Money doesn’t live in bank machines From previous page lives. Tell kids Where money comes from. It doesn’t just spurt endlessly from bank machines. Young, children might not understand that. The y should know about family income and family expenses and where they fit in. And that usually means an allowance. Never tie allowance to chores or achievements. Negotiate a fair weekly allowance suggested at half’ their age per week with your child and draw up a contract that you both sign. Stipulate the money is to be handed over on a Monday so your child has a better chance of retaining the money all week. The feel of the money in the hand often leads to saving or a more conservative approach to spending. Conversely, giv- ing out allowance moncy Friday means the child is more likely to blow it on the weekend. Help your child establish financial goals and set these out in the contract. This helps children stick to those goals by saving a portion of their allowance or earnings for bigger purchases or the proverbial rainy day. Help your child set up part-time work as a mock business. This is a fun way to teach children how to run a business. Never allow them to set up a business that com- petes with adults. It could lead to unwanted conflict. It is never too carly to learn to save and invest. This can also be fun for children. Show your child how to set up a dummy portfolio. Children can invest without any risk. They can track their investments. When they become knowledgeable, the child can invest his or her own money and watch it grow, Building and retaining wealth should start stan carly age. Lending, money to a child should never involve interest. ‘The loan should abways be for a good purpose and it should be short term. It should alse involve a written repayment schedule that the child agrees to. The terms of this agree- ment should be followed. Debit cards, shocld not be given to children until they show significant maturity in their teen years. Limits should always be set. Children should not carry more than $20 in cash. There is no need for children to carry large amounts of cash. They could become targets for robbery. Children need to be taught to be shrewd shoppers and never spend moncy unnecessarily. An example is borrowing CDs from the library instead of buying, them. There is a science to han- ling money and it is an acquired skill. Children: can learn to manage money effec- tively at an carly age. They need to be taught by their parents. Panl W. Lermitte is a regis- tered financial planner with IFC Planing Group in Vancouver and is the author of Allowances Dollars and Sense: A proven system for teaching your kids about money pxb- ished by = McGraw-Hill Ryerson. MASTER SHOU-YU LIANG National coach, Canada ¢ Wushu (Martial Art) Chair, Phys, Ed Dept., University of B.C. « Coach of Excellence, ‘Peoples Republic of China. Tai Chi oe _ CULTIVATE POSITIVE ENERGY Qig ong # BF vTaL, MANAGEMENT REW MOR?PENG AND Bess REDUCTION _ EVENING CLASSES VEDITATIVE 4 = UNISON WAY Ll he N as 988-0082 wew.unisonway.com Pe aLTH & FITNESS a «4 speed automatic te of ples to ail Saexims 20085 XE (ualtG70CKOO) Altima GXE CtARG70 AEOO 2000 Feiner X sO a pcs Sos ys . os. to now nod ); ); xe ci AADO): Wednesday, September 22, 1999 — North Shore News — 24 north shore news ) = PAUNTAL GUIDANCE Sree - ‘ , 4 j a \ +222 HP 3.0L engine »Power windows, locks, drivers seat * 120 watt stereo, * Keyless remote, (AM/FM cassette anti thet system —_* 16” alloy wheels « Cruise control « Power windows and tocks * CD/AM/FM stereo * 4 speed automatic i * Air conditioning «Automatic climate * Keyless remote controt © Shift on the fly part time 4wd system * Power steering + Air conditioning * Power windows and tocks * Cruise controt Keyless remote, anti theft R system Rm * AM/FM/CO with cassette ao REGENCY NISSAN _ 985-6 9311 fl fot exacty 28 shown Come in and browse Ask abeut Ne DRIVE on Sundays Nenserse Leasing 780% jvegemeyauto.cou to cil Attias, 2000 Patines. ‘deoles for details.” Gpnerraprersaner errs oN prices 4 a GOODfrEaR a WRANGLER 14 OWL-EACH $4 Oe hs P235/75R15 Other sizes available. + gressive al: BUY A SET ~ 4 a GKUP, SPO @s + Touring Radial All-Weather Radiat \ ae : aay $5580. 60%. | mee em Woking WV. Usd unde bob Te Loaty NORTH VANCOUVER 880 West 15th Street 985-9131 Abbotsford 1454D Riverside Road iso} ......... 859-3513 33286 Scuth Fraser Way. . 855-2202 Burnaby 5850 Kingsway at Imperial - 437-4771 Coquitlam 2764 Barnet Hwy. Belta 8209 - 120th St.. 7489 Hume Avenue = Ridge ttt Lougheed Hy. 5891 No. 3 Rd. (Open Sunazy).. 273-3751 19392 Fraser Hwy......... 583-1948 43689 - 104th Ave. . 588-3077 1750 Clark Drive 2725 Kingsway (Open Sunaayt . . 2546 King George Hwy. . .. . 535-3973 Richmond Surrey Vancouver White Rock Tire heates