because thats what they are. Responsibilities. They each have a responsibility to be an active contributing member of our household. Just as we both do each and every day.
This is the basis for teaching the children about money in 2024.

As a starting point, we have created a master plan of everything we hope to achieve. This plan is very fluid, and can adapt and evolve as necessary.
We have created a Behaviour Board, where each week we add to a list, a single entry that we as the parents feel each child needs to work on to become a better person. Even both of Us (D1 and D2) have a new entry each week.
Alongside of that, we all have a consequence that we must do if we do wrong against our proper behaviour. More into that, if we get 3 strikes, then we have an immediate media blackout for a 24 hour period.
Here is an image of our Media Usage Rules:

jaysndees teaching the children about money in 2024 media usage rules image

The media blackout is inclusive of phones, tablet devices, laptops, computers, gaming systems, television, and the ability to have a say in the evening movie with dinner.
These actions and consequences accumulate over the lifetime of our system, and the hope is that we can remember each of them and automatically perform any of the set consequences whenever our action is broken.
Here are a couple of our weekly examples:

jaysndees teaching the children about money in 2024 family behaviour board image

Back to the main topic, we have decided to pay out the allowances for our children in either fiat, crypto, or a combination. This decision is left as entirely their own, from which the basis of their decision is from whatever we can teach them, in a way that they can understand.
We all know about the principle, or their given weekly allowance, We have sat down with them and discussed their set weekly amounts, and the responsibilities that is expected of them consistently, as well as the extra stuff on the behaviour board.
We have also explained the basics of how the ‘we pay for’ versus ‘they pay for’. This is essentially that we pay for their education, food, sports/extracurricular activities, uniforms, safety, excursions, medical, hygiene, birthdays, and all the main important ‘child growing up’ things, but if they want that new shirt, toy, treat, game, or anything like that, then that is something they need to pay for out of their allowance.
To keep track of their allowance, we have a dedicated diary that has the inputs and outputs for each child on their own pages. On the same note, in a dedicated safe, we have a 1:1 equivalent of their allowance accumulated total in fiat currency.
This is the Bank of Mum and Dad.
All it needs, is a formal set of transaction id’s, and it would be its own blockchain!

Introducing The Bank of Mum and Dad

jaysndees teaching the children about money in 2024 parent bank bank of mum and dad image

Anyway, to wrap into all of this, is that the Bank of Mum and Dad gives interest. 5% for every $100 banked. This has its own set of rules to prevent cheating – can only earn the interest for each preset milestone once, minimum hold periods, no overdraws, no loans, fiat and crypto are seperate entities, no BofM&D interest on crypto, BofM&D cash out when the child gets a job, and many others.
This compares to a select number of cryptocurrency blockchains for our specific educational goals.

Now for the crypto part of it. They each have a protected wallet on their devices. We have physical backups of all the keys for each wallet in multiple locations. We even went so far as to generate each of them with their own personalised specific crypto address for the purposes of the BofM&D. All the private stuff is held by us, in multiple safe locations.
Eventually, after some teaching, they will have the option of keeping the provided wallet, or setting off with their gained wisdom to work out some of the finer details themselves.
We are serious in making this work out right for them. Such is the value of protection.
This is another part of teaching the children about money in 2024. Security of funds, and the keys/passwords/pincodes that protect it all.

Would you like to donate to each of the Jays? Or maybe to the Dees? Or even jaysndees itself?
A million “Thanks from All of Us” if you choose to. Know that it is appreciated beyond words.
We will post the basic wallet addresses here on this page for Litecoin (LTC), and we have numerous other different crypto addresses which are all available from Our Crypto Addresses page.

CRYPTO ADDRESSES (LTC)

We do have a common BTC wallet Address where donations will be split between the four Jays and ourselves. This wallet address is:
Jays n Dees BTC Wallet Address
– bc1q6cenfz55g348xmlyxlws0efk85pglqpqpqkf0l –
– bc1pzgw3cdqvlvzullkru9h7qru4852swjhyz3yecn9asp2fzquctylsvskmyt – (Taproot)
– 1Cw2K1WYZHy1QFU1zQojGiGVB1CJZSMMs1 – (Legacy)

We have also set up a provided cryptocurrency converter for all of the necessary actions. As it becomes necessary, we will show them how to use it correctly.
Here is where we will begin our teachings about fees, including our accumulated knowledge gained through our time of dealing with cryptocurrencies. For no matter if you want to convert fiat or crypto, send or receive fiat or crypto, or if you are dealing with BofM&D, banks or decentralisation, there is always going to be fees charged to the actioning party – aka the sender. Fees are there for the txid on the chain. Some are fair, some are extreme.
This is right through to the fees that we get charged to send crypto to them initially, and the nigglies that get exposed when it comes to tax time with gains and losses, and the like.

Alongside of this, we are also starting to explain interest and staking as ways they can earn more on idle funds, where it is possible and worthwhile. This comes back to the BofM&D 5% per $100 and crypto staking options.

There will be numerous discussions about important crypto events and how they may affect the crypto they hold. In saying that, we will not bombard them with every single happening or such other items, except where we may see a problem. We will however, expose them to news relating to the financial sector as a whole, both fiat and crypto.

As a compliment to all of this, we are trying to guide them on the path to good bookkeeping. We are open with the BofM&D bookwork with them. They get to see each of the inputs and outputs that occur when they spend and receive.
This is where the true teaching is. Always be aware of your inputs and outputs, no matter the circumstance.

I personally have a strong belief in the future of cryptocurrency. When you really think about it, a lot of us are doing it anyway when we do online banking. We are sending out from our account or wallet where we are storing our funds for access. The resulting send gets recorded with a transaction id. At this point, the funds settle with the receiver.
We do it at retailers where we use a card or the physical currency to obtain goods or services. We then get a receipt with a transaction id.
The only thing different, is that one uses tangible items – cash, card, receipt, central authority. The other is digital and decentralised.
A number is still a number, value is still value, and buying and selling remain unchanged.

* Not intended as financial advice. DYOR *
* This article is for educational purposes only. No warranty is intended or implied *