Posted on Monday, April 30th, 2012 by Uri Halevi
We live in a material world and our kids are material girls and boys… But how do we teach them that money does not grow on trees and that they have to work for their material desires? Tykoon helps you with that, giving you and your children an interactive chore chart to keep track of their chores and pocket money earnings so far.
What Tykoon is trying to do is simplify financial education for us parents. When you sign in you stop being just a parent and become your kids’ financial manager, the interaction the Tykoon platform offers is more of an employer-employee relationship than what you might consider a parent-child one. As a parent you define your kids’ allowance and the chores you would like them to do, next you state the ‘payment’ method. This isn’t restricted to cash but can be added minutes to kids’ bedtime, computer time or whatever you come up with! Your kids can accept your terms, negotiate it and even come up with their own idea of a chore and a payment, Tykoon keeps track of the chore progress and the payment sums.
When I signed in to Tykoon I was skeptical, the whole concept seemed wrong to me, but then I entered as one of my kids and saw the added value of this site; the kids learn how to manage their money threw it. Some of the earnings goes to saving, some for giving others and some for spending. The child can choose what to give and who to give it to, he can set long term goals and slowly see that he gets closer to achieve them. Bottom line, I think Tykoon can create solid financial conversation for you and your children. Try it.