Teaching children about money: the Poverty Week experiment

I caught up on Stanford Business magazine today. Let me share a quick story told in the Class Notes written by my classmate John D. Lee. He is a financial advisor, and may have a professional perspective on money that most of us lack. Yet, all of you readers can replicate the experiment with your families, if you wish.

In appreciation for all that we have (and just as an interesting experiment), we attempted to approximate what it would be like to live at the poverty level for one week. We confined ourselves to using one bedroom, one bathroom, and the kitchen as our entire family’s living quarters (though our dog, Nero, chose to ignore those rules). Except for when our jobs required it, we stopped using iPods/iPhones, the internet, and cable TV/TiVo. Our total food budget for the family was $108 for the week, and we made a donation to a local homeless shelter with the money we saved. While none of us particularly enjoyed the experience (and eating so much beans and rice), I thought it was good for our 9-year-old son, Archie, and we all came away more appreciative of our good fortune. Archie’s insight was that the thing he liked the least about the experience was the loss of freedom and choice. Truth!

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