00:00 Hello, this is the story about why my parents decided at the age of eight to give me $200 pocket money every single month.
00:06 So at the age of eight my parents decided, you know what, we want to teach our kids how to be really good with money.
00:11 And so instead of just being like buying us stuff that we wanted, buying us a new Barbie doll, buying us clothes,
00:17 they were gonna teach us how we can do it.
00:19 So we got given $200 pocket money, but this is $150 back in the day.
00:23 So let's just use $150. But we didn't just get $150 per month to spend.
00:29 No, we had to be taught the power of saving.
00:32 So with $150 we had to make sure that we put aside 30% into our long-term savings.
00:38 Now long-term savings basically meant anything that was towards a house.
00:42 Long-term savings are literally a house account.
00:44 So at the age of eight I was saving for my first house and I got so excited watching it grow in my bank account.
00:49 We also, so that was 30%. We also, we are Christians and we believe in paying tithe.
00:54 So we also had to pay 10% of our income to tithe. That gives us 60% left.
00:58 With that 60% did we get to use it? No, we still had to save.
01:02 We had to save another 30% for our short-term savings.
01:05 Now short-term savings basically meant anything to do with buying a big ticket item.
01:10 So a car, essentially a car account or like a laptop account.
01:14 That brings us to a whopping 30% of our income that we were allowed to spend.
01:17 Bear in mind we had to buy everything. We had to buy our clothes.
01:21 So if we needed a new top, we want a new top, we had to buy it ourselves.
01:24 Fortunately, I was the third child so I had a lot of hand-me-downs.
01:27 But my sisters decided to make a bit of money from me and they'd sell me their clothes.
01:30 So I think my eldest sister found it the hardest because she was the one who actually had to buy clothes herself.
01:35 So whenever we want a new Barbie doll, we would never go up to our parents and nag them.
01:39 We would literally have to save ourselves.
01:41 So my parents went from being, "No, you can't buy this. No, no, no."
01:44 To, "Yes, you can buy this, but do you have enough money?"
01:47 We were not allowed to touch any of our other accounts.
01:49 This meant from the age of eight, I was literally looking forward to sales
01:53 and making sure that I could get more bang for my buck.
01:55 But it doesn't just stop there.
01:58 My dad instilled within us that we had to keep a finance book.
02:03 So if you've seen my previous videos, you'll know why I document every single item that I spend.
02:07 Because that's been drilled within me for the past 15 years.
02:10 I've documented everything that I've ever bought for the past 15 years.
02:13 This can kind of sound a bit OTT, but I think it's great.
02:16 Even like whenever we'd go and find money, if we found 10 cents on the ground,
02:19 we'd write it down in our little finance book.
02:21 We got paid this pocket money system up until we were about 13 years old.
02:24 From 13 years old, we had to go out and find and make money elsewhere.
02:28 So by the age of 14, I was making my own money through my first job.
02:33 But yeah, it was basically, it was the best system ever because it meant that now,
02:36 I really understand and I have a great appreciation for money
02:41 and for how hard people work to buy the things that they can buy.
02:44 Let me know your thoughts and if you think that that is a good system to run.
02:48 Because I think it was great.
02:53 [BLANK_AUDIO]
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