Finished up a fun project that overlaps finance, parenting, Twitter, and more.

Here is the end result.

But let’s start at the beginning....
1/13

One of my favorite podcasts is The Business of Family, by @MikeBoyd.

In multiple episodes, child financial motivation and allowances are discussed. But, the episode with Richard Eyre stuck with me.
2/13

He explains the family bank. He suggests to get a big chest...the bigger the better.

Your kids use the bank for savings and get paid from it for jobs.
3/13

No more allowance. Let them earn money doing jobs that you may pay someone else to do.

Not normal responsibilities like brushing your teeth. But, real chores like mowing the lawn or vacuuming the house.
4/13

Also, pay a high interest rate. Enough so they can see the value of savings and even learn compounding.

My kids have their own real bank accounts. They have barely seen pennies in interest. They don’t get it.
5/13

At first, I looked online to buy something that looked like a treasure chest.

This was my favorite, but not cheap...
6/13 https://www.etsy.com/listing/666645910/personalized-original-treasure-chest?variation0=1678462633&variation1=1016356350

So, over the holidays I set out to build our own, using that as a model.

The first chore was to find the wood. I decided on a dark walnut, but had no idea where to look.

A DM session with our Twitter lumber expert @jmccart10 set me in the right direction.
7/13

Importantly, I wanted the kids to feel like it was their own as well.

My 8-yo son was involved in every step. He selected the wood, used the table saw, jig saw, and hand saw, sanded, drilled, screwed, lacquered, and more.
8/13

The younger girls sanded, tried the hand saw, spray painted the hardware, and helped with the finish.
9/13

Slowly, it came together.
10/13

Three weeks later, the bank is functional.

The kids have deposited their piggy bank money. It pays 12% interest. So, 1% per month. Easy to understand.

We have a job board up where they sign up and post completed jobs.

The bank is opened every weekend to run payroll.
11/13

Today, my son asked if his money was safe in this bank. “What happens if it gets robbed?”

I explained FDIC insurance, which we haven’t received approval for yet. But, I told him we have Daddy insurance, which covers up to $1,000.

The little lessons...
12/13

The bank is crooked, rickety, and has a few too many coats of lacquer.

But it should stand a test of time. Hopefully the kids learn a few lessons from it along the way.
13/13